Industrial Flex
For Sale
Contact for pricing
2371 Wilroy Road, Suffolk, VA 23434
M-2 Heavy Industrial zoning accommodates manufacturing, distribution, and warehouse activities.
Property Size27,500 SF
Price / SF$218.18
Days on Market72
Property Features for 2371 Wilroy Road
General Information
Standard status
Active
Size
27,500 SF
Property subtype
Industrial
Zoning
M-2 Heavy Industrial
Occupancy
45%
Building Details
Year Built
2004
Stories
1
Building Size
27,500 SF
Listing Agency:
Berkshire Hathaway HomeServices Towne Realty Suffolk
Listed By:
Michael Amory · License #VA
Source:
Crexi
Added: Aug 5
Changed: Oct 11
Last Checked: Oct 12 at 9:07PM
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 Berkshire Hathaway HomeServices Towne Realty Suffolk
Investment Insights
Based on property information with market context.
This 27,500-square-foot flex building in Suffolk, Virginia, was constructed in 2004 and is classified for M-2 Heavy Industrial use. The property is suited to manufacturing, distribution, and warehouse operations, with a configuration that can accommodate additional tenants or an owner-occupier.
Occupancy is 45%, providing an established operating component alongside additional flexibility within the facility. Its industrial zoning and flex-space format support a range of commercial uses within the stated industrial categories.
Occupancy is 45%, providing an established operating component alongside additional flexibility within the facility. Its industrial zoning and flex-space format support a range of commercial uses within the stated industrial categories.
Key Highlights
- 27,500 SF industrial flex building
- Built in 2004
- M‑2 Heavy Industrial zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$222,927
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,458,540
$4.5M
Cap Rate 7%
$3,184,671
$3.2M
Cap Rate 9%
$2,476,967
$2.5M
Market Conditions
NOI Build-Up for 27,500 SF
Gross rent
$280.5K $10.20/SF
− Vacancy
−$18.2K −$0.66/SF
EGI
$262.3K $9.54/SF
− OpEx
−$39.3K −$1.43/SF
NOI
$222.9K $8.11/SF
Area
Suffolk County, VA
Vacancy
6.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,458,540
Cap Rate 7%
$3,184,671
Cap Rate 9%
$2,476,967
Alternative Uses
Best Use
Warehouse
$3.18M
$2.79M – $3.72M
NOI $222,927 @ 7.0% cap · market cap 3.72%
Second Best
Industrial
$2.62M
$2.29M – $3.06M
NOI $183,587 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$6.37M
$5.58M – $7.43M
NOI $446,054 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
45%
Occupancy
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 23434, VA
51,430
Population
21,764
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
90%
High-School Grad
206.8 sq mi
ZIP Area
249
Density / Sq Mi
$75,798
Median Household Income
$47,291
Median Earnings
$1,242
Median Rent
$293,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - M-2 Heavy Industrial zoning accommodates manufacturing, distribution, and warehouse activities.
Where is this flex space located?
The property is located at 2371 Wilroy Road Suffolk, VA.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 27,500 SF industrial flex building; Built in 2004; M‑2 Heavy Industrial zoning
