Industrial Flex Condominium
113 S First Colonial Rd Virginia Beach, VA 23454
For Sale
Contact for pricing
Industrial flex unit in a trade center condominium complex with open warehouse-style space and commercial/industrial zoning.
Property Size1,500 SF
Price / SF$196.67
Days on Market373
Property Features for 113 S First Colonial Rd
General Information
Standard status
Active
Size
1,500 SF
Property subtype
INDUSTRIAL
Listing Agency:
The Katsias Company
(757) 285-8989
Listed By:
John Katsias
(757) 285-8989
Source:
Moodyscre
Added: Jul 22, 2025
Changed: Jul 25
Last Checked: Jul 28 at 4:20PM
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.
This 1,500 SF industrial flex condominium unit is located within the Trade Center Condominium complex. Built in 1984, the space features steel-frame construction (Class S – pre-engineered steel) and provides open, warehouse-style interior space designed to support a range of commercial uses.
The property is zoned for commercial/industrial use and is positioned near Hilltop, with convenient access to I-264 and the Oceanfront for travel to major business hubs and regional roadways in Virginia Beach.
Offered for sale, the unit’s flexible layout and functional configuration make it suitable for businesses seeking an industrial flex environment for storage, distribution, or workshop-style operations.
The property is zoned for commercial/industrial use and is positioned near Hilltop, with convenient access to I-264 and the Oceanfront for travel to major business hubs and regional roadways in Virginia Beach.
Offered for sale, the unit’s flexible layout and functional configuration make it suitable for businesses seeking an industrial flex environment for storage, distribution, or workshop-style operations.
Key Highlights
- 1,500 SF industrial flex unit in the Trade Center Condominium complex
- Zoned for commercial/industrial use
- Built in 1984 with steel‑frame construction (Class S – Pre‑Engineered Steel)
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 | $19.8k | $13.20 |
| − Vacancy | −$792 | −$0.53 |
| EGI | $19.0k | $12.67 |
| − OpEx | −$6.7k | −$4.44 |
| NOI | $12.4k | $8.24 |
1,500 SF · lease $13.20/SF/yr · vacancy 4.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$176.5K
$154.4K – $205.9K
NOI $12,355 @ 7.0% cap · market cap 4.19%
Second Best
Warehouse
$170.5K
$149.2K – $198.9K
NOI $11,934 @ 7.0% cap · market cap 4.05%
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.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex unit in a trade center condominium complex with open warehouse-style space and commercial/industrial zoning.
Where is this flex space located?
The property is located at 113 S First Colonial Rd 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: 1,500 SF industrial flex unit in the Trade Center Condominium complex; Zoned for commercial/industrial use; Built in 1984 with steel‑frame construction (Class S – Pre‑Engineered Steel)
