Industrial Flex Unit For
For Sale
$295,000
113 S First Colonial Rd Ste 126, Virginia Beach, VA 23454
1,500 SF industrial flex unit near Hilltop and I-264.
Property Size1,500 SF
Price / SF$196.67
Days on Market224
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Property Features for 113 S First Colonial Rd Ste 126
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Industrial
Building Details
Building Size
1,500 SF
Year Built
1984
Listing Agency:
The Katsias Company
Listed By:
John Katsias
(757) 285-8989
Source:
Katsias
Added: Mar 5
Changed: Oct 13
Last Checked: Oct 14 at 9:38PM
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 The Katsias Company
Investment Insights
Based on property information with market context.
Located in the Trade Center Condominium complex, this 1,500 SF industrial flex unit presents an opportunity for small business owners, service providers, or investors. Constructed in 1984, the unit is zoned for commercial and industrial use and features steel-frame construction (Class S – Pre-Engineered Steel). The property offers an open warehouse-style space suitable for light manufacturing, storage, distribution, or workshop needs. Its flexible layout and functional square footage allow for customization to accommodate various business operations. The property is situated near Hilltop, minutes from I-264 and the Oceanfront, providing access to business hubs and major traffic arteries in Virginia Beach.
Key Highlights
- Strategically located near Hilltop, I‑264, and the Oceanfront, providing convenient access to business hubs and major traffic arteries.
- Zoned for commercial/industrial use, suitable for small business owners, service providers, or investors.
- 1,500 SF industrial flex unit offering open warehouse‑style space.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,355
Cap Rate
4.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$247,100
$247.1K
Cap Rate 7%
$176,500
$176.5K
Cap Rate 9%
$137,278
$137.3K
Market Conditions
NOI Build-Up for 1,500 SF
Gross rent
$19.8K $13.20/SF
− Vacancy
−$792 −$0.53/SF
EGI
$19.0K $12.67/SF
− OpEx
−$6.7K −$4.44/SF
NOI
$12.4K $8.24/SF
Area
ZIP 23454
Vacancy
4.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$247,100
Cap Rate 7%
$176,500
Cap Rate 9%
$137,278
Alternative Uses
Best Use
Flex RnD
$176.5K
$154.4K – $205.9K
NOI $12,355 @ 7.0% cap · market cap 4.19%
Second Best
Industrial
$140.4K
$122.9K – $163.8K
NOI $9,828 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$379.4K
$332.0K – $442.7K
NOI $26,559 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23454, VA
58,665
Population
24,253
Households
2.4
Avg Household Size
38
Median Age
43%
College-Educated
94%
High-School Grad
22.5 sq mi
ZIP Area
2,607
Density / Sq Mi
$97,835
Median Household Income
$48,961
Median Earnings
$1,600
Median Rent
$401,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Flex space - 1,500 SF industrial flex unit near Hilltop and I-264.
Where is this flex space located?
The property is located at 113 S First Colonial Rd Ste 126 Virginia Beach, VA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Strategically located near Hilltop, I‑264, and the Oceanfront, providing convenient access to business hubs and major traffic arteries.; Zoned for commercial/industrial use, suitable for small business owners, service providers, or investors.; 1,500 SF industrial flex unit offering open warehouse‑style space.**
