Office-Light Industrial
For Sale
$325,000
1108 Wilroy Rd, Suffolk, VA 23434
Compact office building with yard/storage potential on nearly one acre in Suffolk, Virginia.
Property Size1,432 SF
Lot Size0.93 Acres
Price / SF$226.96
Days on Market140
Property Features for 1108 Wilroy Rd
General Information
Standard status
Active
Size
1,432 SF
Lot size
0.93 Acres
Property subtype
Office
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Listing Agency:
Norfolk - Main
(757) 228-1839
Listed By:
Ben Anderson · License #0225017599
(757) 228-1839
Source:
Colliers
Added: Apr 13
Changed: Aug 16
Last Checked: Jul 21 at 7:55PM
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 Norfolk - Main
Investment Insights
Based on property information with market context.
1108 Wilroy Road presents a compact office/light industrial setup with outdoor yard or storage potential. The property includes a functional office layout within a 1,432 SF office building, supported by an outdoor area that can accommodate light industrial needs and contractor-style storage.
The site sits on approximately 0.93 acres and offers convenient regional access, with proximity to major transportation routes including US Route 58 (about one mile) and State Route 460 (about four miles).
For sale at $325,000, the HVAC system was replaced in 2025, supporting the property’s day-to-day operational readiness for an owner-user or business requiring both office space and outdoor storage.
The site sits on approximately 0.93 acres and offers convenient regional access, with proximity to major transportation routes including US Route 58 (about one mile) and State Route 460 (about four miles).
For sale at $325,000, the HVAC system was replaced in 2025, supporting the property’s day-to-day operational readiness for an owner-user or business requiring both office space and outdoor storage.
Key Highlights
- 1,432 SF office/light industrial building on 0.93 acres with outdoor yard/storage potential
- HVAC replaced in 2025
- Excellent access to US Route 58, about 1 mile away
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
$15,680
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
4.82%
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%
$313,600
$313.6K
Cap Rate 7%
$224,000
$224.0K
Cap Rate 9%
$174,222
$174.2K
Market Conditions
NOI Build-Up for 1,432 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
$26.5K $18.48/SF
− Vacancy
−$5.6K −$3.88/SF
EGI
$20.9K $14.60/SF
− OpEx
−$5.2K −$3.65/SF
NOI
$15.7K $10.95/SF
Area
Suffolk County, VA
Vacancy
21.00%
Lease Rate
$18.48 /SF/Yr
Expense Ratio
25.00%
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%
$313,600
Cap Rate 7%
$224,000
Cap Rate 9%
$174,222
Alternative Uses
Best Use
Office B
$224.0K
$196.0K – $261.3K
NOI $15,680 @ 7.0% cap · market cap 4.82%
Second Best
Industrial
$136.6K
$119.5K – $159.3K
NOI $9,560 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$331.8K
$290.3K – $387.1K
NOI $23,227 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
99
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Compact office building with yard/storage potential on nearly one acre in Suffolk, Virginia.
Where is this flex space located?
The property is located at 1108 Wilroy Rd Suffolk, VA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1,432 SF office/light industrial building on 0.93 acres with outdoor yard/storage potential; HVAC replaced in 2025; Excellent access to US Route 58, about 1 mile away
