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5121 E Virginia Beach Blvd 999 SF Office Condo Unit Offered at $225,000 in Norfolk, VA 23502



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
| Sale Type | Investment or Owner User | Cap Rate | 11.84% |
| 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.
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 |
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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'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.<br> <br> 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.<br> <br> 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.</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.
Amenities
- 24 Hour Access
- Security System
- Signage
- Reception
- Storage Space
- Monument Signage
- Air Conditioning
Utilities
- Lighting - Incandescent
- Water - City
- Sewer - City
- Heating - Electric
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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
|
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Street View
Street
Map
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5121 E Virginia Beach Blvd
