2510 Walmer Ave - Office FOR SALE


Norfolk, VA 23513- Foxhall
$11,960,000 USD
859-907-2006
2510 Walmer Ave, Norfolk, VA for Sale
$11,960,000 USD
Office - FOR SALE
1/9
null | 8% Cap Rate

2510 Walmer Ave
Norfolk, VA 23513
Foxhall


HIGHLIGHTS

  • NAVSEA - Mission Critical Tenant
  • Synergistic Tenant Base
  • Strategic Location
  • Rent Increases (YMCA)
  • Recent Roof Replacement
  • Excellent Interstate Access I-64

OVERVIEW

The Ficke Team of Colliers has been retained to exclusively market for sale the U.S. Navy - Naval Sea Systems Command (NAVSEA) & Armed Services YMCA (ASYMCA) located at 2510 Walmer Avenue, Norfolk, Virginia 23513. This multi-tenant facility consists of 72,149 rentable square feet. The site includes 6.57 acres and is located in Norfolk Commerce Center V (NCC) professional business park. The building has been well maintained and received a new roof at the end of 2019. The YMCA recently executed a 10-year lease expiring in 2034 which includes (2) renewal options. The YMCA has shown its commitment to this location through directly funding their build out, investing in the close synergies with their co-tenant NAVSEA. NAVSEA executed a 15-year firm term which expires in September 2028 with 3.9 years remaining currently. NAVSEA also displayed their commitment to this location when they expanded their square footage in 2018, going from 38,000 SF to 49,000 SF. This lease provides investors with a stable cash flow secured by the U.S. Government (AA+ S&P). Norfolk, Virginia, is a strategic government and military hub, home to Naval Station Norfolk, the world’s largest naval base, and a key center for U.S. national defense operations. The city hosts several federal agencies, including the U.S. Army Corps of Engineers, the North Atlantic Treaty Organization’s (NATO) North American headquarters, and major Department of Defense facilities. As a vital part of the country’s maritime infrastructure, Norfolk also supports the Port of Virginia, a critical asset for military logistics and international trade. With a strong government presence, defense-driven economy, and close ties to federal and military institutions, Norfolk plays an essential role in national security, homeland defense, and global military strategy.

FOR SALE DETAILS

PRICE

$11,960,000 USD

PRICE/SF

$167 USD /SF

CAP RATE

8%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Norfolk Commerce Center V

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

1988

SPRINKLERS

-

PARKING SPACES

375

LAND DETAILS

LAND ACRES

6.57 AC

LAND SF

286,189 SF

ZONING

BC-1

APN/PARCEL ID

45673400

ASK ABOUT THIS PROPERTY

Geoff FickeColliersMore Info
859-907-2006

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Geoff FickeColliersMore Info
859-907-2006

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.