Flex Space With Warehouse
For Sale
$4,000,000
4653 Battlefield Boulevard, Chesapeake, VA 23320
COMMERCIAL - Chesapeake, VA
Property Size28,400 SF
Lot Size13.59 Acres
Price / SF$140.85
Days on Market201
Property Features for 4653 Battlefield Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
A1 B2
Parking features
Covered
Subdivision
ALL OTHERS AREA 32
Standard status
Active
Size
28,400 SF
Lot size
13.59 Acres
Taxes and HOA fees
Tax Annual Amount
16289
Utilities
Cooling system
Central Air
Building Details
Year built
1975
Roof type
Metal
Listing Agency:
Atlantic Sothebys Int'l Realty · Sotheby's International Realty
(757) 777-9870
Listed By:
Kris Weaver
(757) 340-5555
Added: Jan 23
Changed: Aug 4
Last Checked: Aug 12 at 1:06AM
MLS# 10617270
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex-space property includes multiple buildings totaling 28,400 square feet on 13.59 acres. The configuration combines several office suites, a dedicated showroom, and warehouse areas with 18+ feet of clear-span height, multiple bay doors, and column-free interiors. On-site bathrooms, central air, covered parking, a metal roof, and a 1975 construction date are also included.
Access is provided by a dedicated connection from a four-lane road, supporting direct vehicle entry and strong roadside exposure. The property is served by well and septic systems, two separate meters, and on-site three-phase power. Zoning is identified as A1 B2, providing a broad existing commercial configuration across the site.
Access is provided by a dedicated connection from a four-lane road, supporting direct vehicle entry and strong roadside exposure. The property is served by well and septic systems, two separate meters, and on-site three-phase power. Zoning is identified as A1 B2, providing a broad existing commercial configuration across the site.
Key Highlights
- 28,400 square feet across multiple buildings on 13.59 acres
- Warehouse areas feature 18+ feet of clear‑span height and column‑free interiors
- Multiple bay doors, office suites, and a dedicated showroom
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
$268,557
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
6.71%
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%
$5,371,140
$5.4M
Cap Rate 7%
$3,836,529
$3.8M
Cap Rate 9%
$2,983,967
$3.0M
Market Conditions
NOI Build-Up for 28,400 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
$405.6K $14.28/SF
− Vacancy
−$21.9K −$0.77/SF
EGI
$383.7K $13.51/SF
− OpEx
−$115.1K −$4.05/SF
NOI
$268.6K $9.46/SF
Area
Chesapeake, VA
Vacancy
5.40%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
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%
$5,371,140
Cap Rate 7%
$3,836,529
Cap Rate 9%
$2,983,967
Alternative Uses
Best Use
Office B
$6.21M
$5.43M – $7.24M
NOI $434,520 @ 7.0% cap · market cap 10.86%
Second Best
Retail
$3.84M
$3.36M – $4.48M
NOI $268,557 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$8.39M
$7.34M – $9.79M
NOI $587,539 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
45
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23320, VA
60,412
Population
26,131
Households
2.3
Avg Household Size
39
Median Age
38%
College-Educated
93%
High-School Grad
31.7 sq mi
ZIP Area
1,906
Density / Sq Mi
$81,736
Median Household Income
$49,403
Median Earnings
$1,654
Median Rent
$323,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-building commercial property combines office suites, showroom space, and expansive warehouse areas with direct roadway access.
Where is this flex space located?
The property is located at 4653 Battlefield Boulevard Chesapeake, VA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 28,400 square feet across multiple buildings on 13.59 acres; Warehouse areas feature 18+ feet of clear‑span height and column‑free interiors; Multiple bay doors, office suites, and a dedicated showroom
