Flex Space with Office
2507 Monticello Ave, Norfolk, VA 23517
For Sale
Contact for pricing
Flexible commercial property combining office space with on-site storage for an owner-operated business.
Property Size2,600 SF
Price / SF$134.58
Days on Market102
Property Features for 2507 Monticello Ave
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Zoning
Lease Type
Site & Location
Neighborhood
Road Access
Building Details
Year Built
Buildings
Stories
Tenancy
Listing Agency:
ProActive Real Estate Services
Listed By:
Gary Layne · License VA #0225194322
Source:
Crexi
Added: Jul 31
Changed: Oct 26
Last Checked: Nov 8 at 8:43AM
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 ProActive Real Estate Services
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This flex property at 2507 Monticello Ave in Norfolk combines office space and storage within a commercial building constructed in 1968. The layout is suited to an owner-operator business seeking a single location for administrative functions and stored materials or equipment.
The property is positioned on Monticello Avenue, described as a major street with heavy vehicle traffic and exposure for business marketing. It is near downtown Norfolk, Old Dominion University, Naval Bases, and the airport, placing the building within reach of several established activity centers. Zoning is C-C.
The property is positioned on Monticello Avenue, described as a major street with heavy vehicle traffic and exposure for business marketing. It is near downtown Norfolk, Old Dominion University, Naval Bases, and the airport, placing the building within reach of several established activity centers. Zoning is C-C.
Key Highlights
- Flex property with office and storage areas
- 2,600 property size
- Built in 1968
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,309
Cap Rate
7.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$506,180
$506.2K
Cap Rate 7%
$361,557
$361.6K
Cap Rate 9%
$281,211
$281.2K
Market Conditions
NOI Build-Up for 2,600 SF
Gross rent
$40.6K $15.60/SF
− Vacancy
−$1.6K −$0.62/SF
EGI
$38.9K $14.98/SF
− OpEx
−$13.6K −$5.24/SF
NOI
$25.3K $9.73/SF
Area
Norfolk, VA
Vacancy
4.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$506,180
Cap Rate 7%
$361,557
Cap Rate 9%
$281,211
Alternative Uses
Best Use
Flex RnD
$361.6K
$316.4K – $421.8K
NOI $25,309 @ 7.0% cap · market cap 7.23%
Second Best
Industrial
$243.4K
$213.0K – $283.9K
NOI $17,036 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$551.6K
$482.6K – $643.5K
NOI $38,609 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,455
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
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
Similar Off Market Nearby
- Heavenly Bites Truck — 1446a Church St, Norfolk, VA 23504
- Cloud90 LLC — 200 W 31st St, Norfolk, VA 23504
Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial property combining office space with on-site storage for an owner-operated business.
Where is this flex space located?
The property is located at 2507 Monticello Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Flex property with office and storage areas; 2,600 property size; Built in 1968
