Centerville Turnpike Flex Space
1620 Centerville Turnpike Virginia Beach, VA 23464
1620 Centerville Turnpike, Virginia Beach, VA, 23464
Contact for pricing
For Sale
Contact for pricing
Flex space suites available for purchase on Centerville Turnpike.
Property Size14,000 SF
Price / SF$99.93
Days on Market646
Property Features for 1620 Centerville Turnpike
General Information
- Standard status
- Active
- Size
- 14,000 SF
- Property subtype
- Industrial, Office
Listing Agency
Mid Atlantic Commercial
(757) 620-2932
Listed by
Jonathan Guion · License #VA 0226007065
Source
Crexi
Added: Oct 14, 2024 Updated: Jul 10 at 3:41 pm Checked: Jul 19 at 6:52 am
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.
Local Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $201.6k | $14.40 |
| − Vacancy | −$10.1k | −$0.72 |
| EGI | $191.5k | $13.68 |
| − OpEx | −$67.0k | −$4.79 |
| NOI | $124.5k | $8.89 |
14,000 SF · lease $14.40/SF/yr · vacancy 5.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$1.78M
$1.56M – $2.07M
NOI $124,488 @ 7.0% cap · market cap 8.90%
Second Best
Warehouse
$1.59M
$1.39M – $1.86M
NOI $111,388 @ 7.0% cap · market cap 7.96%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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
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FAQs
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.
