For Sale
$124,900
127 Philhower Drive, Suffolk, VA 23434
Commercial/Industrial, Suffolk, VA
Property Size1,088 SF
Lot Size0.32 Acres
Price / SF$114.80
Days on Market237
Property Features for 127 Philhower Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M-2 COM
Parking features
Paved or Surfaced, Off Street
Subdivision
PIERCE PARK
Standard status
Active
Size
1,088 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Annual Amount
1364
Utilities
Cooling system
Wall/Window Unit(s)
Building Details
Year built
1959
Roof type
Shingle
Listing Agency:
Rock Steady Group
(757) 538-7500
Listed By:
Matthew Spencer
(757) 374-0707
Added: Jan 16
Changed: Sep 10
Last Checked: Sep 10 at 1:06PM
MLS# 10616679
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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
$11,078
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
8.87%
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%
$221,560
$221.6K
Cap Rate 7%
$158,257
$158.3K
Cap Rate 9%
$123,089
$123.1K
Market Conditions
NOI Build-Up for 1,088 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
$21.5K $19.80/SF
− Vacancy
−$1.4K −$1.29/SF
EGI
$20.1K $18.51/SF
− OpEx
−$9.1K −$8.33/SF
NOI
$11.1K $10.18/SF
Area
Suffolk County, VA
Vacancy
6.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$221,560
Cap Rate 7%
$158,257
Cap Rate 9%
$123,089
Alternative Uses
Best Use
Apartment 5plus
$158.3K
$138.5K – $184.6K
NOI $11,078 @ 7.0% cap · market cap 8.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$252.1K
$220.6K – $294.1K
NOI $17,648 @ 7.0% cap · market cap 14.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 23434, VA
51,430
Population
21,764
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
90%
High-School Grad
206.8 sq mi
ZIP Area
249
Density / Sq Mi
$75,798
Median Household Income
$47,291
Median Earnings
$1,242
Median Rent
$293,600
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
Where is this industrial land located?
The property is located at 127 Philhower Drive Suffolk, VA.
What is the asking price?
The asking price for this property is $124,900.
