Industrial Flex Building with Fenced
New
For Sale
$850,000
1553 Alder Street, Norfolk, VA 23502
A combination of warehouse, showroom, office, and outdoor storage areas supports a range of industrial operations.
Property Size6,752 SF
Lot Size0.40 Acres
Price / SF$125.89
Days on Market2
Property Features for 1553 Alder Street
General Information
Standard status
Active
Size
6,752 SF
Lot size
0.40 Acres
Property subtype
Industrial - Manufacturing
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
18 ft
Clear Span
Yes
Warehouse Space
5,040 SF
Office Build-Out
620 SF
Amenities
free-span layout
roll-up doors
restroom and shower
detached workshop
Building Details
Building Size
6,752 SF
Buildings
2
Stories
2
Listing Agency:
Creoteric Commercial Real Estate
Listed By:
Jon Elliott · License #0225272281
(757) 270-2788
Source:
Commercialcafe
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 15 at 2:23AM
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 Creoteric Commercial Real Estate
Investment Insights
Based on property information with market context.
At 1553 Alder Street, the approximately 6,752-square-foot industrial building combines warehouse, customer-facing, and office areas on a roughly 0.40-acre site. The warehouse spans about 5,040 square feet, with a minimum ceiling height of 18 feet and an open configuration; approximately 4,000 square feet is free-span, with one column. Two 14-foot roll-up doors serve the front and rear of the building. A 645-square-foot lobby/showroom and 620-square-foot second-floor office, which includes a restroom and shower, add complementary workspace. A separate 450-square-foot workshop or storage building sits behind the main structure.
The property also includes approximately 0.25 acres of fenced yard space. Located in Norfolk, it is within a regional economic and transportation hub supported by maritime activity, manufacturing, logistics, and distribution.
The property also includes approximately 0.25 acres of fenced yard space. Located in Norfolk, it is within a regional economic and transportation hub supported by maritime activity, manufacturing, logistics, and distribution.
Key Highlights
- Approximately 6,752 SF industrial building on 0.40 acres
- Approximately 5,040 SF of warehouse space with an 18' minimum ceiling height
- Approximately 4,000 SF of free‑span warehouse area with one column
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,672
Cap Rate
9.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,533,440
$1.5M
Cap Rate 7%
$1,095,314
$1.1M
Cap Rate 9%
$851,911
$851.9K
Market Conditions
NOI Build-Up for 6,752 SF
Gross rent
$115.1K $17.04/SF
− Vacancy
−$5.5K −$0.82/SF
EGI
$109.5K $16.22/SF
− OpEx
−$32.9K −$4.87/SF
NOI
$76.7K $11.36/SF
Area
Norfolk, VA
Vacancy
4.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,533,440
Cap Rate 7%
$1,095,314
Cap Rate 9%
$851,911
Alternative Uses
Best Use
Retail
$1.10M
$958.4K – $1.28M
NOI $76,672 @ 7.0% cap · market cap 9.02%
Second Best
Flex RnD
$939.0K
$821.6K – $1.10M
NOI $65,727 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,264 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
18 ft
Clear height
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23502, VA
20,547
Population
8,839
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
89%
High-School Grad
9.9 sq mi
ZIP Area
2,075
Density / Sq Mi
$66,467
Median Household Income
$37,213
Median Earnings
$1,335
Median Rent
$244,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - A combination of warehouse, showroom, office, and outdoor storage areas supports a range of industrial operations.
Where is this flex space located?
The property is located at 1553 Alder Street Norfolk, VA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Approximately 6,752 SF industrial building on 0.40 acres; Approximately 5,040 SF of warehouse space with an 18' minimum ceiling height; Approximately 4,000 SF of free‑span warehouse area with one column
