Metal Shop Industrial
For Sale
Contact for pricing
1000-1010 Wilroy Rd, Suffolk, VA 23434
Industrial compound on 5.64 acres with a 2019 5,000 SF metal shop and reinforced slab, plus multiple covered storage structures and grade-level doors.
Property Size11,160 SF
Price / SF$89.16
Days on Market119
Property Features for 1000-1010 Wilroy Rd
General Information
Standard status
Active
Size
11,160 SF
Property subtype
INDUSTRIAL
Listing Agency:
Colliers | Norfolk
(757) 490-3300
Listed By:
Ben R Anderson
(757) 634-9902
Source:
Moodyscre
Added: May 11
Changed: Sep 4
Last Checked: Aug 14 at 7:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers | Norfolk
Investment Insights
Based on property information with market context.
This industrial compound on 5.64 acres is zoned for both M2 (Heavy Industrial) and B1 (Neighborhood Commercial) use. The property is anchored by a 5,000 SF metal shop building constructed in 2019, featuring a 6" reinforced concrete slab, 3-phase power, LED lighting, and two grade-level loading doors.
The site is gated, partially fenced, and stabilized to support secure, functional outdoor storage. Additional covered space includes a 2,500 SF metal storage structure, an 1,856 SF block office/warehouse, and an 1,804 SF shed with a small office.
For connectivity, the property is positioned for regional logistics with close proximity to US Route 58 and US Route 460, with potential for rail access.
The site is gated, partially fenced, and stabilized to support secure, functional outdoor storage. Additional covered space includes a 2,500 SF metal storage structure, an 1,856 SF block office/warehouse, and an 1,804 SF shed with a small office.
For connectivity, the property is positioned for regional logistics with close proximity to US Route 58 and US Route 460, with potential for rail access.
Key Highlights
- 5.64‑acre industrial site zoned M2 (Heavy Industrial) and B1 (Neighborhood Commercial).
- 2019 5,000 SF metal shop with 6" reinforced concrete slab and 3‑phase power.
- Shop includes LED lighting and two grade‑level loading doors.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$90,468
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,809,360
$1.8M
Cap Rate 7%
$1,292,400
$1.3M
Cap Rate 9%
$1,005,200
$1.0M
Market Conditions
NOI Build-Up for 11,160 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$113.8K $10.20/SF
− Vacancy
−$7.4K −$0.66/SF
EGI
$106.4K $9.54/SF
− OpEx
−$16.0K −$1.43/SF
NOI
$90.5K $8.11/SF
Area
Suffolk County, VA
Vacancy
6.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,809,360
Cap Rate 7%
$1,292,400
Cap Rate 9%
$1,005,200
Alternative Uses
Best Use
Warehouse
$1.29M
$1.13M – $1.51M
NOI $90,468 @ 7.0% cap · market cap 9.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.26M – $3.02M
NOI $181,017 @ 7.0% cap · market cap 18.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23434, VA
51,430
Population
21,764
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
90%
High-School Grad
206.8 sq mi
ZIP Area
249
Density / Sq Mi
$75,798
Median Household Income
$47,291
Median Earnings
$1,242
Median Rent
$293,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Space Savers Self Storage — 110 Virginia Ham Dr Suite 100, Suffolk, VA 23434
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial compound on 5.64 acres with a 2019 5,000 SF metal shop and reinforced slab, plus multiple covered storage structures and grade-level doors.
Where is this warehouse located?
The property is located at 1000-1010 Wilroy Rd Suffolk, VA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 5.64‑acre industrial site zoned M2 (Heavy Industrial) and B1 (Neighborhood Commercial).; 2019 5,000 SF metal shop with 6" reinforced concrete slab and 3‑phase power.; Shop includes LED lighting and two grade‑level loading doors.
