Single-Tenant Flex
1104 Jensen Dr Virginia Beach, VA 23451
1104 Jensen Dr, Virginia Beach, VA, 23451
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For Sale
Contact for pricing
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 Market168
Property Features for 1104 Jensen Dr
General Information
- Standard status
- Active
- Size
- 4,000 SF
- Lot size
- 0.22 Acres
- Property subtype
- Industrial
Building Details
- Year Built
- 1999
Listing agency
S.L. Nusbaum Realty Co
(757) 333-1523
Listed by
Martin Murden · License #VA
Source
Crexi
Added: Feb 4 Updated: Jul 21 at 7:54PM Checked: Jul 21 at 7:54PM
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
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $84.0k | $21.00 |
| − Vacancy | −$13.0k | −$3.26 |
| EGI | $71.0k | $17.75 |
| − OpEx | −$17.7k | −$4.44 |
| NOI | $53.2k | $13.31 |
4,000 SF · lease $21.00/SF/yr · vacancy 15.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$760.5K
$665.4K – $887.3K
NOI $53,235 @ 7.0% cap · market cap 6.53%
Second Best
Flex RnD
$741.0K
$648.4K – $864.5K
NOI $51,870 @ 7.0% cap · market cap 6.36%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Mihaly Contracting
Construction Company
Similar For Sale Nearby
FAQs
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
