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office/medical 5665 Lowery Rd 14,914 SF 100% Leased Office Building Norfolk, VA 23502 $4,761,120 CAD ($319.24 CAD/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 April 30, 2027 with 1 - three year Option Period.
Property Facts
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Building Size
14,914 SF
Building Class
B
Year Built/Renovated
2007/2020
Price
$4,761,120 CAD
Price Per SF
$319.24 CAD
Cap Rate
7.39%
NOI
$351,658 CAD
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 is permitted in the Industrial light zoning classification.
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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Property Taxes
| Parcel Number | 00002309 | Improvements Assessment | $2,610,171 CAD |
| Land Assessment | $607,623 CAD | Total Assessment | $3,217,794 CAD |
Property Taxes
Parcel Number
00002309
Land Assessment
$607,623 CAD
Improvements Assessment
$2,610,171 CAD
Total Assessment
$3,217,794 CAD
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office/medical | 5665 Lowery Rd
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