Flex Space with Fenced
For Sale
$2,000,000
1400 London Boulevard, Portsmouth, VA 23704
Two-story offices accompany a high-clearance shop and warehouse area with loading access, substantial power, and a rear yard.
Property Size18,076 SF
Lot Size1.09 Acres
Price / SF$110.64
Days on Market146
Property Features for 1400 London Boulevard
General Information
Standard status
Active
Size
18,076 SF
Total Parking Spaces
12
Lot size
1.09 Acres
Property subtype
Industrial
Zoning
IL
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
17 ft
Warehouse Space
16,000 SF
Office Build-Out
2,076 SF
Mezzanine
1,000 SF
Dock-High Doors
1
Drive-In Doors
1
Power
800 amps
Voltage
480 V
Three-Phase Power
Yes
Building Details
Building Size
18,076 SF
Buildings
1
Listing Agency:
S.L. Nusbaum Realty Co - Corporate
(757) 679-3273
Listed By:
Michael Myers
(757) 679-3273
Source:
Slnusbaum
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 29 at 7:45PM
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.
This flex property combines approximately 2,076 square feet of two-story office space with approximately 16,000 square feet of shop and warehouse area. The offices include restrooms on both levels, while the industrial portion offers approximately 17 feet of ceiling height, two restrooms, and a 1,000 +/- square foot steel mezzanine. Building systems include 800 amp, 480 volt, 3 phase electric service and natural gas with suspended overhead unit heaters.
Loading is supported by one 10' x 10' dock-level door and one 14' high x 10' wide grade-level drive-in door. The 1.09-acre site includes approximately 12 parking spots near the office and an approximately 1/2-acre fenced, partially paved rear yard. The property is zoned IL (Light Industrial) and is within a HUB Zone and Innovation District. London Boulevard provides access from either direction, with the property located .7 miles from the Midtown Tunnel (Rte. 58), 1.3 miles from Portsmouth Marine Terminal, and 1.2 miles from the Naval Shipyard.
Loading is supported by one 10' x 10' dock-level door and one 14' high x 10' wide grade-level drive-in door. The 1.09-acre site includes approximately 12 parking spots near the office and an approximately 1/2-acre fenced, partially paved rear yard. The property is zoned IL (Light Industrial) and is within a HUB Zone and Innovation District. London Boulevard provides access from either direction, with the property located .7 miles from the Midtown Tunnel (Rte. 58), 1.3 miles from Portsmouth Marine Terminal, and 1.2 miles from the Naval Shipyard.
Key Highlights
- Approximately 18,076 s.f. total building area on a 1.09‑acre site
- Approximately 2,076 s.f. two‑story office area and approximately 16,000 s.f. shop/warehouse space
- Approximately 1/2 acre fenced and partially paved rear yard
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
$133,339
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
6.67%
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%
$2,666,780
$2.7M
Cap Rate 7%
$1,904,843
$1.9M
Cap Rate 9%
$1,481,544
$1.5M
Market Conditions
NOI Build-Up for 18,076 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
$161.1K $8.91/SF
− Vacancy
−$4.2K −$0.23/SF
EGI
$156.9K $8.68/SF
− OpEx
−$23.5K −$1.30/SF
NOI
$133.3K $7.38/SF
Area
Portsmouth County, VA
Vacancy
2.60%
Lease Rate
$8.91 /SF/Yr
Expense Ratio
15.00%
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%
$2,666,780
Cap Rate 7%
$1,904,843
Cap Rate 9%
$1,481,544
Alternative Uses
Best Use
Office B
$5.28M
$4.62M – $6.16M
NOI $369,358 @ 7.0% cap · market cap 18.47%
Second Best
Warehouse
$1.90M
$1.67M – $2.22M
NOI $133,339 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$5.75M
$5.04M – $6.71M
NOI $402,832 @ 7.0% cap · market cap 20.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17 ft
Clear height
1
Dock-high doors
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23704, VA
19,505
Population
9,538
Households
2
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
4.5 sq mi
ZIP Area
4,334
Density / Sq Mi
$44,739
Median Household Income
$34,488
Median Earnings
$1,279
Median Rent
$197,400
Median Home Value
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story offices accompany a high-clearance shop and warehouse area with loading access, substantial power, and a rear yard.
Where is this flex space located?
The property is located at 1400 London Boulevard Portsmouth, VA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Approximately 18,076 s.f. total building area on a 1.09‑acre site; Approximately 2,076 s.f. two‑story office area and approximately 16,000 s.f. shop/warehouse space; Approximately 1/2 acre fenced and partially paved rear yard
