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office/medical 5665 Lowery Rd 14,914 SF 100% Leased Office Building Norfolk, VA 23502 $3,500,000 ($234.68/SF) 7.39% Cap Rate
Investment Highlights
- Ample parking. Cross easement agreement increases parking spaces from 36 to 66 spaces.
- Direct access from Lowery Road and Raby Road
- Easy access to I-64 and I-264
- Walking distance to bus stop
- Close proximity to area restaurants
Executive Summary
Seller will master lease 6,964 sf on second floor if not leased at time of sale. 1st floor lease in place until August 31, 2031. Second floor and 1st floor have been updates with new finishes.
Property Facts
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Building Size
14,914 SF
Building Class
A
Year Built/Renovated
2007/2020
Price
$3,500,000
Price Per SF
$234.68
Cap Rate
7.39%
NOI
$258,511
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
7,500 SF
Slab To Slab
12’
Building FAR
0.43
Lot Size
0.79 AC
Opportunity Zone
Yes
Zoning
I-L - Office and medical.
Parking
49 Spaces (3.29 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Atrium
- Controlled Access
- Conferencing Facility
- Security System
- Signage
- Monument Signage
- Air Conditioning
- Fiber Optic Internet
- Backup Power / Generators
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Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 00002309 | Improvements Assessment | $1,921,900 |
| Land Assessment | $447,400 | Total Assessment | $2,369,300 |
Property Taxes
Parcel Number
00002309
Land Assessment
$447,400
Improvements Assessment
$1,921,900
Total Assessment
$2,369,300
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Contact the Sale Advisor
office/medical | 5665 Lowery Rd