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3150-3160 Magic Hollow Blvd 12,000 SF Office Building Virginia Beach, VA 23453 $1,700,000 ($141.67/SF)
Investment Highlights
- Easy access
- Centrally Located
- Natural light
Executive Summary
Purchase Price : $1,700,000
Owner occupant opportunity with 3,500 SF available for immediate occupancy
Multi-tenant office / retail property with eight (8) rentable units ranging from 825 SF up to 2,860 SF
Five out of eight rentable units are leased to long term tenants
Gross rents received are currently $126,780 per year with three vacant units totaling 3,500 SF
Located near Lynnhaven Mall and approximately 2.5 miles from I-264
Fenced-in rear asphalt lot behind each rentable unit
Fenced-in open space yard on side of property
Adjacent parcel of land also included in the sale
Building size is 12,000 SF on 1.73 acres of land
New interior renovations completed in multiple suites of the last three years
Owner occupant opportunity with 3,500 SF available for immediate occupancy
Multi-tenant office / retail property with eight (8) rentable units ranging from 825 SF up to 2,860 SF
Five out of eight rentable units are leased to long term tenants
Gross rents received are currently $126,780 per year with three vacant units totaling 3,500 SF
Located near Lynnhaven Mall and approximately 2.5 miles from I-264
Fenced-in rear asphalt lot behind each rentable unit
Fenced-in open space yard on side of property
Adjacent parcel of land also included in the sale
Building size is 12,000 SF on 1.73 acres of land
New interior renovations completed in multiple suites of the last three years
Property Facts
Sale Type
Owner User
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Building Size
12,000 SF
Building Class
C
Year Built/Renovated
1974/2023
Price
$1,700,000
Price Per SF
$141.67
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
12,000 SF
Building FAR
0.16
Lot Size
1.73 AC
Opportunity Zone
Yes
Zoning
Retail / Office with PDH1 - B2
Parking
43 Spaces (3.58 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Convenience Store
- Day Care
- Fenced Lot
- Signage
- Reception
- Storage Space
- Air Conditioning
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Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 1496-11-8866 | Improvements Assessment | $649,900 |
| Land Assessment | $269,700 | Total Assessment | $919,600 |
Property Taxes
Parcel Number
1496-11-8866
Land Assessment
$269,700
Improvements Assessment
$649,900
Total Assessment
$919,600
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3150-3160 Magic Hollow Blvd