Light Industrial Warehouse with
2506 Colley Avenue Norfolk, VA 23517
New
For Sale
$850,000
Freestanding two-story building with office space, grade-level loading, and fenced secure outdoor storage.
Property Size11,591 SF
Price / SF$73.33
Days on Market6
Property Features for 2506 Colley Avenue
General Information
Standard status
Active
Size
11,591 SF
Property subtype
Industrial
Listing Agency:
CBRE | Norfolk
(757) 364-6441
Listed By:
Jeff Parker, CCIM
(757) 364-6441
Source:
Cbre
Added: Jul 24
Changed: Jul 25
Last Checked: Jul 29 at 4:43AM
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 CBRE | Norfolk
Investment Insights
Based on property information with market context.
This freestanding concrete and block two-story industrial building is designed for light manufacturing or warehouse use and includes office space, plus fenced-in secure outdoor storage. Warehouse/storage areas are located on the first floor and are served by grade-level loading doors. The property also features a secured, fenced parking lot for on-site vehicles and operations.
The indoor warehouse area totals 8,062 SF on the first floor, with an additional 3,528 SF on the second floor. The property is zoned I-L (Light Industrial), supporting indoor and outdoor industrial uses including warehousing, wholesale, distribution, light fabrication, light manufacturing, limited assembly, and light repair and service. The property is located at 2506 Colley Avenue in Norfolk, VA 23517.
The indoor warehouse area totals 8,062 SF on the first floor, with an additional 3,528 SF on the second floor. The property is zoned I-L (Light Industrial), supporting indoor and outdoor industrial uses including warehousing, wholesale, distribution, light fabrication, light manufacturing, limited assembly, and light repair and service. The property is located at 2506 Colley Avenue in Norfolk, VA 23517.
Key Highlights
- 111,591 SF freestanding concrete and block two‑story building with secure on‑site parking
- 8,062 SF warehouse on the first floor with grade‑level loading doors
- 3,528 SF warehouse on the second floor
Financial Insights For Industrial
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 | $112.7k | $9.72 |
| − Vacancy | −$4.2k | −$0.36 |
| EGI | $108.5k | $9.36 |
| − OpEx | −$32.5k | −$2.81 |
| NOI | $75.9k | $6.55 |
11,591 SF · lease $9.72/SF/yr · vacancy 3.70% · expense 30.00%
Alternative Uses
Best Use
Flex RnD
$1.61M
$1.41M – $1.88M
NOI $112,831 @ 7.0% cap · market cap 13.27%
Second Best
Warehouse
$1.32M
$1.15M – $1.54M
NOI $92,222 @ 7.0% cap · market cap 10.85%
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,120 @ 7.0% cap · market cap 20.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Similar Off Market Nearby
- Cloud90 LLC — 200 W 31st St, Norfolk, VA 23504
Frequently Asked Questions
What type of property is this?
Flex space - Freestanding two-story building with office space, grade-level loading, and fenced secure outdoor storage.
Where is this flex space located?
The property is located at 2506 Colley Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 111,591 SF freestanding concrete and block two‑story building with secure on‑site parking; 8,062 SF warehouse on the first floor with grade‑level loading doors; 3,528 SF warehouse on the second floor
