Office/Warehouse Flex
For Sale
$2,210,000
7440 Central Business Park Drive, Norfolk, VA 23513
50/50 office-to-warehouse layout with grade-level loading and about 12' clear height, with remaining suite available.
Property Size11,704 SF
Days on Market45
Property Features for 7440 Central Business Park Drive
General Information
Standard status
Active
Size
11,704 SF
Class
A
Property subtype
Office
Building Details
Building Size
11,704 SF
Year Built
2008
Listing Agency:
S.L. Nusbaum Realty Co - Corporate
Listed By:
Martin Murden
(757) 333-1523
Source:
Slnusbaum
Added: Jul 23
Changed: Sep 4
Last Checked: Sep 5 at 7:06AM
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 S.L. Nusbaum Realty Co - Corporate
Investment Insights
Based on property information with market context.
7440 Central Business Park Drive offers a flex office/warehouse configuration with a functional 50/50 office-to-warehouse layout. The available suite includes four private offices, a reception area, kitchenette, and restroom, along with grade-level loading and approximately 12' clear height. Built in 2008, the property features modern office finishes, extensive glass, and has been professionally maintained.
The property is located in a business park with immediate access to I-64, Norfolk International Airport, and Naval Station Norfolk. It is approximately 75% leased to Proud Moments ABA, with the remaining approximately 2,500 SF office/warehouse suite available for immediate occupancy or lease.
The property is located in a business park with immediate access to I-64, Norfolk International Airport, and Naval Station Norfolk. It is approximately 75% leased to Proud Moments ABA, with the remaining approximately 2,500 SF office/warehouse suite available for immediate occupancy or lease.
Key Highlights
- Built in 2008 with a functional 50/50 office‑to‑warehouse layout and professional maintenance
- Approximately 75% leased to Proud Moments ABA; remaining suite is about 2,500 SF for immediate occupancy or lease
- Suite includes four private offices, reception area, kitchenette, and restroom plus grade‑level loading
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
$113,931
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
5.16%
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%
$2,278,620
$2.3M
Cap Rate 7%
$1,627,586
$1.6M
Cap Rate 9%
$1,265,900
$1.3M
Market Conditions
NOI Build-Up for 11,704 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
$182.6K $15.60/SF
− Vacancy
−$7.3K −$0.62/SF
EGI
$175.3K $14.98/SF
− OpEx
−$61.3K −$5.24/SF
NOI
$113.9K $9.73/SF
Area
Norfolk, VA
Vacancy
4.00%
Lease Rate
$15.60 /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%
$2,278,620
Cap Rate 7%
$1,627,586
Cap Rate 9%
$1,265,900
Alternative Uses
Best Use
Flex RnD
$1.63M
$1.42M – $1.90M
NOI $113,931 @ 7.0% cap · market cap 5.16%
Second Best
Warehouse
$1.33M
$1.16M – $1.55M
NOI $93,121 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$2.48M
$2.17M – $2.90M
NOI $173,798 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
844
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23513, VA
29,105
Population
13,040
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
87%
High-School Grad
5.1 sq mi
ZIP Area
5,707
Density / Sq Mi
$66,875
Median Household Income
$39,547
Median Earnings
$1,187
Median Rent
$226,900
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 - 50/50 office-to-warehouse layout with grade-level loading and about 12' clear height, with remaining suite available.
Where is this flex space located?
The property is located at 7440 Central Business Park Drive Norfolk, VA.
What is the asking price?
The asking price for this property is $2,210,000.
What are key features of this property?
This property features: Built in 2008 with a functional 50/50 office‑to‑warehouse layout and professional maintenance; Approximately 75% leased to Proud Moments ABA; remaining suite is about 2,500 SF for immediate occupancy or lease; Suite includes four private offices, reception area, kitchenette, and restroom plus grade‑level loading
