Highlights
•NAVSEA – Mission-Critical Tenant Responsible for Designing, Building, and Maintaining the Navy’s Ships, Submarines, and Combat Systems •Complementary Tenant Relationship – ASYMCA Exclusively Serves Military Families and Is Strategically Located Near NAVSEA •Prime Location – Less Than 9 Miles from Naval Station Norfolk, the World’s Largest Naval Base Spanning 4,600 Acres •YMCA Lease Features 2.5% Annual Rent Escalations •Recent Infrastructure Upgrade – Complete Roof Replacement Completed in 2019 •Convenient Access – Situated Just Minutes from Interstate 64 and Norfolk International Airport
Description
The Ficke Team at Colliers has been exclusively retained to market the U.S. Navy - Naval Sea Systems Command (NAVSEA) and Armed Services YMCA (ASYMCA) property located at 2510 Walmer Avenue, Norfolk, Virginia 23513. This multi-tenant facility offers 72,149 rentable square feet on a 6.57-acre site within the Norfolk Commerce Center V (NCC) professional business park. The building is well maintained, including a new roof installed in late 2019. The YMCA recently signed a 10-year lease, expiring in 2034, with two renewal options, demonstrating their commitment by funding their own build-out and capitalizing on close operational synergies with their co-tenant, NAVSEA. NAVSEA holds a 15-year firm lease, expiring in September 2028, with approximately 3.9 years remaining, and showed strong dedication to this location by expanding their leased space from 38,000 to 49,000 square feet in 2018. This lease structure offers investors a stable income stream secured by the U.S. Government’s AA+ S&P credit rating. Norfolk, Virginia, serves as a critical military and government hub, home to Naval Station Norfolk—the world’s largest naval base—and a key center for national defense operations. The city hosts numerous federal entities, including the U.S. Army Corps of Engineers, NATO’s North American headquarters, and major Department of Defense installations. Norfolk’s strategic importance extends to the Port of Virginia, a vital asset for military logistics and global trade. With its robust government presence and defense-oriented economy, Norfolk plays an essential role in national security, homeland defense, and global military strategy.
Listing Details
- Cap Rate
8%
- Tenancy
Multi
- Space Type
office
- Sub Category
executive
- Date Listed
9/8/2025
- Ownership Info
Fee Simple
- Investment Type
Institutional
- Net Operating Income
$956,729
Property Specifics
- Property Name
U.S. Navy - Naval Sea Systems Command & Armed Services YMCA
- Property Class
B
- No of Buildings
1
- No of Stories
1
- Year Built
1988
- Building Size
72,149 SF
- Year Renovated
2025
- Occupancy
100%