Building Details

Building Size 39,888 SF

Year Built 1960

Listing Agency: S.L. Nusbaum Realty Co - Corporate

Listed By: Chris Zarpas Show Phone

Source: Slnusbaum

Added: Sep 30 Changed: Oct 3 Last Checked: Oct 4 at 7:22AM

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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 S.L. Nusbaum Realty Co - Corporate

Investment Insights

Based on property information with market context.

The offering comprises two buildings totaling approximately 39,888 SF on 1.74 acres. Walk-in cooler space serves the properties, and both buildings have dock-level and grade-level loading. The 601 E. Brambleton Avenue building contains approximately 25,368 SF and is zoned I-L, Light Industrial; 603 Lincoln Street contains approximately 14,520 SF and is zoned C-C, Community Commercial. The buildings date to 1960.

The Brambleton Avenue property has frontage on a heavily traveled street, with traffic reported at approximately 30,700 vehicles per day. The site is one block from Kindred, a 75-acre mixed-use redevelopment with 714 residences, retail, offices, and community amenities. Access to Downtown Norfolk, Portsmouth, Chesapeake, Suffolk, and Virginia Beach is noted.

Key Highlights

• Two buildings totaling ±39,888 SF on ±1.74 acres
• 601 E. Brambleton Avenue: ±25,368 SF; I‑L, Light Industrial zoning
• 603 Lincoln Street: ±14,520 SF; C‑C, Community Commercial zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$421,816

Cap Rate

7.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,436,320 $8.4M

Cap Rate 7%

$6,025,943 $6.0M

Cap Rate 9%

$4,686,844 $4.7M

Market Conditions

NOI Build-Up for 39,888 SF

Gross rent

$718.0K $18.00/SF

− Vacancy

−$43.1K −$1.08/SF

EGI

$674.9K $16.92/SF

− OpEx

−$253.1K −$6.34/SF

NOI

$421.8K $10.58/SF

Area

Norfolk, VA

Vacancy

6.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,436,320

Cap Rate 7%

$6,025,943

Cap Rate 9%

$4,686,844

Alternative Uses

Best Use

Mixed Use

$6.03M

$5.27M – $7.03M (±1% cap)

NOI $421,816 @ 7.0% cap · market cap 7.34%

Second Best

Warehouse

$4.53M

$3.97M – $5.29M (±1% cap)

NOI $317,361 @ 7.0% cap · market cap 5.52%

Theoretical Best

Office A

$8.46M

$7.40M – $9.87M (±1% cap)

NOI $592,316 @ 7.0% cap · market cap 10.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Refrigerated & Cold Storage

Suggested Use

Top Pick Carpet & Flooring Store Electrical Service Locksmith Home Appliance Store Plumbing Service Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,859

Businesses Nearby

Explore this area Business Placement

Demographics for 23510, VA

8,778

Population

4,948

Households

1.8

Avg Household Size

33

Median Age

52%

College-Educated

92%

High-School Grad

1.1 sq mi

ZIP Area

7,980

Density / Sq Mi

$75,621

Median Household Income

$53,132

Median Earnings

$1,574

Median Rent

$349,700

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two adjoining buildings combine commercial and light-industrial space with walk-in cooler capacity.

Where is this mixed-use property located?

The property is located at 601 E Brambleton Ave & 603 Lincoln Street Norfolk, VA.

What is the asking price?

The asking price for this property is $5,750,000.

What are key features of this property?

This property features: Two buildings totaling ±39,888 SF on ±1.74 acres; 601 E. Brambleton Avenue: ±25,368 SF; I‑L, Light Industrial zoning; 603 Lincoln Street: ±14,520 SF; C‑C, Community Commercial zoning