Flex Space
For Sale
Contact for pricing
823 West Pembroke Ave., Hampton, VA 23669
C3-zoned commercial property suited to flexible business, service, or showroom functions.
Property Size18,008 SF
Price / SF$94.99
Days on Market122
Property Features for 823 West Pembroke Ave.
General Information
Standard status
Active
Size
18,008 SF
Total Parking Spaces
15
Property subtype
Retail, Industrial
Zoning
C3 - Commercial
Investment Type
Owner/User
Building Details
Year Built
1987
Stories
2
Listing Agency:
Cushman & Wakefield Thalhimer - Newport News, Virginia
Listed By:
Andy Dallas, CCIM, SIOR · License #VA 0225087644
Source:
Crexi
Added: May 2
Changed: Aug 30
Last Checked: Aug 30 at 11:13PM
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 Cushman & Wakefield Thalhimer - Newport News, Virginia
Investment Insights
Based on property information with market context.
This flex-space property contains 18,008 square feet and was constructed in 1987. The asset carries C3 - Commercial zoning, supporting its classification within a commercial setting.
The property is located at 823 West Pembroke Ave. in Hampton, Virginia. Its flexible-space designation provides a broad commercial format for evaluating potential occupancy and operational needs.
The property is located at 823 West Pembroke Ave. in Hampton, Virginia. Its flexible-space designation provides a broad commercial format for evaluating potential occupancy and operational needs.
Key Highlights
- 18,008 square feet of flex space
- C3 - Commercial zoning
- Constructed in 1987
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
$127,435
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
7.45%
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%
$2,548,700
$2.5M
Cap Rate 7%
$1,820,500
$1.8M
Cap Rate 9%
$1,415,944
$1.4M
Market Conditions
NOI Build-Up for 18,008 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
$205.3K $11.40/SF
− Vacancy
−$9.2K −$0.51/SF
EGI
$196.1K $10.89/SF
− OpEx
−$68.6K −$3.81/SF
NOI
$127.4K $7.08/SF
Area
Hampton, VA
Vacancy
4.50%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
35.00%
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%
$2,548,700
Cap Rate 7%
$1,820,500
Cap Rate 9%
$1,415,944
Alternative Uses
Best Use
Retail
$2.69M
$2.36M – $3.14M
NOI $188,585 @ 7.0% cap · market cap 11.02%
Second Best
Flex RnD
$1.82M
$1.59M – $2.12M
NOI $127,435 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$4.68M
$4.10M – $5.46M
NOI $327,818 @ 7.0% cap · market cap 19.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
434
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23669, VA
41,030
Population
17,589
Households
2.3
Avg Household Size
38
Median Age
31%
College-Educated
94%
High-School Grad
12.1 sq mi
ZIP Area
3,391
Density / Sq Mi
$66,999
Median Household Income
$41,874
Median Earnings
$1,202
Median Rent
$246,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Shirley's Kitchen & Catering — 607 Newport News Ave, Hampton, VA 23669
Frequently Asked Questions
What type of property is this?
Flex space - C3-zoned commercial property suited to flexible business, service, or showroom functions.
Where is this flex space located?
The property is located at 823 West Pembroke Ave. Hampton, VA.
What is the asking price?
The asking price for this property is $1,710,620.
What are key features of this property?
This property features: 18,008 square feet of flex space; C3 - Commercial zoning; Constructed in 1987
