Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5301 Princess Anne Rd Norfolk, VA 23502

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Prime Norfolk industrial flex space for lease. Ideal for diverse businesses.

    Lot size:
    27,488 SF

    Property Features for 5301 Princess Anne Rd

    General Information

    Property type
    Flex space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    27,488 SF
    Class
    C
    Total Rate
    21761.33

    Building Details

    Year Built
    1960
    Stories
    1

    Spaces For Lease

    at 5301 Princess Anne Rd, Norfolk, VA 23502 Contact us
    Unit

    $9 /Mo

    Size
    27,488 SF
    Contact us

    We can help!

    Listing Contact
    Anthony Grecco
    Anthony Grecco

    Listing Agency: S.L. Nusbaum Realty Co Listing Agent: Anthony Grecco

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 27,488-square-foot flex space at 5301 E. Princess Anne Road in Norfolk, Virginia, presents a unique opportunity for a variety of businesses. The single-story, Class C building, constructed in 1960, sits on a 2.3-acre lot and offers a versatile layout previously used as a trade school. The property features adaptable spaces suitable for office, institutional, warehousing, or professional service operations. Existing administrative and classroom areas are available, providing immediate functionality. The warehouse area boasts a significant 19'6" ceiling height and includes one 12' x 12' roll-up door for convenient loading and unloading. Ample parking is provided with 165 spaces. The property is zoned C-C (Community Commercial) and is conveniently located within the Norfolk Industrial Park submarket, just 1.5 miles from I-64 and a short 2-mile drive to the Norfolk Premium Outlets and Ikea, ensuring excellent accessibility and visibility. The building features a 17'6" ceiling height in the office areas. This property offers a compelling combination of space, location, and adaptability, making it an attractive option for businesses seeking a functional and strategically positioned location in Norfolk.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Top Tier Solar ... Solar Energy Company Cox Hampton Roads Telecommunications Service Employment Services Inc Employment Agency

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2199659
    Latitude
    36.872072

    Nearby Similar for Lease

    • $3 SF/Yr
      660 SF

      Turnkey Office Suite For Lease

      Professional office suite with multiple private offices in Norfolk, VA.
      1547 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • $28 SF/Yr
      2,000 SF

      Downtown Norfolk Commercial Space Available

      Centrally located commercial space in downtown Norfolk's historic district.
      440 Granby St, Norfolk, VA 23510
      View Details
    • Contact for pricing

      VA, Norfolk - Monticello Ave

      Discover many ways to work your way in Lincoln Center
      253 Monticello Ave, Norfolk, VA 23510
      View Details
    • Contact for pricing

      Dominion Tower

      Workspaces, services and support to help you work better in Miami Airport
      999 And 2600, Norfolk, VA 23510
      View Details
    • Sponsored
      Contact for pricing

      VA, Norfolk - E. City Hall Ave

      Workspaces, services and support to help you grow your business in DC, Washington - 609 H Street
      223 City Hall Ave, Norfolk, VA 23510
      View Details
    • Contact for pricing

      VA, Norfolk - 25th St.

      Discover many ways to work your way in Boise Downtown
      1225 25Th St, Norfolk, VA 23508
      View Details
    • $21 SF/Yr
      3,916 SF

      Downtown Norfolk Office Space Available

      Move-in ready office space in the heart of Downtown Norfolk.
      500 East Main St, Norfolk, VA 23510
      View Details
    • $21 SF/Yr
      1,596 SF

      Retail Space on Colley Avenue

      Retail space available for lease in Norfolk, Virginia.
      2700-2722 Colley Ave, Norfolk, VA 23517
      View Details
    • Contact for pricing
      1,100 SF

      Retail Space Near High-Traffic Intersection

      Retail space available near Newtown Road and Virginia Beach Blvd.
      1105 Newtown Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing

      Retail Space in Southern Center

      Retail space available in well-leased shopping center near naval station.
      7525 Tidewater Dr, Norfolk, VA 23505
      View Details
    • $16 SF/Yr
      18,225 SF

      Norfolk Office Space Sublease

      Office space available for sublease in Norfolk, Virginia.
      6340 Center Dr, Norfolk, VA 23502
      View Details
    • Contact for pricing
      10,900 SF

      Norfolk Retail Space For Lease

      10,900 SF building in dominant retail corridor.
      1230 N Military Hwy, Norfolk, VA 23502
      View Details

    FAQs

    What type of property is this?
    Flex space - Prime Norfolk industrial flex space for lease. Ideal for diverse businesses.
    Where is this flex space located?
    The property is located at 5301 Princess Anne Rd Norfolk, VA.
    What is the lease rate?
    The lease rate is $9 SF/Yr.
    What are key features of this property?
    This property features: 1200-amp, 120/208-volt, 3-phase power at front right.; 800-amp, 277/480-volt, 3-phase power at rear right.; 16'9" clear-span warehouse ceiling height.
    (757) 452-6133 Call to check price and availability
    Request Owner's contact information
    5301 Princess Anne Rd Norfolk, VA 23502
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    5301 Princess Anne Rd
    Norfolk, VA 23502
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    5301 Princess Anne Rd Norfolk, VA 23502
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Anthony Grecco
    Anthony Grecco
    Real Estate License ID: 0225264786
    (757) 452-6133 (757) 235-1496 (757) 627-8611
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!