Centerville Turnpike Flex Space
For Sale
Contact for pricing
1620 Centerville Turnpike, Virginia Beach, VA 23464
Flex space suites available for purchase on Centerville Turnpike.
Property Size14,000 SF
Price / SF$99.93
Days on Market691
Property Features for 1620 Centerville Turnpike
General Information
Standard status
Active
Size
14,000 SF
Property subtype
Industrial, Office
Listing Agency:
Mid Atlantic Commercial
Listed By:
Jonathan Guion · License #VA 0226007065
(757) 620-2932
Source:
Crexi
Added: Oct 14, 2024
Changed: Sep 2
Last Checked: Sep 1 at 6:46PM
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 Mid Atlantic Commercial
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 = 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
$124,488
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
8.90%
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%
$2,489,760
$2.5M
Cap Rate 7%
$1,778,400
$1.8M
Cap Rate 9%
$1,383,200
$1.4M
Market Conditions
NOI Build-Up for 14,000 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
$201.6K $14.40/SF
− Vacancy
−$10.1K −$0.72/SF
EGI
$191.5K $13.68/SF
− OpEx
−$67.0K −$4.79/SF
NOI
$124.5K $8.89/SF
Area
ZIP 23464
Vacancy
5.00%
Lease Rate
$14.40 /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%
$2,489,760
Cap Rate 7%
$1,778,400
Cap Rate 9%
$1,383,200
Alternative Uses
Best Use
Flex RnD
$1.78M
$1.56M – $2.07M
NOI $124,488 @ 7.0% cap · market cap 8.90%
Second Best
Industrial
$1.31M
$1.15M – $1.53M
NOI $91,732 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$4.38M
$3.83M – $5.11M
NOI $306,701 @ 7.0% cap · market cap 21.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $1,399,000.
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.
