Light Industrial Flex
1108 Pickett Rd Norfolk, VA 23502
1108 Pickett Rd, Norfolk, VA, 23502
Contact for pricing
For Sale
Contact for pricing
Light industrial flex building with stabilized yard and two drive-in doors in Norfolk Industrial Park.
Property Size2,104 SF
Lot Size0.16 Acres
Price / SF$163.97
Days on Market169
Property Features for 1108 Pickett Rd
General Information
- Standard status
- Active
- Size
- 2,104 SF
- Lot size
- 0.16 Acres
- Property subtype
- INDUSTRIAL
Listing agency
Colliers | Norfolk
(757) 217-1892
Listed by
Ricky Anderson · License #VA 0225 181900
Source
Moodyscre
Added: Feb 2 Updated: Jul 20 at 11:56PM Checked: Jul 20 at 11:56PM
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 light industrial flex warehouse includes approximately 2,104 square feet of built space on about 0.16 acres, built in 1978. The warehouse portion measures 48’ x 23.5’, with ceiling heights ranging from 8’ to 9’ throughout. Two 7’ x 8’ drive-in doors provide loading access, supported by a stabilized yard for site operations.
The property is located in Norfolk Industrial Park and offers easy access to I-64 and I-264. Zoning is I-L (Industrial – Light), aligning with light industrial use considerations.
The combination of flexible indoor space, drive-in loading, and an on-site stabilized yard makes the building well-suited for tenants or buyers seeking a practical light industrial footprint.
The property is located in Norfolk Industrial Park and offers easy access to I-64 and I-264. Zoning is I-L (Industrial – Light), aligning with light industrial use considerations.
The combination of flexible indoor space, drive-in loading, and an on-site stabilized yard makes the building well-suited for tenants or buyers seeking a practical light industrial footprint.
Key Highlights
- Light industrial flex building in Norfolk Industrial Park with easy access to I‑64 and I‑264
- ±2,104 SF building on ±0.16 acres with a stabilized yard
- 48' x 23.5' warehouse with 8'–9' ceiling height throughout
Local Financial Insights For Flex RnD
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 | $32.8k | $15.60 |
| − Vacancy | −$1.3k | −$0.62 |
| EGI | $31.5k | $14.98 |
| − OpEx | −$11.0k | −$5.24 |
| NOI | $20.5k | $9.73 |
2,104 SF · lease $15.60/SF/yr · vacancy 4.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$292.6K
$256.0K – $341.4K
NOI $20,481 @ 7.0% cap · market cap 5.94%
Second Best
Warehouse
$239.1K
$209.3K – $279.0K
NOI $16,740 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$446.3K
$390.5K – $520.7K
NOI $31,243 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Alliance Heating & Air ...
Hardware & Home Improvement
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Similar Off Market Nearby
- Firehouse Subs Janaf Mall — 5802 E Virginia Beach Blvd Ste 117, Norfolk, VA 23502
- Tom's Galley — 5552 Raby Rd, Norfolk, VA 23502
FAQs
What type of property is this?
Flex space - Light industrial flex building with stabilized yard and two drive-in doors in Norfolk Industrial Park.
Where is this flex space located?
The property is located at 1108 Pickett Rd Norfolk, VA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Light industrial flex building in Norfolk Industrial Park with easy access to I‑64 and I‑264; ±2,104 SF building on ±0.16 acres with a stabilized yard; 48' x 23.5' warehouse with 8'–9' ceiling height throughout
