Hampton Flex/Industrial/Office Property For
For Sale
Contact for pricing
2010-2046 Exploration Way, Hampton, VA 23666
Flex, industrial, and office property available in Hampton, Virginia.
Property Size32,500 SF
Price / SF$143.08
Days on Market91
Property Features for 2010-2046 Exploration Way
General Information
Standard status
Active
Size
32,500 SF
Class
A
Total Parking Spaces
98
Property subtype
Office, Industrial
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Building Details
Year Built
2010
Tenancy
Multi
Listing Agency:
Harvey Lindsay Commercial Real Estate Peninsula
Listed By:
Matt Leffler CCIM · License #0225065290
Source:
Crexi
Added: May 14
Changed: Aug 8
Last Checked: Aug 12 at 11:48AM
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 Harvey Lindsay Commercial Real Estate Peninsula
Investment Insights
Based on property information with market context.
The property at 2010-2046 Exploration Way, Hampton, VA 23666-6150 is available for sale. It is a commercial real estate property that includes flex space, industrial properties, office units, office spaces, warehouses, and other warehouse types. The property has a size of 32500 square feet.
Key Highlights
- Built in 2010
- Located on Exploration Way
- Property address is 2010‑2046 Exploration Way
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
$427,123
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
9.19%
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%
$8,542,460
$8.5M
Cap Rate 7%
$6,101,757
$6.1M
Cap Rate 9%
$4,745,811
$4.7M
Market Conditions
NOI Build-Up for 32,500 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
$643.5K $19.80/SF
− Vacancy
−$74.0K −$2.28/SF
EGI
$569.5K $17.52/SF
− OpEx
−$142.4K −$4.38/SF
NOI
$427.1K $13.14/SF
Area
Hampton, VA
Vacancy
11.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$8,542,460
Cap Rate 7%
$6,101,757
Cap Rate 9%
$4,745,811
Alternative Uses
Best Use
Office B
$6.10M
$5.34M – $7.12M
NOI $427,123 @ 7.0% cap · market cap 9.19%
Second Best
Warehouse
$3.69M
$3.23M – $4.31M
NOI $258,580 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$8.45M
$7.40M – $9.86M
NOI $591,630 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23666, VA
52,845
Population
25,117
Households
2.1
Avg Household Size
37
Median Age
27%
College-Educated
91%
High-School Grad
19.4 sq mi
ZIP Area
2,724
Density / Sq Mi
$70,798
Median Household Income
$42,552
Median Earnings
$1,439
Median Rent
$241,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex, industrial, and office property available in Hampton, Virginia.
Where is this flex space located?
The property is located at 2010-2046 Exploration Way Hampton, VA.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: Built in 2010; Located on Exploration Way; Property address is 2010‑2046 Exploration Way
