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4525 E Honeygrove Rd
Virginia Beach, VA 23455
Old Donation Executive Park · Office Property For Sale
·
20,360 SF Total
Investment Highlights
- 100% leased across eight tenants with a weighted average lease term of 2.1 years.
- Located minutes from Town Center of Virginia Beach and surrounded by retail, dining, and business amenities.
- Opportunities for lease renewals and rent adjustments given below-market rental rates.
- Immediate access to Independence Boulevard and close proximity to I-264 for regional connectivity.
- Year 1 in-place NOI of $237,989, representing an 8.1% capitalization rate.
- Offered at $2,950,000, significantly below replacement cost benchmarks.
Executive Summary
Old Donation Executive Park offers investors a fully occupied, income-producing asset positioned just minutes from Virginia Beach Town Center. This three-building office complex spans 20,372 square feet across a 1.9-acre site, delivering immediate in-place cash flow combined with value-add upside. Current rents are approximately 16 percent below market, creating an opportunity for mark-to-market adjustments and enhanced returns.
The property features direct-access, single-story layouts in a wood-frame construction, with convenient surface parking across 92 spaces. Its strategic location near the Hampton Roads commercial corridor and Independence Boulevard ensures exceptional connectivity, while proximity to prominent employers, retail destinations, and residential communities enhances long-term demand. New ownership can capitalize on the property’s stable occupancy and near-term lease rollover for future income growth. Offered at a price well below replacement cost, this asset supports strong investment fundamentals within a growing coastal market.
The property features direct-access, single-story layouts in a wood-frame construction, with convenient surface parking across 92 spaces. Its strategic location near the Hampton Roads commercial corridor and Independence Boulevard ensures exceptional connectivity, while proximity to prominent employers, retail destinations, and residential communities enhances long-term demand. New ownership can capitalize on the property’s stable occupancy and near-term lease rollover for future income growth. Offered at a price well below replacement cost, this asset supports strong investment fundamentals within a growing coastal market.
Property Facts
| Price / SF | $144.89 / SF | Number of Properties | 3 |
| Cap Rate | 8.07% | Individually For Sale | 0 |
| Sale Type | Investment | Total Building Size | 20,360 SF |
| Status | Active | Total Land Area | 5.72 AC |
| Price / SF | $144.89 / SF |
| Cap Rate | 8.07% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 20,360 SF |
| Total Land Area | 5.72 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 4525 E Honeygrove Rd, Virginia Beach, VA 23455 | Office | 9,347 SF | 1984 | - |
| 4529 E Honeygrove Rd, Virginia Beach, VA 23455 | Office | 5,513 SF | 1984 | - |
| 4521 E Honeygrove Rd, Virginia Beach, VA 23455 | Office | 5,500 SF | 1984 | - |
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