Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    860 45Th St Norfolk, VA 23508

    View on Map
    Sponsored
    For Sale
    $850,000

    Purchase,Commercial/Industrial - Norfolk, VA

    Property size:
    12,620 SF
    Lot size:
    0.40 Acres
    Days on Market:
    3
    Last Refresh:
    Mar 28 at 7:06 am

    Property Features for 860 45Th St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    I-2
    Interior features
    Inside Storage, Lighting
    Size
    12,620 SF
    Lot size
    0.40 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1940
    Floors in Building
    1
    Flooring type
    Concrete
    Architectural style
    Other

    We can help!

    Listing Contact
    Kris Weaver

    Atlantic Sotheby's International Realty

    Listing agent Kris Weaver

    Listing date Mar 26, 2026

    MLS# 10626747 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Versatile Commercial/Industrial Building in Norfolk

    This expansive building offers over 12,000 square feet of versatile space with endless potential. It features a dedicated office area and three large bay doors. Multiple power supplies provide added flexibility. The property is designed to accommodate a variety of uses, with the possibility to divide it into multiple units if desired. Outside, there is additional space perfect for storage or ample parking. The property is located just minutes from Old Dominion University, ensuring strong visibility and accessibility. Situated on a lot of 0.4016 acres, the property is zoned I-2. This commercial and industrial property is located in Norfolk, Virginia, and is suitable for various business uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

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

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

    Similar Places Nearby

    Aramark, Cloud90 LLC, Tracey Holmes Catering

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2978879
    Latitude
    36.885121

    Nearby Similar for Sale

    • $597,400
      4,110 SF

      Versatile Commercial Space in Norfolk

      4,100+ sq ft commercial space in active Camellia Acres.
      2474 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • $150,000
      2,800 SF

      Turnkey Bar/Restaurant Business Opportunity

      Fully operational bar/restaurant with established clientele and great lease.
      160 S Military Hwy, Norfolk, VA 23502
      View Details
    • $895,000
      2,987 SF

      Norfolk Commercial Property on Little Creek

      Commercial property on heavily traveled road, suitable for retail.
      1501 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • $1,500,000
      6,250 SF

      Versatile Commercial Office Building

      Stand-alone commercial building with office, showroom, and light industrial space.
      6024 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • $725,000
      5,867 SF

      Commercial/Industrial Property for Sale

      Commercial/Industrial property available for purchase in Norfolk, Virginia.
      915 W 26Th St, Norfolk, VA 23517
      View Details
    • $1,250,000
      6,400 SF

      Downtown Norfolk Restaurant Space Available

      Prime restaurant and bar space in Norfolk's historic district.
      241 Granby St, Norfolk, VA 23510
      View Details
    • $725,000
      9,076 SF

      Commercial/Industrial Property for Sale

      Commercial/Industrial property available for purchase in Norfolk, Virginia.
      916 W 25Th St, Norfolk, VA 23517
      View Details
    • $1,695,000
      22,231 SF

      High-Visibility Retail Space on Boulevard

      21,000 SF retail space on Virginia Beach Boulevard.
      6542 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • $275,000
      4,872 SF

      Norfolk Commercial Renovation Opportunity

      Commercial property in need of renovation with investment potential.
      2400 Kimball Ter, Norfolk, VA 23504
      View Details
    • $950,000
      4,700 SF

      Norfolk Commercial/Industrial Property For Sale

      Commercial/Industrial property with 4700 square feet in Norfolk, Virginia.
      701 Tidewater Dr, Norfolk, VA 23504
      View Details
    • $2,000,000
      4,020 SF

      Bayfront Quadruplex Multifamily Investment Opportunity

      Rare bayfront investment opportunity with strong income potential.
      840 W Ocean View Ave, Norfolk, VA 23503
      View Details
    • $898,000
      3,200 SF

      Turnkey Quadplex Near the Bay

      Norfolk quadplex with private decks and strong rental history.
      1439 W Ocean View Ave, Norfolk, VA 23503
      View Details

    FAQs

    What type of property is this?
    Flex space - Expansive building with office space, bay doors, and ample parking.
    Where is this flex space located?
    The property is located at 860 45Th St Norfolk, VA.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: - Over 12,000 sq. ft. of versatile space.; - Prime location minutes from Old Dominion University.; - Three large bay doors.
    (757) 340-5555
    Request Owner's contact information
    860 45Th St Norfolk, VA 23508
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    860 45Th St
    Norfolk, VA 23508
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    860 45Th St Norfolk, VA 23508
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Kris Weaver
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!