Flex Space with Office
For Sale
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2507 Monticello Ave, Norfolk, VA 23517
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 Market57
Property Features for 2507 Monticello Ave
General Information
Standard status
Active
Size
2,600 SF
Class
C
Total Parking Spaces
14
Property subtype
Office, Industrial
Zoning
C-C
Lease Type
NNN
Additional Details
Road Access
Yes
Building Details
Year Built
1968
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
ProActive Real Estate Services
Listed By:
Gary Layne · License #0225194322
Source:
Crexi
Added: Jul 31
Changed: Sep 12
Last Checked: Sep 24 at 7:31AM
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
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 = 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
$25,309
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
7.23%
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%
$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
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
$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 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%
$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.
Property Analytics
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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
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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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
