Single-Tenant Flex
For Sale
Contact for pricing
1104 Jensen Dr, Virginia Beach, VA 23451
Flex building with industrial and office space on a 0.22-acre lot, leased through March 2027.
Property Size4,000 SF
Lot Size0.22 Acres
Price / SF$203.75
Days on Market213
Property Features for 1104 Jensen Dr
General Information
Standard status
Active
Size
4,000 SF
Class
B
Lot size
0.22 Acres
Property subtype
Industrial
Zoning
I1
Building Details
Year Built
1999
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
S.L. Nusbaum Realty Co
Listed By:
Martin Murden · License #VA
(757) 333-1523
Source:
Crexi
Added: Feb 4
Changed: Aug 26
Last Checked: Sep 5 at 10:26AM
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 S.L. Nusbaum Realty Co
Investment Insights
Based on property information with market context.
1104 Jensen Drive is a single-tenant flex building offering a blend of industrial and office space within an approximately 4,000 SF facility on a 0.22-acre lot. The property is currently leased to Mihaly Contracting through March 2027, creating immediate income for investors.
The building is located in the Owl Creek Commerce Center in Virginia Beach’s Lynnhaven submarket. The flex-style layout is intended to support a combined industrial and office setup, and the property is positioned for owner-occupancy following the lease expiration.
For buyers, the key consideration is the existing tenant in place and the flexible configuration that can accommodate both operational space and office needs when the current lease term ends.
The building is located in the Owl Creek Commerce Center in Virginia Beach’s Lynnhaven submarket. The flex-style layout is intended to support a combined industrial and office setup, and the property is positioned for owner-occupancy following the lease expiration.
For buyers, the key consideration is the existing tenant in place and the flexible configuration that can accommodate both operational space and office needs when the current lease term ends.
Key Highlights
- 4,000 SF single‑tenant flex building with both industrial and office space
- Built in 1999 and set on a 0.22‑acre lot
- Currently leased to Mihaly Contracting through March 2027 for in‑place income
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
$51,870
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
6.36%
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%
$1,037,400
$1.0M
Cap Rate 7%
$741,000
$741.0K
Cap Rate 9%
$576,333
$576.3K
Market Conditions
NOI Build-Up for 4,000 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
$84.0K $21.00/SF
− Vacancy
−$4.2K −$1.05/SF
EGI
$79.8K $19.95/SF
− OpEx
−$27.9K −$6.98/SF
NOI
$51.9K $12.97/SF
Area
Virginia Beach, VA
Vacancy
5.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,037,400
Cap Rate 7%
$741,000
Cap Rate 9%
$576,333
Alternative Uses
Best Use
Flex RnD
$741.0K
$648.4K – $864.5K
NOI $51,870 @ 7.0% cap · market cap 6.36%
Second Best
Warehouse
$454.6K
$397.8K – $530.4K
NOI $31,825 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$1.03M
$897.9K – $1.20M
NOI $71,829 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23451, VA
44,879
Population
24,897
Households
1.8
Avg Household Size
41
Median Age
57%
College-Educated
97%
High-School Grad
19.8 sq mi
ZIP Area
2,267
Density / Sq Mi
$97,945
Median Household Income
$57,472
Median Earnings
$1,697
Median Rent
$591,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex building with industrial and office space on a 0.22-acre lot, leased through March 2027.
Where is this flex space located?
The property is located at 1104 Jensen Dr Virginia Beach, VA.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: 4,000 SF single‑tenant flex building with both industrial and office space; Built in 1999 and set on a 0.22‑acre lot; Currently leased to Mihaly Contracting through March 2027 for in‑place income
