Renovated Flex Space with
For Sale
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3322 Virginia Bch Blvd, Virginia Beach, VA 23452
Renovated flex unit with front office, private office, kitchenette, and warehouse/garage space with an 8-ft door.
Property Size1,100 SF
Price / SF$204.55
Days on Market538
Property Features for 3322 Virginia Bch Blvd
General Information
Standard status
Active
Size
1,100 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Clear Height
12 ft
Warehouse Space
750 SF
Office Build-Out
400 SF
Drive-In Doors
1
Listing Agency:
Cross Realty
(757) 539-2111
Listed By:
Lee Cross
(757) 726-7653
Source:
Moodyscre
Added: Apr 1, 2025
Changed: Sep 2
Last Checked: Sep 19 at 12:55PM
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 Cross Realty
Investment Insights
Based on property information with market context.
Renovated flex space in a strip building combining office and warehouse/garage functionality. The unit includes a 400 SF front office with a large open workspace, a private office, kitchenette, and half bath. Behind the office, the 750 SF warehouse/garage features 12-ft ceilings, an 8-ft garage door with a brand-new opener, and additional storage above the office.
The layout is well-suited for contractors, tradespeople, or small businesses that need both working space and on-site office support. The space is described as move-in ready, offering an office-and-warehouse configuration designed for day-to-day operations.
The unit provides a straightforward split between customer-facing or administrative work areas and the main workspace, supported by dedicated indoor storage above the office.
The layout is well-suited for contractors, tradespeople, or small businesses that need both working space and on-site office support. The space is described as move-in ready, offering an office-and-warehouse configuration designed for day-to-day operations.
The unit provides a straightforward split between customer-facing or administrative work areas and the main workspace, supported by dedicated indoor storage above the office.
Key Highlights
- 400 SF front office with large open workspace, private office, kitchenette, and half bath
- 750 SF warehouse/garage with 12‑ft ceilings
- 8‑ft garage door with brand‑new opener
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
$8,752
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
3.89%
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%
$175,040
$175.0K
Cap Rate 7%
$125,029
$125.0K
Cap Rate 9%
$97,244
$97.2K
Market Conditions
NOI Build-Up for 1,100 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
$10.7K $9.72/SF
− Vacancy
−$396 −$0.36/SF
EGI
$10.3K $9.36/SF
− OpEx
−$1.5K −$1.40/SF
NOI
$8.8K $7.96/SF
Area
ZIP 23452
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%
$175,040
Cap Rate 7%
$125,029
Cap Rate 9%
$97,244
Alternative Uses
Best Use
Warehouse
$125.0K
$109.4K – $145.9K
NOI $8,752 @ 7.0% cap · market cap 3.89%
Second Best
Flex RnD
$117.7K
$103.0K – $137.3K
NOI $8,237 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$285.1K
$249.5K – $332.6K
NOI $19,958 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
12 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,084
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 23452, VA
59,076
Population
23,455
Households
2.5
Avg Household Size
37
Median Age
35%
College-Educated
95%
High-School Grad
15.1 sq mi
ZIP Area
3,912
Density / Sq Mi
$77,327
Median Household Income
$44,009
Median Earnings
$1,571
Median Rent
$324,000
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 - Renovated flex unit with front office, private office, kitchenette, and warehouse/garage space with an 8-ft door.
Where is this flex space located?
The property is located at 3322 Virginia Bch Blvd Virginia Beach, VA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 400 SF front office with large open workspace, private office, kitchenette, and half bath; 750 SF warehouse/garage with 12‑ft ceilings; 8‑ft garage door with brand‑new opener
