Industrial Flex Office Warehouse
For Sale
$284,900
800 Seahawk Cir 138, Virginia Beach, VA 23452
Two-story condo with office, warehouse, and mezzanine space.
Property Size1,925 SF
Price / SF$150.42
Days on Market160
Property Features for 800 Seahawk Cir 138
General Information
Standard status
Active
Size
1,925 SF
Property subtype
Industrial
Building Details
Building Size
1,925 SF
Year Built
1987
Listing Agency:
The Katsias Company
(757) 448-8120
Listed By:
Brian C. Baker · License #0225101286
(757) 448-8120
Source:
Katsias
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 8 at 6:15AM
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 The Katsias Company
Investment Insights
Based on property information with market context.
This two-story industrial flex office warehouse condo is located in the Lynnhaven submarket. The property features 1,350 square feet of office space, 544 square feet of warehouse space, and approximately 500 square feet of bonus mezzanine space. It includes two bathrooms, one of which has a shower, and is equipped with 3-phase power. The property is situated in the Lynn Way Business Park Industrial Flex Office / Warehouse Condominium Development, located off International Parkway on Seahawk Circle in the Lynnhaven market, between Lynnhaven Parkway and London Bridge Road, and is 2.5 miles from I-264. The unit, an end unit numbered 138, offers approximately 1,894 square feet of office warehouse space. The layout includes three offices, a large reception/office area, and a conference room. The property is zoned I-1 and has a rear-facing overhead door. The condo fee is $190.00 per month, covering water, sewage, trash, exterior and common area maintenance, and roof maintenance.
Key Highlights
- 1,894 SF Industrial Flex Office Warehouse Condo with Bonus Mezzanine Space
- Conveniently located in the Lynnhaven submarket, just 2.5 miles from I‑264
- Features 1,350 SF of Office Space: includes 3 offices, large reception/office area, and a conference room
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
$15,069
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
5.29%
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%
$301,380
$301.4K
Cap Rate 7%
$215,271
$215.3K
Cap Rate 9%
$167,433
$167.4K
Market Conditions
NOI Build-Up for 1,894 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
$18.4K $9.72/SF
− Vacancy
−$681 −$0.36/SF
EGI
$17.7K $9.36/SF
− OpEx
−$2.7K −$1.40/SF
NOI
$15.1K $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%
$301,380
Cap Rate 7%
$215,271
Cap Rate 9%
$167,433
Alternative Uses
Best Use
Office B
$383.4K
$335.5K – $447.3K
NOI $26,837 @ 7.0% cap · market cap 9.42%
Second Best
Warehouse
$215.3K
$188.4K – $251.2K
NOI $15,069 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$490.9K
$429.6K – $572.8K
NOI $34,365 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,250
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story condo with office, warehouse, and mezzanine space.
Where is this flex space located?
The property is located at 800 Seahawk Cir 138 Virginia Beach, VA.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: 1,894 SF Industrial Flex Office Warehouse Condo with Bonus Mezzanine Space; Conveniently located in the Lynnhaven submarket, just 2.5 miles from I‑264; Features 1,350 SF of Office Space: includes 3 offices, large reception/office area, and a conference room
