Flex Space with Warehouse
For Sale
Contact for pricing
800 Seahawk Circle Units 136 & 137, Virginia Beach, VA 23452
A combined office and warehouse layout includes dedicated work areas and rear grade-level loading access.
Property Size2,938 SF
Price / SF$119.13
Days on Market11
Property Features for 800 Seahawk Circle Units 136 & 137
General Information
Standard status
Active
Size
2,938 SF
Property subtype
Industrial, Office
Zoning
I-1
Warehouse & Industrial
Clear Height
18 ft
Warehouse Space
1,969 SF
Office Build-Out
969 SF
Drive-In Doors
2
Three-Phase Power
Yes
Listing Agency:
Harvey Lindsay Commercial Real Estate
Listed By:
Jonathan V. Levin · License #VA
Source:
Crexi
Added: Sep 17
Changed: Sep 26
Last Checked: Sep 26 at 4:03AM
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 condo combines 969 SF of office area with 1,969 SF of warehouse space, for approximately 2,938 SF overall. The office portion includes three offices, a reception area, and a restroom. Two rear grade-level overhead doors measure 10' x 12' each, and the warehouse has 18' clear height. The property also has 3-phase electric and I-1 zoning.
Located at 800 Seahawk Circle in Virginia Beach, the property comprises Units 136 and 137 at Lynnway Park.
Located at 800 Seahawk Circle in Virginia Beach, the property comprises Units 136 and 137 at Lynnway Park.
Key Highlights
- Approximately 2,938 SF, including 969 SF of office and 1,969 SF of warehouse
- Two rear grade‑level overhead doors, each 10' x 12'
- 18' clear height
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
$23,376
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
6.68%
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%
$467,520
$467.5K
Cap Rate 7%
$333,943
$333.9K
Cap Rate 9%
$259,733
$259.7K
Market Conditions
NOI Build-Up for 2,938 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
$28.6K $9.72/SF
− Vacancy
−$1.1K −$0.36/SF
EGI
$27.5K $9.36/SF
− OpEx
−$4.1K −$1.40/SF
NOI
$23.4K $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%
$467,520
Cap Rate 7%
$333,943
Cap Rate 9%
$259,733
Alternative Uses
Best Use
Warehouse
$333.9K
$292.2K – $389.6K
NOI $23,376 @ 7.0% cap · market cap 6.68%
Second Best
Flex RnD
$314.3K
$275.0K – $366.7K
NOI $22,000 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$761.5K
$666.3K – $888.5K
NOI $53,307 @ 7.0% cap · market cap 15.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18 ft
Clear height
2
Drive-in doors
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - A combined office and warehouse layout includes dedicated work areas and rear grade-level loading access.
Where is this flex space located?
The property is located at 800 Seahawk Circle Units 136 & 137 Virginia Beach, VA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Approximately 2,938 SF, including 969 SF of office and 1,969 SF of warehouse; Two rear grade‑level overhead doors, each 10' x 12'; 18' clear height
