Masonry Flex Space with Truck
For Sale
Contact for pricing
2440 Alabama Ave, Norfolk, VA 23513
Industrial property with office improvements, three-phase power, grade-level loading, and on-site parking.
Property Size9,600 SF
Price / SF$114.58
Days on Market254
Property Features for 2440 Alabama Ave
General Information
Standard status
Active
Size
9,600 SF
Total Parking Spaces
10
Property subtype
INDUSTRIAL
Warehouse & Industrial
Drive-In Doors
2
Three-Phase Power
Yes
Additional Details
Asking Price
$1,100,000
Building Details
Construction
masonry
Listing Agency:
Riddle Associates, Inc
(757) 377-0971
Listed By:
Bill Brackman · License #0225028911
(757) 377-0971
Source:
Moodyscre
Added: Nov 20, 2025
Changed: Jul 31
Last Checked: Jul 31 at 2:30PM
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 approximately 9,600-square-foot flex space features masonry construction, a well-appointed office build-out, and a 1,000-square-foot enclosed truck court. The property includes three-phase power and two grade-level doors, supporting a range of industrial and flex-space operations.
Approximately 10 parking spaces are provided on site. Located at 2440 Alabama Ave in Norfolk, Virginia, the property combines office functionality with loading and service features suited to commercial users.
Approximately 10 parking spaces are provided on site. Located at 2440 Alabama Ave in Norfolk, Virginia, the property combines office functionality with loading and service features suited to commercial users.
Key Highlights
- Approximately 9,600 SF flex space
- 1,000 SF enclosed truck court
- Well‑appointed office build‑out
Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $149.8k | $15.60 |
| − Vacancy | −$6.0k | −$0.62 |
| EGI | $143.8k | $14.98 |
| − OpEx | −$50.3k | −$5.24 |
| NOI | $93.5k | $9.73 |
9,600 SF · lease $15.60/SF/yr · vacancy 4.00% · expense 35.00%
Alternative Uses
Best Use
Office B
$1.90M
$1.66M – $2.21M
NOI $132,745 @ 7.0% cap · market cap 12.07%
Second Best
Flex RnD
$1.33M
$1.17M – $1.56M
NOI $93,450 @ 7.0% cap · market cap 8.50%
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
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Under-served
Demand for This Use
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial property with office improvements, three-phase power, grade-level loading, and on-site parking.
Where is this flex space 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: Approximately 9,600 SF flex space; 1,000 SF enclosed truck court; Well‑appointed office build‑out
