Listing Agency: Mid Atlantic Commercial

Listed By: Jonathan Guion · License #VA 0226007065 Show Phone

Source: Crexi

Added: Oct 14, 2024 Changed: Oct 13 Last Checked: Oct 19 at 4:48AM

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Investment Insights

Based on property information with market context.

Suites ranging from 12,800 to 14,000 square feet are available. Suites 105 through 108 must be purchased together, while Suite 104 can be purchased separately or with the other suites. The space is fully conditioned and includes an 8’ x 8’ grade-level door and a freight lift area for access to the second floor. Additional features include a kitchenette and a conference/training room. Suite 104 also has an 8’ x 8’ grade-level door. The property is zoned for light industrial use and features steel frame with block construction and a metal standing seam roof. Column spacing is 20’ x 20’. Electrical service is provided by multiple 200 amp panels. Warehouse heating is natural gas. Two dedicated parking spaces are allocated per unit, with shared overflow parking available. Condo dues are $300 per unit per month, and utility fees (water/sewer) are $75 per unit.

Key Highlights

• Flexible space: 12,800 SF up to 14,000 SF available.
• Light Industrial Zoning.
• Grade level door and freight lift for easy loading/unloading.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$91,732

Cap Rate

7.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,834,640 $1.8M

Cap Rate 7%

$1,310,457 $1.3M

Cap Rate 9%

$1,019,244 $1.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,000 SF

Gross rent

$136.1K $9.72/SF

− Vacancy

−$5.0K −$0.36/SF

EGI

$131.0K $9.36/SF

− OpEx

−$39.3K −$2.81/SF

NOI

$91.7K $6.55/SF

Area

ZIP 23464

Vacancy

3.70%

Lease Rate

$9.72 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,834,640

Cap Rate 7%

$1,310,457

Cap Rate 9%

$1,019,244

Alternative Uses

Best Use

Flex RnD

$1.78M

$1.56M – $2.07M (±1% cap)

NOI $124,488 @ 7.0% cap · market cap 9.89%

Second Best

Industrial

$1.31M

$1.15M – $1.53M (±1% cap)

NOI $91,732 @ 7.0% cap · market cap 7.29%

Theoretical Best

Office A

$4.38M

$3.83M – $5.11M (±1% cap)

NOI $306,701 @ 7.0% cap · market cap 24.36%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Rocketgenius (Bike/Boat/Book/etc) Store Vencam Auto Repair Auto Repair Shop Old Dominion Insulation, ... General Contractor Universal Duct Cleaning HVAC Service Two Maids Hardware & Home Improvement

Suggested Use

Top Pick Real Estate Agency Restaurant Big Box & Wholesale Store Dental Office Building Supply Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

226

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 23464, VA

75,118

Population

29,267

Households

2.6

Avg Household Size

38

Median Age

38%

College-Educated

94%

High-School Grad

16.7 sq mi

ZIP Area

4,498

Density / Sq Mi

$89,790

Median Household Income

$49,794

Median Earnings

$1,644

Median Rent

$339,300

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Flex space suites available for purchase on Centerville Turnpike.

Where is this flex space located?

The property is located at 1620 Centerville Turnpike Virginia Beach, VA.

What is the asking price?

The asking price for this property is $1,259,000.

What are key features of this property?

This property features: Flexible space: **12,800 SF up to 14,000 SF available.**; Light Industrial Zoning.; Grade level door and freight lift for easy loading/unloading.