Renovated Mixed-Use Industrial
New
For Sale
Contact for pricing
211 W 24th St, Norfolk, VA 23517
Renovated commercial facility suited to brewery, retail, recreation, or light industrial operations.
Property Size30,470 SF
Price / SF$130.46
Days on Market6
Property Features for 211 W 24th St
General Information
Standard status
Active
Size
30,470 SF
Property subtype
INDUSTRIAL
Listing Agency:
CBRE | Norfolk
(757) 364-6500
Listed By:
Jeff Parker · License #0225054798
(757) 478-9920
Source:
Moodyscre
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 14 at 12:44PM
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 CBRE | Norfolk
Investment Insights
Based on property information with market context.
This 30,470-square-foot renovated facility combines an industrial building format with mixed-use potential. The property can accommodate brewery, retail, recreation, or light industrial operations, offering flexibility for users seeking a commercial space with multiple possible applications.
Located at 211 W 24th St in Norfolk, the property is within the Park Place / Railroad District and the broader Hampton Roads market, an area associated with logistics and defense activity. Its industrial character and adaptable use profile support a range of commercial occupancy strategies.
Located at 211 W 24th St in Norfolk, the property is within the Park Place / Railroad District and the broader Hampton Roads market, an area associated with logistics and defense activity. Its industrial character and adaptable use profile support a range of commercial occupancy strategies.
Key Highlights
- 30,470‑square‑foot renovated industrial facility
- Mixed‑use property in Norfolk’s Park Place / Railroad District
- Potential uses include brewery, retail, recreation, and light industrial operations
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
$346,001
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
8.70%
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%
$6,920,020
$6.9M
Cap Rate 7%
$4,942,871
$4.9M
Cap Rate 9%
$3,844,456
$3.8M
Market Conditions
NOI Build-Up for 30,470 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
$519.2K $17.04/SF
− Vacancy
−$24.9K −$0.82/SF
EGI
$494.3K $16.22/SF
− OpEx
−$148.3K −$4.87/SF
NOI
$346.0K $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 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%
$6,920,020
Cap Rate 7%
$4,942,871
Cap Rate 9%
$3,844,456
Alternative Uses
Best Use
Retail
$4.94M
$4.33M – $5.77M
NOI $346,001 @ 7.0% cap · market cap 8.70%
Second Best
Mixed Use
$4.60M
$4.03M – $5.37M
NOI $322,220 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$6.46M
$5.66M – $7.54M
NOI $452,463 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,737
Businesses Nearby
Explore this area
Business Placement
Demographics for 23517, VA
5,237
Population
2,901
Households
1.8
Avg Household Size
33
Median Age
55%
College-Educated
97%
High-School Grad
0.8 sq mi
ZIP Area
6,546
Density / Sq Mi
$63,556
Median Household Income
$46,689
Median Earnings
$1,397
Median Rent
$355,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated commercial facility suited to brewery, retail, recreation, or light industrial operations.
Where is this mixed-use property located?
The property is located at 211 W 24th St Norfolk, VA.
What is the asking price?
The asking price for this property is $3,975,000.
What are key features of this property?
This property features: 30,470‑square‑foot renovated industrial facility; Mixed‑use property in Norfolk’s Park Place / Railroad District; Potential uses include brewery, retail, recreation, and light industrial operations
