Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    113 S First Colonial Rd, Unit 126 Virginia Beach, VA 23454

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $14 SF/Yr

    1,500 SF industrial flex unit near Hilltop and I-264.

    Building Details

    Year built
    1984

    We can help!

    Listing Contact
    Haven Spirelis
    Source: Katsias

    Listing Agent: Haven Spirelis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Industrial Flex Unit For Rent

    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. The property is zoned for commercial and industrial use. Situated near Hilltop, it is also located minutes from I-264 and the Oceanfront, providing access to business hubs and major traffic arteries in Virginia Beach. Constructed in 1984, the unit features steel-frame construction (Class S – Pre-Engineered Steel), offering open warehouse-style space suitable for light manufacturing, storage, distribution, or workshop needs. The flexible layout and functional square footage allow for customization to suit various business operations.
    Location Intelligence

    Current Use by Public Records

    Big Boys Auto ... Auto Repair Shop Osb Manufacturing (Bike/Boat/Book/etc) Store Virginia Beach Elks ... Volunteer Organization Holltech Co Industrial Manufacturer

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -76.0234861
    Latitude
    36.8377238

    Nearby Similar for Lease

    • $750 /Mo
      87,120 SF

      Move-in Ready Virginia Beach Office

      Furnished office space with utilities included, ideal for professional services.
      3720 Holland Rd, Virginia Beach, VA 23452
      View Details
    • $1,600 /Mo
      1,000 SF

      Office Space in Busy Center

      Available office space in a convenient Virginia Beach location.
      5405 Indian River Rd, Virginia Beach, VA 23464
      View Details
    • $875 /Mo
      87,120 SF

      Move-in Ready Virginia Beach Office

      Furnished office space suitable for medical or professional services.
      3720 Holland Rd, Virginia Beach, VA 23452
      View Details
    • $20 SF/Yr
      4,253 SF

      Customizable Class A Office Space

      Pre-leasing customizable Class A office space in prime Virginia Beach.
      4420 Expressway Dr, Virginia Beach, VA 23452
      View Details
    • Contact for pricing

      Lynnhaven

      Discover many ways to work your way in IL, Oak Brook - Oak Brook Pointe
      780 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • Sponsored
      Contact for pricing

      VA, Virginia Beach - Constitution Dr

      Discover many ways to work your way in Greenwich
      2 Constitution Dr, Virginia Beach, VA 23462
      View Details
    • $15 SF/Yr
      2,400 SF

      Commercial/Industrial Space For Lease

      Commercial/Industrial space available for lease in Virginia Beach, VA
      633 10Th St, Virginia Beach, VA 23451
      View Details
    • $1,625 /Mo

      Versatile Office/Flex Space Available

      Modern office and warehouse space with versatile layouts for rent.
      464-468 Holland Office Park, Virginia Beach, VA 23450
      View Details
    • $600 /Mo

      Office Space with Flexible Leases

      Office building with all inclusive options and short-term leases.
      5250 Challedon Dr, Virginia Beach, VA 23462
      View Details
    • $1,400 /Mo

      Office Space Near Lynnhaven Parkway

      Office space with prime access to amenities and I-264.
      800 Seahawk Cir, Virginia Beach, VA 23452
      View Details
    • $28 SF/Yr
      1,140 SF

      Retail Space in Lynnhaven Corridor

      Retail space in high-traffic Lynnhaven Mall Retail Corridor.
      687 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • $1,200 /Mo
      800 SF

      Lynnhaven Road Office Space Available

      Two office spaces available in a two-story building.
      2832 S Lynnhaven Rd, Virginia Beach, VA 23452
      View Details

    FAQs

    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, Unit 126 Virginia Beach, VA.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: - Strategic location: Minutes from I-264 and the Oceanfront, near Hilltop, providing convenient access to business hubs and major traffic arteries.; - Flexible, **1,500 SF industrial space**: Suitable for light manufacturing, storage, distribution, or workshop needs.; - Zoned for commercial/industrial use: Ideal for small business owners, service providers, or investors.
    (757) 748-8448
    Request Owner's contact information
    113 S First Colonial Rd, Unit 126 Virginia Beach, VA 23454
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    113 S First Colonial Rd, Unit 126
    Virginia Beach, VA 23454
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    113 S First Colonial Rd, Unit 126 Virginia Beach, VA 23454
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Haven Spirelis
    (757) 748-8448
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!