Light Industrial Warehouse with
For Sale
$850,000
2506 Colley Avenue, Norfolk, VA 23517
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 Market99
Property Features for 2506 Colley Avenue
General Information
Standard status
Active
Size
11,591 SF
Property subtype
Industrial
Zoning
I-L
Site & Location
Neighborhood
West 21st Street
Fenced Yard
Yes
Outdoor Storage
Yes
Building Details
Stories
2
Construction
concrete and block
Listing Agency:
CBRE | Norfolk
Listed By:
Jeff Parker, CCIM · License #0225054798
(757) 364-6441
Source:
Cbre
Added: Jul 24
Changed: Oct 26
Last Checked: Oct 28 at 7:47AM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$75,947
Cap Rate
8.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,518,940
$1.5M
Cap Rate 7%
$1,084,957
$1.1M
Cap Rate 9%
$843,856
$843.9K
Market Conditions
NOI Build-Up for 11,591 SF
Gross rent
$112.7K $9.72/SF
− Vacancy
−$4.2K −$0.36/SF
EGI
$108.5K $9.36/SF
− OpEx
−$32.5K −$2.81/SF
NOI
$75.9K $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 Rate 5%
$1,518,940
Cap Rate 7%
$1,084,957
Cap Rate 9%
$843,856
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.
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Property Analytics
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Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,869
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23517, VA
5,237
Population
2,901
Households
1.8
Avg Household Size
33
Median Age
55%
College-Educated
97%
High-School Grad
0.8 sq mi
ZIP Area
6,546
Density / Sq Mi
$63,556
Median Household Income
$46,689
Median Earnings
$1,397
Median Rent
$355,800
Median Home Value
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Market
Vacancy Rate% for Industrial in South region
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
