Flex Space with Crane-Equipped
For Sale
Contact for pricing
617 Regional Drive, Hampton, VA 23661
M-3-zoned flex property combines crane-served shop areas, multi-level offices, and additional light industrial buildings.
Property Size34,568 SF
Price / SF$115.71
Days on Market27
Property Features for 617 Regional Drive
General Information
Standard status
Active
Size
34,568 SF
Property subtype
Industrial
Zoning
M-3 Heavy Manufacturing District
Lease Type
NNN
Investment Type
Stabilized
Additional Details
Office Build-Out
5,200 SF
Amenities
conference room
reception area
Building Details
Year Built
1992
Year Renovated
1995
Buildings
4
Stories
2
Tenancy
Single
Construction
masonry and metal
Owner Occupied
Yes
Listing Agency:
Waltz Commercial Real Estate
Listed By:
Thomas P. Waltz · License #VA 0225113484
Source:
Crexi
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 29 at 6:37PM
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 Waltz Commercial Real Estate
Investment Insights
Based on property information with market context.
This flex property contains 34,568 SF developed in phases from 1992 to 1995. The primary building provides 26,364 SF with masonry and metal exterior construction, crane-equipped shop areas, and a two-story office component totaling approximately 5,200 SF. Office space is divided evenly between the first and second floors and includes reception, administrative, conference, executive, and general office areas. Interior finishes include commercial-grade vinyl or carpet flooring, painted drywall partitions, suspended acoustic tile ceilings, and recessed fluorescent lighting.
Three separate metal-frame light industrial buildings expand the functional layout, with individual sizes ranging from 2,100 to 3,560 SF. These buildings also include cranes. The property is located at 617 Regional Drive in Hampton, Virginia, and carries M-3 Heavy Manufacturing District zoning. Interior stairways connect the two office levels, while a storage area is used for parking two vehicles.
Three separate metal-frame light industrial buildings expand the functional layout, with individual sizes ranging from 2,100 to 3,560 SF. These buildings also include cranes. The property is located at 617 Regional Drive in Hampton, Virginia, and carries M-3 Heavy Manufacturing District zoning. Interior stairways connect the two office levels, while a storage area is used for parking two vehicles.
Key Highlights
- 34,568 SF flex property at 617 Regional Drive, Hampton, VA
- Primary building contains 26,364 SF of masonry and metal construction
- Approximately 5,200 SF of two‑story office space, split evenly by floor
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
$275,034
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
6.88%
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%
$5,500,680
$5.5M
Cap Rate 7%
$3,929,057
$3.9M
Cap Rate 9%
$3,055,933
$3.1M
Market Conditions
NOI Build-Up for 34,568 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
$336.0K $9.72/SF
− Vacancy
−$12.4K −$0.36/SF
EGI
$323.6K $9.36/SF
− OpEx
−$48.5K −$1.40/SF
NOI
$275.0K $7.96/SF
Area
Hampton, 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%
$5,500,680
Cap Rate 7%
$3,929,057
Cap Rate 9%
$3,055,933
Alternative Uses
Best Use
Office B
$6.49M
$5.68M – $7.57M
NOI $454,301 @ 7.0% cap · market cap 11.36%
Second Best
Warehouse
$3.93M
$3.44M – $4.58M
NOI $275,034 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$8.99M
$7.87M – $10.49M
NOI $629,276 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23661, VA
13,771
Population
6,614
Households
2.1
Avg Household Size
41
Median Age
26%
College-Educated
92%
High-School Grad
4.7 sq mi
ZIP Area
2,930
Density / Sq Mi
$66,760
Median Household Income
$44,399
Median Earnings
$1,224
Median Rent
$200,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - M-3-zoned flex property combines crane-served shop areas, multi-level offices, and additional light industrial buildings.
Where is this flex space located?
The property is located at 617 Regional Drive Hampton, 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: 34,568 SF flex property at 617 Regional Drive, Hampton, VA; Primary building contains 26,364 SF of masonry and metal construction; Approximately 5,200 SF of two‑story office space, split evenly by floor
