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    Air-Conditioned Warehouse with Yard Title is generated by Realmo AI

    861 46TH ST, Norfolk, VA 23508

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    Air-conditioned and heated warehouse with fenced private yard, multiple garage doors, offices, and recent roof replacement.

    Type:Industrial
    Property size:
    10,337 SF
    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 4:37 am

    Property Features for 861 46TH ST

    General Information

    Standard status
    Active
    Size
    10,337 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1945

    Spaces For Lease

    at 861 46TH ST Contact us

    We can help!

    Listing Contact
    Michael Mahgerefteh
    Michael Mahgerefteh

    Listing agent Michael Mahgerefteh License #VA 0225222839

    Listing office Prestige Realty LLC

    Listing date Jun 2, 2026

    Source Crexi

    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 Prestige Realty LLC

    HighLights

    • 10,337 +/- SF air‑conditioned and heated warehouse with a 5,000 +/- SF fenced private outdoor yard
    • Lease terms noted: $8.00 psf NNN plus $1.39 psf CAM, totaling $6,895.00 per month (NNN)
    • 3 bay garage doors with access from 3 different sides, including street access
    • 14' ceiling height with reception area, offices, kitchenette/break area, and 2 bathrooms
    • Roof replaced 2 years ago; 12‑ton HVAC unit is 6 years old
    • Available immediately

    Overview

    This air-conditioned and heated warehouse offers 10,337 +/- square feet of spacious interior space, with an additional 5,000 +/- square feet of fenced private outdoor yard included. The facility features three bay garage doors with access from three different sides, including street access, supporting flexible loading and operations. Inside, the building includes a reception area and offices, along with a kitchenette and break area supported by two bathrooms. Ceiling height is approximately 14 feet, with a 12-ton HVAC unit (installed 6 years ago). The roof is approximately 2 years old.

    The property is available immediately and is designed for businesses that need both covered workspace and a secure outdoor staging area. Its multiple-sided access and dedicated yard support day-to-day receiving, dispatch, and contractor or equipment storage needs.

    For tenants considering warehouse and light distribution use, the combination of heated space, fenced private yard, and multiple garage doors can simplify logistics and reduce operational bottlenecks. The included office and reception areas provide a practical layout for customer-facing functions or back-office work, while the kitchenette and two bathrooms support on-site staff comfort during longer shifts.
    Location Intelligence

    Current Use by Public Records

    Shark City Barbell Gym & Fitness Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • CRAIG'S MOVING SERVICES, INC. — 5215 Colley Ave, Norfolk, VA 23508
    • Public Storage — 1090 W 35th St, Norfolk, VA 23508
    • Near2Me Storage Units — 3910 colley ave, norfolk, va 23508
    • Ghent Self-Storage II — 2501 W 25th St, Norfolk, VA 23517
    • Colley Self Storage — 4415 Colley Ave, Norfolk, VA 23508

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.297666
    Latitude
    36.8854979

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    FAQs

    What type of property is this?
    Warehouse - Air-conditioned and heated warehouse with fenced private yard, multiple garage doors, offices, and recent roof replacement.
    Where is this warehouse located?
    The property is located at 861 46TH ST Norfolk, VA.
    What are key features of this property?
    This property features: 10,337 +/- SF air‑conditioned and heated warehouse with a 5,000 +/- SF fenced private outdoor yard; Lease terms noted: $8.00 psf NNN plus $1.39 psf CAM, totaling $6,895.00 per month (NNN); 3 bay garage doors with access from 3 different sides, including street access
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Michael Mahgerefteh
    Michael Mahgerefteh
    Real Estate License ID: VA 0225222839
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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