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    Norfolk Warehouse with Brewery Potential Title is generated by Realmo AI

    211 W 24th St, Norfolk, VA 23517

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    For Sale
    $4,500,000

    30,470 SF Norfolk warehouse, renovated in 2023, I-L zoning.

    Type:Industrial
    Property size:
    30,470 SF
    Price / SF:
    $147/SF
    Added:
    Mar 6, 2026
    Days on Market:
    87
    Last Refresh:
    Apr 5 at 11:54 pm

    Property Features for 211 W 24th St

    General Information

    Standard status
    Active
    Size
    30,470 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1956

    We can help!

    Listing Contact
    Chris Zarpas
    Chris Zarpas

    Listing agent Chris Zarpas

    Listing office S.L. Nusbaum Realty Co - Corporate

    Listing date Mar 6, 2026

    Source Slnusbaum

    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

    HighLights

    • Renovated in 2023 for enhanced functionality and modern appeal.
    • 30,470 SF of versatile space suitable for brewery operations, manufacturing, distribution, or adaptive reuse.
    • Zoned I‑L (Light Industrial), allowing for a wide range of commercial and industrial applications.
    • Previously operated as a full‑scale brewery, tasting room, event venue, and warehouse.
    • Situated in Norfolk’s thriving West Norfolk submarket, offering excellent accessibility and visibility.
    • Expansive interior with high ceilings, loading docks, and ample storage capacity.

    Overview

    This 30,470 square foot warehouse is located on W 24th Street in Norfolk, positioning businesses at the center of Hampton Roads’ logistics and defense economy. Originally constructed in 1956, the building was renovated in 2023 for enhanced functionality and modern appeal. The property is situated in Norfolk’s West Norfolk submarket, offering accessibility and visibility. The versatile space is suitable for brewery operations, manufacturing, distribution, or adaptive reuse. Previously operated as a full-scale brewery, tasting room, event venue, and warehouse, it is equipped for beverage production or similar uses. The property is zoned I-L (Light Industrial), allowing for a range of commercial and industrial applications. It features an expansive interior with high ceilings, loading docks, and ample storage capacity.

    Local Financial Insights For Warehouse

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $296.2k $9.72
    − Vacancy −$11.0k −$0.36
    EGI $285.2k $9.36
    − OpEx −$42.8k −$1.40
    NOI $242.4k $7.96
    30,470 SF · lease $9.72/SF/yr · vacancy 3.70% · expense 15.00%

    Alternative Uses

    Best Use
    Warehouse
    $3.46M
    $3.03M – $4.04M (±1% cap)
    NOI $242,429 @ 7.0% cap · market cap 5.39%
    Second Best
    Industrial
    $2.85M
    $2.50M – $3.33M (±1% cap)
    NOI $199,647 @ 7.0% cap · market cap 4.44%
    Theoretical Best
    Office A
    $6.46M
    $5.66M – $7.54M (±1% cap)
    NOI $452,463 @ 7.0% cap · market cap 10.05%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bar Bays Golf ... Golf Course Bar Bays Family Recreation Center Armed Forces Brewing ... Production Facility

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Extra Space Storage — 2215 Granby St, Norfolk, VA 23517
    • AAAA Self Storage & Moving — 110 E 22nd St, Norfolk, VA 23517
    • Self Storage — 728 W 21st St, Norfolk, VA 23517
    • Self-Storage at U-Haul — 1301 Monticello Ave, Norfolk, VA 23510
    • AAAA Self Storage — 408 E 18th St, Norfolk, VA 23504

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2862
    Latitude
    36.87

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    FAQs

    What type of property is this?
    Warehouse - 30,470 SF Norfolk warehouse, renovated in 2023, I-L zoning.
    Where is this warehouse located?
    The property is located at 211 W 24th St Norfolk, VA.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: Renovated in 2023 for enhanced functionality and modern appeal.; 30,470 SF of versatile space suitable for brewery operations, manufacturing, distribution, or adaptive reuse.; Zoned I‑L (Light Industrial), allowing for a wide range of commercial and industrial applications.
    (757) 640-5437
    We can help!
    Listing Contact
    Chris Zarpas
    Chris Zarpas
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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