Office/Warehouse Condo
For Sale
Contact for pricing
1220 Executive Blvd Suites 113 & 114, Chesapeake, VA 23320
Recently renovated office/warehouse condo with two suites, updated roof, exterior painting, and newly paved parking lot.
Property Size2,200 SF
Price / SF$180
Days on Market65
Property Features for 1220 Executive Blvd Suites 113 & 114
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Office, Industrial
Investment Type
Owner/User
Listing Agency:
Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia
Listed By:
Janet Whitbeck · License #VA
Source:
Crexi
Added: Jul 3
Changed: Aug 26
Last Checked: Sep 5 at 12:04AM
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 Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia
Investment Insights
Based on property information with market context.
This office/warehouse condo is offered as two suites (113 and 114) and provides approximately 2,200 SF of combined office and warehouse space. The condo has been recently renovated, including a new roof and new exterior painting.
Recent exterior improvements also include a newly paved and striped parking lot. The monthly condo fee of $330.78 covers water, sewer, trash, exterior lighting, parking lot maintenance, landscaping, and building insurance.
The offering is structured as an office/warehouse condo, suitable for users seeking a compact, combined work-and-storage configuration within a condo-managed building.
Recent exterior improvements also include a newly paved and striped parking lot. The monthly condo fee of $330.78 covers water, sewer, trash, exterior lighting, parking lot maintenance, landscaping, and building insurance.
The offering is structured as an office/warehouse condo, suitable for users seeking a compact, combined work-and-storage configuration within a condo-managed building.
Key Highlights
- Office/warehouse condo for sale at 1220 Executive Blvd, Suites 113 & 114, Chesapeake, VA 23320
- Approximately 2,200 SF combined office and warehouse space across two suites (113 & 114)
- Recently renovated condo with a new roof and new exterior painting
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
$17,932
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
4.53%
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%
$358,640
$358.6K
Cap Rate 7%
$256,171
$256.2K
Cap Rate 9%
$199,244
$199.2K
Market Conditions
NOI Build-Up for 2,200 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
$29.0K $13.20/SF
− Vacancy
−$1.5K −$0.66/SF
EGI
$27.6K $12.54/SF
− OpEx
−$9.7K −$4.39/SF
NOI
$17.9K $8.15/SF
Area
Chesapeake, VA
Vacancy
5.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$358,640
Cap Rate 7%
$256,171
Cap Rate 9%
$199,244
Alternative Uses
Best Use
Flex RnD
$256.2K
$224.2K – $298.9K
NOI $17,932 @ 7.0% cap · market cap 4.53%
Second Best
Warehouse
$250.1K
$218.8K – $291.7K
NOI $17,504 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$650.2K
$568.9K – $758.6K
NOI $45,514 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,186
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 23320, VA
60,412
Population
26,131
Households
2.3
Avg Household Size
39
Median Age
38%
College-Educated
93%
High-School Grad
31.7 sq mi
ZIP Area
1,906
Density / Sq Mi
$81,736
Median Household Income
$49,403
Median Earnings
$1,654
Median Rent
$323,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Recently renovated office/warehouse condo with two suites, updated roof, exterior painting, and newly paved parking lot.
Where is this flex space located?
The property is located at 1220 Executive Blvd Suites 113 & 114 Chesapeake, VA.
What is the asking price?
The asking price for this property is $396,000.
What are key features of this property?
This property features: Office/warehouse condo for sale at 1220 Executive Blvd, Suites 113 & 114, Chesapeake, VA 23320; Approximately 2,200 SF combined office and warehouse space across two suites (113 & 114); Recently renovated condo with a new roof and new exterior painting
