Office Space with Exterior Suite
For Sale
Contact for pricing
215 Brooke Ave, Norfolk, VA 23510
Office suite with exterior entrance for direct access and on-site 24/7 security.
Property Size1,551 SF
Price / SF$212.77
Days on Market224
Property Features for 215 Brooke Ave
General Information
Standard status
Active
Size
1,551 SF
Total Parking Spaces
8
Property subtype
OFFICE
Amenities
pool
sauna
jacuzzi
gym
community room
24/7 security
Listing Agency:
Colliers | Norfolk
(757) 490-3300
Listed By:
Ricky Anderson · License #0225181900
(757) 217-1892
Source:
Moodyscre
Added: Feb 2
Changed: Aug 13
Last Checked: Sep 14 at 10:43AM
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 office space at 215 Brooke Ave, Norfolk, VA 23510 features exterior entrance access with direct entry to the suite. The property is described as having dual commercial and residential zoning.
Parking includes 8 parking passes, with 1 reserved space at the front of the building and 7 convenient low-cost street spaces, plus additional visitor parking. Building amenities are available on site and include a pool, sauna, jacuzzi, gym, and community room. 24/7 security is also provided.
The property is positioned for convenience, with close proximity to restaurants, shopping, The ERT, Nauticus, and Town Point Park.
Parking includes 8 parking passes, with 1 reserved space at the front of the building and 7 convenient low-cost street spaces, plus additional visitor parking. Building amenities are available on site and include a pool, sauna, jacuzzi, gym, and community room. 24/7 security is also provided.
The property is positioned for convenience, with close proximity to restaurants, shopping, The ERT, Nauticus, and Town Point Park.
Key Highlights
- Dual commercial and residential zoning
- Exterior entrance with direct access to the suite
- 1,551 SF office space
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
$21,447
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
6.50%
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%
$428,940
$428.9K
Cap Rate 7%
$306,386
$306.4K
Cap Rate 9%
$238,300
$238.3K
Market Conditions
NOI Build-Up for 1,551 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
$31.1K $20.04/SF
− Vacancy
−$2.5K −$1.60/SF
EGI
$28.6K $18.44/SF
− OpEx
−$7.1K −$4.61/SF
NOI
$21.4K $13.83/SF
Area
Norfolk, VA
Vacancy
8.00%
Lease Rate
$20.04 /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%
$428,940
Cap Rate 7%
$306,386
Cap Rate 9%
$238,300
Alternative Uses
Best Use
Office B
$306.4K
$268.1K – $357.5K
NOI $21,447 @ 7.0% cap · market cap 6.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$329.0K
$287.9K – $383.9K
NOI $23,032 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,920
Businesses Nearby
Explore this area
Business Placement
Demographics for 23510, VA
8,778
Population
4,948
Households
1.8
Avg Household Size
33
Median Age
52%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
7,980
Density / Sq Mi
$75,621
Median Household Income
$53,132
Median Earnings
$1,574
Median Rent
$349,700
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?
Office units - Office suite with exterior entrance for direct access and on-site 24/7 security.
Where is this office units located?
The property is located at 215 Brooke Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Dual commercial and residential zoning; Exterior entrance with direct access to the suite; 1,551 SF office space
