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    1368 Progress Rd Suffolk, VA 23434

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    For Lease
    $10 SF/Yr

    Industrial property in Suffolk, VA, near Port of Virginia.

    Building Details

    Year built
    2004

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    Listing Contact
    Matt Wilbricht
    Matt Wilbricht
    Source: Naidominion

    Listing Agent: Matt Wilbricht

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

    Learn more

    Overview

    Suffolk Industrial Space Available

    This industrial property in Suffolk, VA, offers up to 60,000 SF of industrial space in two buildings, constructed in 2004 and renovated in 2014. The property is zoned M-2 for heavy industrial uses, providing flexibility for various business activities. It is located within the Wilroy Industrial Park in Suffolk, VA, a short distance from the Port of Virginia marine terminals, centrally located in southeastern Virginia. The property includes up to 43 existing truck spaces plus yard area, along with 160 parking spaces. There is ample space for manufacturing with 38,000 SF of existing extraction equipment including spray dryer and silo tower. A separate building consisting of 20,000 SF on 2 floors with unique 45' clear 4,800 SF warehouse area. The property features a flexible layout for various industrial uses with 5,000 amp service, 4" water line with existing filtration and chlorine treatment. The well-maintained facility is ready for immediate use and offers potential for expansion and customization. The property is situated on 21.44 acres and includes approximately 125,000 SF of buildings. It provides strategic access to key transportation routes and logistical hubs.
    Location Intelligence

    Current Use by Public Records

    J.M. Smucker Company Distribution Center

    Suggested Use

    Restaurant Real Estate Agency Building Supply Big Box & Wholesale Store Skin Care Clinic Food Market Accounting Firm HVAC Service Grocery & Convenience Store Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Suffolk
    County
    Suffolk
    State
    Virginia
    Longitude
    -76.5388828
    Latitude
    36.7707083

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    FAQs

    What type of property is this?
    Manufacturing property - Industrial property in Suffolk, VA, near Port of Virginia.
    Where is this manufacturing property located?
    The property is located at 1368 Progress Rd Suffolk, VA.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: - Strategic location in Suffolk, VA, near the Port of Virginia marine terminals; - Up to 60,000 SF in 2 buildings on 21.44 acres, plus a separate 20,000 SF building; - M-2 Heavy Industrial zoning allows for a wide range of industrial and manufacturing uses
    (757) 216-8438
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    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
    1368 Progress Rd Suffolk, VA 23434
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    We can help!
    Listing Contact
    Matt Wilbricht
    Matt Wilbricht
    Real Estate License ID: 0225075527
    (757) 216-8438 (757) 270-6956 (804) 346-5000
    Learn more
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