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404 S Parliament Dr 8,740 SF 100% Leased Office Building Virginia Beach, VA 23462 $1,290,000 ($147.60/SF) 8.83% Cap Rate
INVESTMENT HIGHLIGHTS
- Located conveniently in the heart of Virginia Beach
EXECUTIVE SUMMARY
This two-story, ±8,740 square foot office building presents an exceptional investment opportunity with multiple stable tenants generating immediate cash flow. The property delivers a strong Year 1 Net Operating Income (NOI) of $113,864, reflecting a cap rate of over 8%. Built in 1977 and zoned B-2 Community Business District, it offers flexibility for a range of commercial uses, including future owner occupancy or continued multi-tenant income. Situated on a ±0.27-acre lot, the building includes 22 dedicated parking spaces and a recently renovated second floor. Strategically located between Witchduck and Newtown Roads, the site provides direct access to I-264 and I-64, ensuring excellent connectivity throughout the Hampton Roads region. Public transportation is readily available via nearby bus lines, and Norfolk International Airport is just a 15-minute drive away.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
8,740 SF
Building Class
C
Year Built
1977
Price
$1,290,000
Price Per SF
$147.60
Cap Rate
8.83%
NOI
$113,864
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
4,400 SF
Slab To Slab
11’6”
Building FAR
0.74
Lot Size
0.27 AC
Zoning
B2 - General Business Zoning. Multiple uses allowed by right.
Parking
22 Spaces (2.45 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
1 1
PROPERTY TAXES
| Parcel Number | 1466-59-2346 | Improvements Assessment | $644,700 |
| Land Assessment | $144,900 | Total Assessment | $789,600 |
PROPERTY TAXES
Parcel Number
1466-59-2346
Land Assessment
$144,900
Improvements Assessment
$644,700
Total Assessment
$789,600
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404 S Parliament Dr
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