Flex Space with Small-Bay
For Sale
Contact for pricing
4104 Holland Boulevard, Chesapeake, VA 23323
M1 (Light Industrial) zoning accompanies an occupied commercial property with smaller industrial suites.
Property Size25,500 SF
Price / SF$150.98
Days on Market151
Property Features for 4104 Holland Boulevard
General Information
Standard status
Active
Size
25,500 SF
Total Parking Spaces
68
Property subtype
Industrial
Zoning
M1 (Light Industrial)
Building Details
Year Built
1991
Stories
1
Units
9
Tenancy
Multi
Listing Agency:
Harvey Lindsay Commercial Real Estate
(757) 640-8700
Listed By:
Lindsay Bilisoly · License #VA 0225120019
Source:
Crexi
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 1:47PM
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 Harvey Lindsay Commercial Real Estate
Investment Insights
Based on property information with market context.
This flex-space property comprises a primary ±10,500 SF building and additional small-bay industrial suites, totaling 25,500 SF. The main building was constructed in 1991 and has remained occupied by S.E. Parker Inc. since completion. The property is zoned M1 (Light Industrial), providing a defined industrial classification for the asset.
Located at 4104 Holland Boulevard in Chesapeake, Virginia, the property has been developed and operated by the Parker family for more than 30 years. The current ownership is retiring, and the offering represents the first sale since the property's original development. Its combination of a long-standing occupant and multiple smaller suites creates a varied physical configuration within one commercial property.
Located at 4104 Holland Boulevard in Chesapeake, Virginia, the property has been developed and operated by the Parker family for more than 30 years. The current ownership is retiring, and the offering represents the first sale since the property's original development. Its combination of a long-standing occupant and multiple smaller suites creates a varied physical configuration within one commercial property.
Key Highlights
- 25,500 SF total property size
- Primary building measures ±10,500 SF
- Additional small‑bay industrial suites
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
$207,851
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
5.40%
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%
$4,157,020
$4.2M
Cap Rate 7%
$2,969,300
$3.0M
Cap Rate 9%
$2,309,456
$2.3M
Market Conditions
NOI Build-Up for 25,500 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
$336.6K $13.20/SF
− Vacancy
−$16.8K −$0.66/SF
EGI
$319.8K $12.54/SF
− OpEx
−$111.9K −$4.39/SF
NOI
$207.9K $8.15/SF
Area
Chesapeake, VA
Vacancy
5.00%
Lease Rate
$13.20 /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%
$4,157,020
Cap Rate 7%
$2,969,300
Cap Rate 9%
$2,309,456
Alternative Uses
Best Use
Flex RnD
$2.97M
$2.60M – $3.46M
NOI $207,851 @ 7.0% cap · market cap 5.40%
Second Best
Industrial
$1.62M
$1.42M – $1.89M
NOI $113,355 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$7.54M
$6.59M – $8.79M
NOI $527,544 @ 7.0% cap · market cap 13.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 23323, VA
42,736
Population
15,064
Households
2.8
Avg Household Size
36
Median Age
35%
College-Educated
93%
High-School Grad
81.9 sq mi
ZIP Area
522
Density / Sq Mi
$105,912
Median Household Income
$50,523
Median Earnings
$1,590
Median Rent
$360,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - M1 (Light Industrial) zoning accompanies an occupied commercial property with smaller industrial suites.
Where is this flex space located?
The property is located at 4104 Holland Boulevard Chesapeake, VA.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: 25,500 SF total property size; Primary building measures ±10,500 SF; Additional small‑bay industrial suites
