Flex Space with Grade-Level Roll-Up
For Sale
Contact for pricing
1136 Jensen Dr, Virginia Beach, VA 23451
Two-story office/warehouse with I-1 light industrial zoning, grade-level loading, and a clear span warehouse designed for multiple occupants.
Property Size4,600 SF
Price / SF$184.57
Days on Market131
Property Features for 1136 Jensen Dr
General Information
Standard status
Active
Size
4,600 SF
Property subtype
INDUSTRIAL
Zoning
I-1
Warehouse & Industrial
Clear Height
11.33 ft
Drive-In Doors
2
Three-Phase Power
Yes
Additional Details
Road Access
Yes
Amenities
reception area
conference room
private offices
open office area
break room
restrooms
Building Details
Year Built
1998
Buildings
1
Building Size
4,600 SF
Listing Agency:
Colliers | Norfolk
(757) 490-3300
Listed By:
Ricky Anderson · License #0225181900
(757) 217-1892
Source:
Moodyscre
Added: May 11
Changed: Sep 16
Last Checked: Sep 18 at 10:34AM
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 two-story office/warehouse flex space offers a mix of front-office and functional warehouse operations, built in 1998 and zoned I-1 (Light Industrial). The office portion includes a reception area, two conference rooms, private offices, an open office area, a break room, and restrooms, with space that is easily demisable to accommodate two occupants.
Warehouse access is grade-level, supported by (2) 10’ x 10’ roll up doors. The facility is set up for industrial use with 11’ 4” clear height and 3-phase power.
Conveniently located off Birdneck Road in Virginia Beach, the building at 1136 Jensen Dr supports both office-focused activity and day-to-day loading needs.
Warehouse access is grade-level, supported by (2) 10’ x 10’ roll up doors. The facility is set up for industrial use with 11’ 4” clear height and 3-phase power.
Conveniently located off Birdneck Road in Virginia Beach, the building at 1136 Jensen Dr supports both office-focused activity and day-to-day loading needs.
Key Highlights
- Two‑story office/warehouse flex space with office reception, conference rooms, private offices, and open office area
- Grade‑level loading with (2) 10’ x 10’ roll up doors
- 11’ 4” clear height plus 3‑phase power
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
$61,220
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
7.21%
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%
$1,224,400
$1.2M
Cap Rate 7%
$874,571
$874.6K
Cap Rate 9%
$680,222
$680.2K
Market Conditions
NOI Build-Up for 4,600 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
$96.6K $21.00/SF
− Vacancy
−$15.0K −$3.26/SF
EGI
$81.6K $17.75/SF
− OpEx
−$20.4K −$4.44/SF
NOI
$61.2K $13.31/SF
Area
Virginia Beach, VA
Vacancy
15.50%
Lease Rate
$21.00 /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%
$1,224,400
Cap Rate 7%
$874,571
Cap Rate 9%
$680,222
Alternative Uses
Best Use
Office B
$874.6K
$765.3K – $1.02M
NOI $61,220 @ 7.0% cap · market cap 7.21%
Second Best
Flex RnD
$852.2K
$745.6K – $994.2K
NOI $59,651 @ 7.0% cap · market cap 7.03%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,603 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11 ft
Clear height
2
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23451, VA
44,879
Population
24,897
Households
1.8
Avg Household Size
41
Median Age
57%
College-Educated
97%
High-School Grad
19.8 sq mi
ZIP Area
2,267
Density / Sq Mi
$97,945
Median Household Income
$57,472
Median Earnings
$1,697
Median Rent
$591,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story office/warehouse with I-1 light industrial zoning, grade-level loading, and a clear span warehouse designed for multiple occupants.
Where is this flex space located?
The property is located at 1136 Jensen Dr Virginia Beach, VA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Two‑story office/warehouse flex space with office reception, conference rooms, private offices, and open office area; Grade‑level loading with (2) 10’ x 10’ roll up doors; 11’ 4” clear height plus 3‑phase power
