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Pilgrim Village 3630 George Washington Mem Hwy
43,560 SF 100% Leased Office Building Yorktown, VA 23693 $3,750,000 ($86/SF) 8.60% Cap Rate
Investment Highlights
- Meticulously maintained 43,560-SF colonial-style office building in the heart of Yorktown, Virginia.
- Rental rates, though below market value, are poised for a significant uptick. With escalations ranging from 3 to 5% for all tenants.
- Convenient access to major transportation arteries, including I-64 and the nearby Newport News International Airport.
- Class B office space has been recently retrofitted to accommodate the evolving needs of its occupants.
- Positioned on a generous 2.16-acre parcel, the complex boasts ample parking with 155 spaces.
Executive Summary
Originally constructed in 1970 and expanded in 1983, this Class B office space has been thoughtfully retrofitted to accommodate the evolving needs of its occupants. The building comprises 16 office suites, meticulously designed to cater to a diverse range of professional services and medical practices. Adding further versatility, the property offers 2,000 square feet of warehouse space exclusively for tenant use. Positioned on a generous 2.16-acre parcel, the complex boasts ample parking with 155 spaces, ensuring convenience for both tenants and visitors alike.
The location's accessibility is unparalleled, with direct access to the bus line and prominent monument signage commanding attention along George Washington Memorial Highway. Strategically situated in York County, the building enjoys excellent visibility with over 300 feet of frontage and a staggering 55,000 daily vehicle count along George Washington Memorial Hwy. Its central location amid thriving schools, churches, and residential neighborhoods further enhances its appeal, ensuring a steady flow of clientele. Convenient access to major transportation arteries, including Interstate 64 and the nearby Newport News International Airport served by Delta and American Airlines, underscores the property's strategic advantage. Whether seeking a stable income generator or a lucrative value-add opportunity, this premier office building promises to be a cornerstone of success for the discerning investor.
Lamar P. Fisher
Fisher Auction Company Inc.
License: 2907003627
Co:2908000783
Sale Flyer
Property Facts
Amenities
- Bus Line
- Signage
- Natural Light
About 3630 George Washington Mem Hwy , Yorktown, VA 23693
This colonial-style office building was built in 1970 and expanded in 1983. Suites are all retrofitted to fit the current tenants in the space. The Class B office space located in Yorktown, VA offers over 41,000 square feet of office space, with 2,000 square feet of warehouse space for tenant use. The complex is situated on 2.16 acres with 155 parking spaces for the wide range of tenants that occupy the 16 office suites. The property includes many amenities, such as access to the bus line, monument signage, and ample natural lighting. Located centrally in York County with many schools, churches, and neighborhoods nearby. Great visibility on George Washington Memorial Hwy with over 300 feet of frontage and 55,000 cars passing by daily. The location and amenities of this building make it an ideal location for professional services and medical practices.
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- Center for Autism & Related Disorders
- -
- 2,594 SF
- -
- -
- Davis & Associates
- -
- 4,881 SF
- -
- -
- Dr. Peter Gruhl
- Health Care and Social Assistance
- 4,292 SF
- -
- -
- McKesson HBOC Medical Group
- -
- 6,443 SF
- -
- -
- Wayne Harbin Builders
- -
- 1,596 SF
- -
- -
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
| Center for Autism & Related Disorders | - | 2,594 SF | - | - | ||
| Davis & Associates | - | 4,881 SF | - | - | ||
| Dr. Peter Gruhl | Health Care and Social Assistance | 4,292 SF | - | - | ||
| McKesson HBOC Medical Group | - | 6,443 SF | - | - | ||
| Wayne Harbin Builders | - | 1,596 SF | - | - |
About York
Norfolk’s York office node, as well as the green space that surrounds it, is mostly the purview of the United States military. Defense installations, where most of York’s residents are employed, and supporting commercial operators dominate the area. Most of the green space here is actually owned by the Yorktown Naval Weapons Station, which plays a critical role in regional military operations.
York is located on the east side of the Virginia Peninsula between the York River and the city of Newport News. Interstate 64 travels north-south across the northern portion of the York, while U.S. Highway 17 connects it with Gloucester to the north and Newport News and Hampton to the south. This well-connected area boasts an array of office-using tenants. These include medical practices and technology firms catering to the military and veteran population in the area.
Owners here enjoy stable market conditions in an area with easily accessible residential developments and retail amenities along main thoroughfares. Rental rates for office space have consistently increased in this area, as vacancies have remained steady and increased competition for office space in the past few years. Due to the thin development outlook in York and the reliability of military activity, demand should be a constant in the area.
DEMOGRAPHICS
Demographics
Nearby Amenities
Hospitals |
|||
|---|---|---|---|
| Bon Secours Mary Immaculate Hospital | Acute Care | 9 min drive | 4.7 mi |
| Riverside Regional Medical Center | Acute Care | 10 min drive | 5.8 mi |
| Sentara Careplex Hospital | Acute Care | 14 min drive | 8.5 mi |
PROPERTY TAXES
| Parcel Number | S04B-3323-3745 | Improvements Assessment | $3,211,500 |
| Land Assessment | $560,900 | Total Assessment | $3,772,400 |
PROPERTY TAXES
Sale Advisor
Sale Advisor
Thomas Tucker, President
-
Thomas Tucker - Pilgrim Village Inc
Presented by
Pilgrim Village Inc
Pilgrim Village | 3630 George Washington Mem Hwy
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