Church St Business Park – Norfolk, VA

1711 Church St, Norfolk, VA 23504, USA

Sands Investment Group is pleased to exclusively offer Church St Business Park located at 1711 Church St in Norfolk, VA. This fully leased, multi-tenant medical and professional office park features established tenants, including DaVita Dialysis and a variety of healthcare service providers. The property benefits from a diverse rent roll with staggered lease expirations through 2035 and below-market rents, providing significant upside potential on renewals. Church Street Executive Center represents a unique and compelling condo and parcel investment opportunity in a strong Norfolk submarket.

CONDO BUILDING HIGHLIGHTS

  • Property Overview: Fully leased multi-tenant medical and professional office park featuring a strong tenant mix and stable income profile.
  • Tenant Mix: Established tenants include DaVita Dialysis and multiple healthcare service providers, ensuring consistent occupancy and long-term stability.
  • Lease Structure: Diverse rent roll with staggered lease expirations through 2035, reducing rollover risk and providing predictable cash flow.
  • Rental Upside: Below-market rent levels present a significant opportunity for income growth upon renewals or re-tenanting.
  • Location Advantage: Strategically located within the Norfolk medical corridor, a thriving submarket experiencing robust healthcare demand and expansion.
  • Investment Performance: Attractive yield supported by an NOI of $371,000 and a 7.375% capitalization rate.
  • Construction Quality: Built in 2008, the property’s modern design and construction significantly minimize deferred maintenance and capital expenditures.

LAND HIGHLIGHTS

  • Zoning: The parcel is already entitled and pre-zoned to allow for three additional buildings, providing investors with immediate development flexibility and eliminating the need for rezoning.
  • Site Size: Approximately 1.5 acres of pre-zoned land previously approved for 28,000 SF, included in the sale, positioned for future development or additional income-generating buildings.
  • Ideal Uses: Potential for medical office expansion, a coffee shop or café pad, or multi tenant professional space to complement the existing 25,000 SF executive center.
  • Location Advantage: Corner positioning along Church Street in Norfolk’s commercial corridor, offering excellent visibility, ample parking, and direct access to major thoroughfares.

 

In Cooperation With Sands Investment Group, Inc – Lic. ##0226037527 BoR: Tom Gorman – Lic. VA #0225269275

Price

$6,700,000

Cap Rate

7.38%

PREMISES

28,000 SF

RENEWAL OPTIONS

Varies

Lease Expiration

Varies

Lease Type

Modified Gross

RENTAL INCREASES

3% Annually

BROKERS

Bralon Patterson
Fort Lauderdale
Drew Miller
Fort Lauderdale
Tom Gorman
Philadelphia

List with SIG

Tap into the expertise of brokers who specialize in your property type.

Get In Touch