Investment Opportunity - Colonial Square Office Complex
36326 Lankford Hwy, Belle Haven, VA 23306
Marketing description
Colonial Square is a well-established, income-producing office and retail complex occupying a commanding position on U.S. Route 13 — the primary commercial corridor of Virginia's Eastern Shore. Strategically situated in Belle Haven, Accomack County, this 40-unit complex offers an investor a rare opportunity to acquire a large-scale, multi-tenant asset with a diversified and stable rent roll in an underserved and growing coastal market. The property is being offered at a 7.5% cap rate and is 99% occupied - home to tenants including Enterprise Cars, Legal Aid of VA, H&R Block, Sharp Energy, Virginia Game and Fisheries Police Dept, and many more! Long-term owner/developer will leaseback and assist with a smooth transition to new ownership.
The subject parcel spans 11.47 acres and encompasses all improvements, comprising approximately 61,498 square feet of gross building area across a single-story, multi-building campus. The property is served by well and septic. The property enjoys frontage on three roadways: Lankford Highway (Route 13), Merry Cat Lane, and King Street, with two dedicated interior roadways — Arthurs Court and LeCato Road — providing on-site circulation and access. Ample surface parking (100+ designated spaces) accommodates the property's diverse tenant mix.
Capital improvements of over $519,000 have been invested across 2023–2025, reflecting the current owner's commitment to maintaining and enhancing the asset. With consistent improvement year over year, the property is well-positioned for a new owner to benefit from stabilized, below-market rents and a captive, long-tenured tenant base.
*Rent Roll and additional financials are available to qualified buyers with a signed NDA. Please DO NOT DISTURB the tenants. Tours can be available for qualified buyers with submitted LOIs.*
Investment highlights
- Stable, Creditworthy Government Tenancy: Multiple state and local government agency tenants — including Virginia Game & Fisheries Police, VMRC Police, and the Virginia DEQ — anchor long-term, mission-critical occupancy. Government tenants provide creditworthy, stable income streams that institutional investors and lenders view favorably.
- Below-Market Rents Create Upside: Current contract rents average below market rates, with in-place rent of $465,226 vs. market potential of $534,433 annually — a $93,625 gap representing significant embedded rent growth as leases roll to market terms.
- 41.98-Acre Commercially Zoned Excess Land: Parcel 119-A-63 spans 41.98 acres and is ripe for commercial/residential development. This excess land is not included in our sale offering however, is available should an investor be interested in additional acreage adjacent to Colonial Square.
- Route 13 Visibility & Access: Direct frontage on the Eastern Shore's only major commercial highway generates consistent drive-by traffic and brand exposure for all tenants. Route 13 serves both local commerce and significant through-traffic between the Chesapeake Bay Bridge-Tunnel and Maryland.
- Favorable Tax Environment: Accomack County's competitive $0.534 per $100 tax rate produces a combined annual obligation of just $14,255 — well below comparable assets on the Delmarva Peninsula and a meaningful advantage for investor returns.
- The property's tenant mix is notably diverse — spanning government agencies, healthcare providers, professional services, retail, food service, and faith-based organizations
- Masonry frame and metal construction with vinyl and metal exterior walls; poured concrete slab foundation. Roofing includes asphalt shingle, metal, and built-up systems.
- $155,154 (2023) · $151,830 (2024) · $212,194 (2025) in documented capital improvements, totaling over $519,000 in recent reinvestment.
- All occupied units operate under modified gross leases, whereby tenants are responsible for their individually metered utilities only
- 99% Occupied
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