Flex Space with Grade-Level
For Sale
Contact for pricing
1620 Centerville Tpke, Virginia Beach, VA 23464
Flex space zoned I-1 (Light Industrial) with private offices, conference area, and a grade-level loading door.
Property Size3,044 SF
Price / SF$119.09
Days on Market867
Property Features for 1620 Centerville Tpke
General Information
Standard status
Active
Size
3,044 SF
Total Parking Spaces
3
Property subtype
INDUSTRIAL
Zoning
I-1
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
1
Additional Details
Asking Price
$460,000
Building Details
Year Built
1998
Listing Agency:
Colliers | Norfolk
(757) 490-3300
Listed By:
Ben R Anderson
(757) 634-9902
Source:
Moodyscre
Added: May 7, 2024
Changed: Sep 5
Last Checked: Sep 19 at 12:46PM
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 Colliers | Norfolk
Investment Insights
Based on property information with market context.
This flex space includes multiple private offices, a conference area, a kitchenette, and two restrooms. The layout is designed to support both work space and operational use, with a loading facility on-site.
The property features one 10’ x 12’ grade level door and 20’ clear height for practical material handling. Built in 1998, it is zoned I-1 (Light Industrial) and provides three dedicated parking spaces for everyday access.
With the combination of office improvements and clear-height/grade-level loading, the space may fit businesses needing a light industrial setting alongside onsite administrative and meeting areas.
The property features one 10’ x 12’ grade level door and 20’ clear height for practical material handling. Built in 1998, it is zoned I-1 (Light Industrial) and provides three dedicated parking spaces for everyday access.
With the combination of office improvements and clear-height/grade-level loading, the space may fit businesses needing a light industrial setting alongside onsite administrative and meeting areas.
Key Highlights
- 3044 SF flex space with multiple private offices, conference area, kitchenette, and two restrooms
- Zoned I‑1 (Light Industrial)
- 20’ clear height
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
$27,067
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
7.47%
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%
$541,340
$541.3K
Cap Rate 7%
$386,671
$386.7K
Cap Rate 9%
$300,744
$300.7K
Market Conditions
NOI Build-Up for 3,044 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
$43.8K $14.40/SF
− Vacancy
−$2.2K −$0.72/SF
EGI
$41.6K $13.68/SF
− OpEx
−$14.6K −$4.79/SF
NOI
$27.1K $8.89/SF
Area
ZIP 23464
Vacancy
5.00%
Lease Rate
$14.40 /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%
$541,340
Cap Rate 7%
$386,671
Cap Rate 9%
$300,744
Alternative Uses
Best Use
Flex RnD
$386.7K
$338.3K – $451.1K
NOI $27,067 @ 7.0% cap · market cap 7.47%
Second Best
Warehouse
$346.0K
$302.7K – $403.7K
NOI $24,219 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$952.7K
$833.6K – $1.11M
NOI $66,686 @ 7.0% cap · market cap 18.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23464, VA
75,118
Population
29,267
Households
2.6
Avg Household Size
38
Median Age
38%
College-Educated
94%
High-School Grad
16.7 sq mi
ZIP Area
4,498
Density / Sq Mi
$89,790
Median Household Income
$49,794
Median Earnings
$1,644
Median Rent
$339,300
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
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space zoned I-1 (Light Industrial) with private offices, conference area, and a grade-level loading door.
Where is this flex space located?
The property is located at 1620 Centerville Tpke Virginia Beach, VA.
What is the asking price?
The asking price for this property is $362,500.
What are key features of this property?
This property features: 3044 SF flex space with multiple private offices, conference area, kitchenette, and two restrooms; Zoned I‑1 (Light Industrial); 20’ clear height
