Norfolk Industrial Building For
For Sale
Contact for pricing
2440 Alabama Ave, Norfolk, VA 23513
9,600 SqFt industrial building available for purchase.
Property Size9,600 SF
Price / SF$114.58
Days on Market160
Property Features for 2440 Alabama Ave
General Information
Standard status
Active
Size
9,600 SF
Total Parking Spaces
10
Property subtype
Industrial
Listing Agency:
Riddle Associates, Inc.
(757) 377-0971
Listed By:
Bill Brackman · License #VA 0225028911
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 9 at 10:38AM
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 Riddle Associates, Inc.
Investment Insights
Based on property information with market context.
This industrial property, located in Norfolk, Virginia, offers 9,600 square feet of space. The property is available for sale.
Key Highlights
- Industrial Property
- 9,600 SqFt
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
$62,902
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
5.72%
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%
$1,258,040
$1.3M
Cap Rate 7%
$898,600
$898.6K
Cap Rate 9%
$698,911
$698.9K
Market Conditions
NOI Build-Up for 9,600 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
$93.3K $9.72/SF
− Vacancy
−$3.5K −$0.36/SF
EGI
$89.9K $9.36/SF
− OpEx
−$27.0K −$2.81/SF
NOI
$62.9K $6.55/SF
Area
Norfolk, VA
Vacancy
3.70%
Lease Rate
$9.72 /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%
$1,258,040
Cap Rate 7%
$898,600
Cap Rate 9%
$698,911
Alternative Uses
Best Use
Industrial
$898.6K
$786.3K – $1.05M
NOI $62,902 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,555 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 23513, VA
29,105
Population
13,040
Households
2.2
Avg Household Size
35
Median Age
22%
College-Educated
87%
High-School Grad
5.1 sq mi
ZIP Area
5,707
Density / Sq Mi
$66,875
Median Household Income
$39,547
Median Earnings
$1,187
Median Rent
$226,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - 9,600 SqFt industrial building available for purchase.
Where is this industrial property located?
The property is located at 2440 Alabama Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Industrial Property; 9,600 SqFt
