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    Two-Level Light Industrial Flex Condo Title is generated by Realmo AI

    1616 Centerville Turnpike, Virginia Beach, VA 23464

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    For Lease
    $11 SF/Yr $2,750/Mo (calc)

    COMMERCIAL - Virginia Beach, VA

    Property size:
    3,000 SF
    Lot size:
    0.04 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 6:06 am

    Property Features for 1616 Centerville Turnpike

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    I1
    Parking features
    Assigned
    Standard status
    Active
    Size
    3,000 SF
    Lot size
    0.04 Acres

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1999

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    Listing Contact
    Brooke Billings

    Listing agent Brooke Billings

    Listing office Dick Kelly Real Estate Company 8124A Shore Drive, norfolk, VA

    Listing date Jun 3, 2026

    MLS# 10637871

    Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 3,000 SF two‑level L‑1 light industrial flex condo in Centerville Office Park (L‑1).
    • First floor: reception area with front desk, 2 private offices, public restroom, and large open flex area.
    • Second floor: 2 private offices, storage, private bathroom, kitchen/conference room, and expansive open flex space.
    • Steel frame/block construction with a durable standing seam metal roof.
    • Central air and electric heating; includes 6 dedicated parking spaces directly in front of the unit.
    • 1999 build year; available with a minimum 1‑year lease.

    Overview

    This two-level L-1 light industrial flex condo is a versatile office/warehouse-style space suited to office, showroom, or mixed-use operations. The first floor includes a reception area with front desk, two private offices, a public restroom, and a large open flex area for flexible work or production needs. The second level provides two additional private offices, storage space, a private bathroom, and a kitchen/conference room with large windows, along with expansive open flex space that can support collaborative work, training, or operational use.

    The unit is located within the Centerville Office Park and includes six dedicated parking spaces directly in front of the unit. Construction is described as quality steel frame/block with a durable standing seam metal roof. The property is offered with a minimum 1-year lease.

    With its combination of reception, multiple offices, restrooms, and broad open flex areas on both levels, the space is well-suited for owner-users who need a functional front office and flexible operational area in the same footprint. The L-1 zoning supports light industrial flexibility while maintaining a layout that can accommodate professional services, client-facing showrooms, or mixed office and production uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Worley Turf & Irrigation ... Landscaping Peggy S. Scarborough ... Accounting Firm Tidewater Overhead Door Building Supply Mercury Communications, LLC Tech Support Center EXpress Flooring Hardware & Home Improvement

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -76.1937362
    Latitude
    36.7875811

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    FAQs

    What type of property is this?
    Flex space - Two-level flex unit with office and showroom-ready layout plus six dedicated front parking spaces.
    Where is this flex space located?
    The property is located at 1616 Centerville Turnpike Virginia Beach, VA.
    What is the lease rate?
    The lease rate is $11 SF/Yr.
    What are key features of this property?
    This property features: 3,000 SF two‑level L‑1 light industrial flex condo in Centerville Office Park (L‑1).; First floor: reception area with front desk, 2 private offices, public restroom, and large open flex area.; Second floor: 2 private offices, storage, private bathroom, kitchen/conference room, and expansive open flex space.
    (757) 480-2303
    We can help!
    Listing Contact
    Brooke Billings
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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