Share This Listing

Message

952 characters remaining

Hmm, there seems to have been an error sending your message. Please try again.

Your email has been sent.

Still interested?

Contact the broker for more information about this property

Investment Highlights

  • Currently occupied and operating as a music studio.
  • Located along heavily traveled E Virginia Beach Boulevard.
  • Suitable for owner-users, creative businesses, and professional services.
  • Current leaser desires a one-year lease following closing.
  • Convenient access to I-264, downtown Norfolk, and Virginia Beach.
  • Commercial condominium within an established business environment.

Executive Summary

Flex property with 24-hour access, a security system, signage, reception area, storage space, and more!

1 Unit Available

  • Unit
  • Unit Size
  • Condo Use
  • Price
  • NOI
  • Unit B1
  • 999 SF
  • Office
  • $225,000 ($225.23/SF)
  • $26,640
Sale Type Investment or Owner User
Cap Rate 11.84%
Description
This 900 SF space is located at 5121 E Virginia Beach Blvd in the 15,057 SF building. This particular space is currently being leased by a music studio. Previously, it has been used by a religious organization and a construction company.
Sale Notes
5121 E Virginia Beach Blvd presents an opportunity to acquire an owner-user or investment commercial condominium along one of Norfolk's primary commercial corridors. The property is currently operating as a music studio and offers a functional layout suitable for a variety of professional, creative, service-oriented, and small business users. The seller is seeking a transaction structure that includes a one-year leaseback arrangement, allowing the current tenant to remain in occupancy for approximately twelve months following closing. This provides immediate income potential while offering future flexibility for an owner-user's occupancy plans.

Positioned along E Virginia Beach Boulevard, the property benefits from visibility on a heavily traveled arterial roadway connecting Norfolk's established business districts with Virginia Beach and the greater Hampton Roads region. The location offers convenient access to Interstate 264, Norfolk International Airport, military installations, downtown Norfolk, and major employment centers throughout the Southside market. Nearby commercial services, retail amenities, and residential neighborhoods support a diverse customer and workforce base.

The property's condominium ownership structure provides a manageable investment profile while offering the benefits of a commercial location within an established business park environment. The existing music studio operation demonstrates the property's suitability for specialized creative and professional uses, while the planned leaseback period may provide buyers with a defined transition timeline and near-term income stream. This offering is well suited for investors seeking in-place occupancy or owner-users planning future business operations in a centrally located Hampton Roads location.
Unit Unit Size Condo Use Price NOI
Unit B1 999 SF Office $225,000 ($225.23/SF) $26,640

Unit B1

Unit Size
999 SF
Condo Use
Office
Price
$225,000 ($225.23/SF)
NOI
$26,640

Unit B1

Unit Size 999 SF
Condo Use Office
Price $225,000 ($225.23/SF)
NOI $26,640
Sale Type Investment or Owner User
Cap Rate 11.84%
Description
This 900 SF space is located at 5121 E Virginia Beach Blvd in the 15,057 SF building. This particular space is currently being leased by a music studio. Previously, it has been used by a religious organization and a construction company.</li></ul>
Sale Notes
5121 E Virginia Beach Blvd presents an opportunity to acquire an owner-user or investment commercial condominium along one of Norfolk&#39;s primary commercial corridors. The property is currently operating as a music studio and offers a functional layout suitable for a variety of professional, creative, service-oriented, and small business users. The seller is seeking a transaction structure that includes a one-year leaseback arrangement, allowing the current tenant to remain in occupancy for approximately twelve months following closing. This provides immediate income potential while offering future flexibility for an owner-user&#39;s occupancy plans.<br> <br> Positioned along E Virginia Beach Boulevard, the property benefits from visibility on a heavily traveled arterial roadway connecting Norfolk&#39;s established business districts with Virginia Beach and the greater Hampton Roads region. The location offers convenient access to Interstate 264, Norfolk International Airport, military installations, downtown Norfolk, and major employment centers throughout the Southside market. Nearby commercial services, retail amenities, and residential neighborhoods support a diverse customer and workforce base.<br> <br> The property&#39;s condominium ownership structure provides a manageable investment profile while offering the benefits of a commercial location within an established business park environment. The existing music studio operation demonstrates the property&#39;s suitability for specialized creative and professional uses, while the planned leaseback period may provide buyers with a defined transition timeline and near-term income stream. This offering is well suited for investors seeking in-place occupancy or owner-users planning future business operations in a centrally located Hampton Roads location.</li></ul>

Property Facts

The following property facts, amenities, and utilities apply to the entire building. Details for individual condo units may vary and are listed in the unit information above.
Total Building Size 15,057 SF
Property Type Flex (Condo)
Property Subtype
Light Distribution
  • Flex Showroom
  • Industrial Warehouse
  • Office Office Residential
Building Class C
Floors 1
Typical Floor Size 15,057 SF
Year Built 1986
Tenancy Single
Lot Size 1.04 AC
Parking Ratio 1.93/1,000 SF
Zoning C-2 - Central Commercial

Amenities

  • 24 Hour Access
  • Security System
  • Signage
  • Reception
  • Storage Space
  • Monument Signage
  • Air Conditioning

Utilities

  • Lighting - Incandescent
  • Water - City
  • Sewer - City
  • Heating - Electric
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
20/100

Major Tenant Information

TENANT SF Occupied LEASE END DATE
McCoy Plumbing Heating & AC 3,011 SF -
No Family Left Behind 1,800 SF -
Salon Proteje 1,506 SF -
Strong Ridge Construction LLC 1,200 SF -
Construction company 900 SF December 2019
  • Listing ID: 16001353

  • Date on Market: 1/8/2018

  • Last Updated:

  • Address: 5121 E Virginia Beach Blvd, Norfolk, VA 23502

Contact the Sale Advisor

5121 E Virginia Beach Blvd

Have an account? Log In

What's your inquiry about?*

Select Option

Select at least one option

Preferred Date*

Preferred date is required

First Name*

Last Name*

Email*

Email address is required

Phone*

Ext (optional)

Company (optional)

Message*

Message is required

{{getContactFormMessageFieldCharacterCount()}} out of 600

New to LoopNet? No problem. We'll automatically create a free account for you. By clicking the button, you agree to LoopNet's Terms of Use and Privacy Notice.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Hmm, there seems to have been an error sending your message. Please refresh the page and try again.

Your message has been sent.
Link copied
Your LoopNet account has been created!

Please Share Your Feedback

We welcome any feedback on how we can improve LoopNet to better serve your needs.
X
{{ getErrorText(feedbackForm.starRating, "rating") }}
255 character limit ({{ remainingChars() }} charactercharacters remainingover)
{{ getErrorText(feedbackForm.msg, "rating") }}
{{ getErrorText(feedbackForm.fname, "first name") }}
{{ getErrorText(feedbackForm.lname, "last name") }}
{{ getErrorText(feedbackForm.phone, "phone number") }}
{{ getErrorText(feedbackForm.phonex, "phone extension") }}
{{ getErrorText(feedbackForm.email, "email address") }}