Functional Warehouse and Service
For Sale
Contact for pricing
3111 E Virginia Beach Blvd, Norfolk, VA 23504
Warehouse and service property on 1.04 acres in Norfolk.
Property Size14,825 SF
Lot Size1.04 Acres
Price / SF$118.04
Days on Market159
Property Features for 3111 E Virginia Beach Blvd
General Information
Standard status
Active
Size
14,825 SF
Class
C
Lot size
1.04 Acres
Property subtype
Industrial
Zoning
C-C (Community Commercial)
Building Details
Year Built
1948
Buildings
2
Stories
2
Tenancy
Single
Listing Agency:
Atlantic Sotheby's International Realty
(757) 340-5555
Listed By:
Erin Brown · License #0225206101
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 9 at 1:17PM
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 Atlantic Sotheby's International Realty
Investment Insights
Based on property information with market context.
Located at 3111 E. Virginia Beach Boulevard, this property features approximately 15,000 square feet of warehouse and service space across two buildings constructed with masonry and steel framing. The property sits on approximately 1.04 acres. Currently used as a fleet transmission repair facility servicing buses and large commercial vehicles, the site demonstrates its capability to support heavy-vehicle access, industrial servicing, and fleet operations. The layout includes paved yard areas for vehicle staging, maneuverability, and equipment access, making the property suitable for various commercial and industrial service uses. Businesses such as contractor operations, fleet maintenance companies, automotive or truck repair shops, equipment service providers, or municipal support operations could benefit from the site's configuration and flexibility. The property is zoned C-C (Community Commercial), allowing a variety of commercial, service, office, and mixed-use development opportunities. With approximately 45,420 square feet of land area, the site provides room for current operations while also offering future redevelopment potential along this active corridor. Positioned on E. Virginia Beach Boulevard, one of Norfolk’s key east-west arterials, the property benefits from strong visibility, consistent traffic flow, and convenient connectivity to Downtown Norfolk, Interstate 264, and surrounding commercial districts throughout Hampton Roads. Ownership is open to sale, lease, or build-to-suit opportunities.
Key Highlights
- Rare opportunity to acquire a functional warehouse and service property on 1.04 acres in Norfolk.
- Located on E. Virginia Beach Boulevard, a key arterial, providing high visibility and connectivity.
- Features approximately 15,000 sq ft of warehouse/service space and paved yard areas suitable for heavy vehicles.
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
$117,952
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
6.74%
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%
$2,359,040
$2.4M
Cap Rate 7%
$1,685,029
$1.7M
Cap Rate 9%
$1,310,578
$1.3M
Market Conditions
NOI Build-Up for 14,825 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
$144.1K $9.72/SF
− Vacancy
−$5.3K −$0.36/SF
EGI
$138.8K $9.36/SF
− OpEx
−$20.8K −$1.40/SF
NOI
$118.0K $7.96/SF
Area
Norfolk, VA
Vacancy
3.70%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
15.00%
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%
$2,359,040
Cap Rate 7%
$1,685,029
Cap Rate 9%
$1,310,578
Alternative Uses
Best Use
Retail
$2.40M
$2.10M – $2.81M
NOI $168,345 @ 7.0% cap · market cap 9.62%
Second Best
Warehouse
$1.69M
$1.47M – $1.97M
NOI $117,952 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$3.14M
$2.75M – $3.67M
NOI $220,143 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23504, VA
22,465
Population
9,462
Households
2.4
Avg Household Size
30
Median Age
24%
College-Educated
83%
High-School Grad
4.1 sq mi
ZIP Area
5,479
Density / Sq Mi
$43,156
Median Household Income
$26,707
Median Earnings
$872
Median Rent
$259,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Global Marine Industrial Services, LLC — 2131 Cromwell Rd, Norfolk, VA 23504
- All My Sons Moving & Storage — 1164 Kingwood Ave, Norfolk, VA 23502
- Allsafe Self Storage — 3701 E Princess Anne Rd, Norfolk, VA 23502
- Terminal Warehouse Inc — 3700 Village Ave, Norfolk, VA 23502
- Norfolk Self Storage — 3203 E Princess Anne Rd, Norfolk, VA 23504
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse and service property on 1.04 acres in Norfolk.
Where is this warehouse located?
The property is located at 3111 E Virginia Beach Blvd Norfolk, VA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Rare opportunity to acquire a functional warehouse and service property on 1.04 acres in Norfolk.; Located on E. Virginia Beach Boulevard, a key arterial, providing high visibility and connectivity.; Features approximately 15,000 sq ft of warehouse/service space and paved yard areas suitable for heavy vehicles.
