Turn-Key Warehouse with Office
For Sale
Contact for pricing
804 TLUCHAK LN, Chesapeake, VA 23323
Approved site plan for a metal building package with warehouse and office space, including insulation and build approvals.
Property Size13,800 SF
Lot Size1.43 Acres
Price / SF$57.61
Days on Market102
Property Features for 804 TLUCHAK LN
General Information
Standard status
Active
Size
13,800 SF
Lot size
1.43 Acres
Property subtype
Office, Industrial, Land
Zoning
O/I/M1
Listing Agency:
Alpha Real Estate Investment Advisors
Listed By:
Jay Sloan · License #VA 0225100030
Source:
Crexi
Added: Jun 10
Changed: Sep 10
Last Checked: Sep 19 at 7:47AM
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 Alpha Real Estate Investment Advisors
Investment Insights
Based on property information with market context.
The offering at 804 Tluchak Ln includes 1.43 acres within an approved site plan in Dominion Commerce Park, with approval good until mid 2030. The purchase price includes a metal building kit for a proposed 12,000 square foot building, comprised of 8,000 square feet of warehouse space and 4,000 square feet of office space. The package also includes an insulation package of R30 for the ceilings and R20 for the walls. Engineering work and approvals necessary to start the build are included as part of the offering.
The property is located in the Dominion Commerce Park business park in the Grassfield submarket of Chesapeake, VA. Building plans and site plan are available on request. Renderings shown with the listing are for illustration purposes and closely resemble the approved site plan.
This configuration is well suited for an owner-operator or developer looking to establish a combined warehouse-and-office setup through a prepackaged, build-ready approach. With engineering and approvals included and the site plan already established through mid 2030, the asset is positioned to streamline the path from entitlement to construction start, while providing a functional split between warehouse operations and dedicated office space.
The property is located in the Dominion Commerce Park business park in the Grassfield submarket of Chesapeake, VA. Building plans and site plan are available on request. Renderings shown with the listing are for illustration purposes and closely resemble the approved site plan.
This configuration is well suited for an owner-operator or developer looking to establish a combined warehouse-and-office setup through a prepackaged, build-ready approach. With engineering and approvals included and the site plan already established through mid 2030, the asset is positioned to streamline the path from entitlement to construction start, while providing a functional split between warehouse operations and dedicated office space.
Key Highlights
- 1.43‑acre site in Dominion Commerce Park, Grassfield submarket of Chesapeake, VA
- Approved site plan is in place and good until mid‑2030
- Included metal building kit for a 12,000 SF building: 8,000 SF warehouse and 4,000 SF office
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
$61,345
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
7.72%
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%
$1,226,900
$1.2M
Cap Rate 7%
$876,357
$876.4K
Cap Rate 9%
$681,611
$681.6K
Market Conditions
NOI Build-Up for 13,800 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
$89.4K $6.48/SF
− Vacancy
−$1.8K −$0.13/SF
EGI
$87.6K $6.35/SF
− OpEx
−$26.3K −$1.91/SF
NOI
$61.3K $4.45/SF
Area
Chesapeake, VA
Vacancy
2.00%
Lease Rate
$6.48 /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%
$1,226,900
Cap Rate 7%
$876,357
Cap Rate 9%
$681,611
Alternative Uses
Best Use
Office B
$3.02M
$2.64M – $3.52M
NOI $211,140 @ 7.0% cap · market cap 26.56%
Second Best
Flex RnD
$1.61M
$1.41M – $1.87M
NOI $112,484 @ 7.0% cap · market cap 14.15%
Theoretical Best
Office A
$4.08M
$3.57M – $4.76M
NOI $285,494 @ 7.0% cap · market cap 35.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
Well-served
Demand for This Use
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Business Placement
Demographics for 23323, VA
42,736
Population
15,064
Households
2.8
Avg Household Size
36
Median Age
35%
College-Educated
93%
High-School Grad
81.9 sq mi
ZIP Area
522
Density / Sq Mi
$105,912
Median Household Income
$50,523
Median Earnings
$1,590
Median Rent
$360,500
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Approved site plan for a metal building package with warehouse and office space, including insulation and build approvals.
Where is this flex space located?
The property is located at 804 TLUCHAK LN Chesapeake, VA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 1.43‑acre site in Dominion Commerce Park, Grassfield submarket of Chesapeake, VA; Approved site plan is in place and good until mid‑2030; Included metal building kit for a 12,000 SF building: 8,000 SF warehouse and 4,000 SF office
