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Office

Atlantic Union Bank Building

603 Pilot House Dr, Newport News, VA 23606

Listing Price: $4,970,000

Cap Rate
7.95%
Gross SF
34,704
Rentable SF
34,704
Price/Gross SF
$143.21
Lot Size
2.04 acres
Year Built
1988

Investment Overview

Marcus & Millichap is pleased to present for sale the Atlantic Union Bank office building, a multi-story, class B office building in Newport News, Virginia. The subject property was constructed in 1988 and features four floors totaling 34,704 square feet. The property is 95-percent leased with national and local tenants including Atlantic Union Bank, Browning Insurance, Federal Savings Bank, Access Law Group, Shaffer Realty, and Goldbelt, Inc. The property offers investors diverse cashflow: 33% banking, 28% cyber security, and 35% other services. The subject property is located at the signalized intersection of Jefferson Avenue and Pilot House Road (51,500 VPD). The building is adjacent to an unanchored retail strip occupied by Virginia ABC, Dental Care at Oyster Point, and Kundan International Grocery. Additional retailers in the immediate area include Food Lion, Quest Diagnostics, BB&T, and Langley Federal Credit Union. The Atlantic Union Bank Building is located less than a mile from City Center at Oyster Point, a 52-acre high density mixed-use development featuring retail shops, restaurants, office space, and more.

Investment Highlights

  • Multi-Story, Class B Office Building | Opportunity Zone
  • 34,704 Square Feet | Four Floors | 10 Suites
  • 95-Percent Occupied | Union Bank, Goldbelt Inc., Federal Savings Bank, Browning Insurance
  • Diverse Tenant Mix: 33%: Banking, 28%: Cyber Security, 35%: Other Essential Services
  • Atlantic Union Bank: Drive-Thru with 3-Lanes and ATM
  • Large Monument Signage on Jefferson Ave: 51,000 Vehicles Per Day
  • Adjacent to City Center at Oyster Point: 52-Acre Mixed-Use Development

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Associate Regional Manager

    (804) 205-5008

    License(s) VA: 0225215181

    Virginia

Listing Price: $4,970,000

Cap Rate
7.95%
Gross SF
34,704
Rentable SF
34,704
Price/Gross SF
$143.21
Lot Size
2.04 acres
Year Built
1988

Investment Highlights

  • Multi-Story, Class B Office Building | Opportunity Zone
  • 34,704 Square Feet | Four Floors | 10 Suites
  • 95-Percent Occupied | Union Bank, Goldbelt Inc., Federal Savings Bank, Browning Insurance
  • Diverse Tenant Mix: 33%: Banking, 28%: Cyber Security, 35%: Other Essential Services
  • Atlantic Union Bank: Drive-Thru with 3-Lanes and ATM
  • Large Monument Signage on Jefferson Ave: 51,000 Vehicles Per Day
  • Adjacent to City Center at Oyster Point: 52-Acre Mixed-Use Development

Investment Overview

Marcus & Millichap is pleased to present for sale the Atlantic Union Bank office building, a multi-story, class B office building in Newport News, Virginia. The subject property was constructed in 1988 and features four floors totaling 34,704 square feet. The property is 95-percent leased with national and local tenants including Atlantic Union Bank, Browning Insurance, Federal Savings Bank, Access Law Group, Shaffer Realty, and Goldbelt, Inc. The property offers investors diverse cashflow: 33% banking, 28% cyber security, and 35% other services. The subject property is located at the signalized intersection of Jefferson Avenue and Pilot House Road (51,500 VPD). The building is adjacent to an unanchored retail strip occupied by Virginia ABC, Dental Care at Oyster Point, and Kundan International Grocery. Additional retailers in the immediate area include Food Lion, Quest Diagnostics, BB&T, and Langley Federal Credit Union. The Atlantic Union Bank Building is located less than a mile from City Center at Oyster Point, a 52-acre high density mixed-use development featuring retail shops, restaurants, office space, and more.

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Associate Regional Manager

    (804) 205-5008

    License(s): VA: 0225215181

    Virginia

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