Renovated Mixed-Use Industrial
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 Market52
Property Features for 211 W 24th St
General Information
Standard status
Active
Size
30,470 SF
Property subtype
INDUSTRIAL
Site & Location
Neighborhood
East 21st Street / Monticello
Listing Agency:
CBRE | Norfolk
(757) 364-6500
Listed By:
Jeff Parker · License #0225054798
(757) 478-9920
Source:
Moodyscre
Added: Sep 9
Changed: Oct 25
Last Checked: Oct 28 at 12:02PM
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
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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 / Yr
$346,001
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,737
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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
