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    1368 Progress Rd Suffolk, VA 23434

    Sponsored
    For Sale
    $8,900,000

    126,733 SF Warehouse, Manufacturing, Cold Storage

    Property size:
    126,733 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional Class A industrial property, located at 1368 Progress Road in Suffolk, Virginia, presents a significant investment opportunity. The 126,733 square foot facility, built in 2004 and renovated in 2014, comprises four buildings situated on a 21.44-acre lot. The property boasts 160 parking spaces and six dock-high doors, catering to efficient logistics. Zoned M-2, it allows for a wide range of heavy industrial uses. The existing infrastructure includes 38,000 square feet dedicated to extraction equipment (spray dryer and silo tower), a 40,000 square foot packaging area, a blast freezer, and substantial cold storage space, along with shipping and receiving areas. The property features a 5,000-amp service and a 4-inch water line with filtration and chlorine treatment. Its strategic location in Suffolk, VA offers proximity to major transportation routes and the Port of Virginia, enhancing its logistical advantages. The asking price is $8,900,000. This well-maintained property is ready for immediate occupancy and offers significant potential for expansion and customization. The property's existing infrastructure and flexible layout make it ideal for various industrial and manufacturing operations, including food and beverage processing.

    Property Features for 1368 Progress Rd

    General Information

    Property type
    Refrigerated & Cold Storages
    Square Feet
    126,733 SF
    Class
    A
    Lot Size
    933,926 SF

    Building Details

    Year Built/Renovated
    2004/2014
    Buildings
    4

    HighLights

    • 126,733 SF industrial building.
    • Built in 2004, renovated in 2014.
    • M‑2 zoning for heavy industrial use; 203 total parking spaces (43 truck/trailer, 160 car).
    • Suffolk, VA location near the Port of Virginia.
    • 38,000 SF of extraction equipment (spray dryer, silo tower).
    • 40,000 SF packaging area, blast freezer, cold storage, shipping/receiving areas.
    Property Profile Location Intelligence

    Current Use by Public Records

    J.M. Smucker Company Distribution Service

    Suggested Use

    Restaurant Realty agency Building Supply Wholesale Shop Skin Care Clinic Food Market Accounting Firm HVAC Service Grocery Store Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Suffolk
    County
    Suffolk city
    State
    Virginia
    Longitude
    -76.53940031
    Latitude
    36.76949695

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    FAQs

    What type of property is this?
    Refrigerated / Cold Storage - 126,733 SF Warehouse, Manufacturing, Cold Storage
    Where is this refrigerated / cold storage located?
    The property is located at 1368 Progress Rd Suffolk, VA.
    What is the asking price?
    The asking price for this property is $8,900,000.
    What are key features of this property?
    This property features: 126,733 SF industrial building.; Built in 2004, renovated in 2014.; M-2 zoning for heavy industrial use; 203 total parking spaces (43 truck/trailer, 160 car).
    Request Owner's contact information
    1368 Progress Rd Suffolk, VA 23434
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    Realmo Value Estimation

    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.

    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.

    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
    1368 Progress Rd Suffolk, VA 23434
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