Norfolk Commerce Center V 2510 Walmer Ave 71,774 SF 100% Leased Office Building Norfolk, VA 23513 $11,596,715 ($161.57/SF) 8.25% Cap Rate

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.