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    Retail Storefront with Parking

    1501 E Little Creek Road Norfolk, VA 23518

    1501 E Little Creek Road, Norfolk, VA, 23518
    $895,000
    For Sale
    Claim this Listing
    $895,000

    COMMERCIAL - Norfolk, VA

    Property Size2,987 SF
    Lot Size0.72 Acres
    Price / SF$299.63
    AddedOct 4, 2024
    Days on Market650
    Last RefreshJul 15 at 3:06 pm

    Property Features for 1501 E Little Creek Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    C2
    Standard status
    Active
    Size
    2,987 SF
    Lot size
    0.72 Acres

    Taxes and HOA fees

    Tax Annual Amount
    9360

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1984

    Listing agent Donna Lewis

    Listing office Coldwell Banker Premier 4460 Corporation Ln. Suite 130, VIRGINIA BEACH, VA

    Listing date Oct 4, 2024

    MLS# 10553652 Listing URL

    Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Investment Insights

    Based on property information with market context.

    This retail storefront offers interior updates including new paint and carpet. The property was previously used as a check cashing/payday loan business and is being sold as-is.

    Zoned C2, the space supports a range of retail and business uses, including restaurant use. The site features sidewalks for pedestrian walk-ins and ample parking, with the parking lot reported as repaved.

    The property may also support dealership use subject to a conditional use permit. Additional updates or configuration should be verified during due diligence given the as-is sale.

    Key Highlights

    • Prime location with high visibility on a heavily traveled road.
    • Zoned C2, suitable for Restaurant, Business, or Retail use.
    • Ample parking with a repaved parking lot.

    Local Financial Insights For Retail

    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 $50.9k $17.04
    − Vacancy −$2.4k −$0.82
    EGI $48.5k $16.22
    − OpEx −$14.5k −$4.87
    NOI $33.9k $11.36
    2,987 SF · lease $17.04/SF/yr · vacancy 4.80% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $484.6K
    $424.0K – $565.3K (±1% cap)
    NOI $33,919 @ 7.0% cap · market cap 3.79%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $633.6K
    $554.4K – $739.3K (±1% cap)
    NOI $44,355 @ 7.0% cap · market cap 4.96%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Western Union Bank

    Suggested Use

    Law Firm Parking Lot & Garage Electrical Service Kitchen & Bath Showroom Skin Care Clinic Spa & Massage Center Computer & Electronic Repair Carpet & Flooring Store Accounting Firm Garden Center

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

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    FAQs

    What type of property is this?
    Retail space - Retail storefront on a heavily traveled road with ample parking and C2 zoning, sold as-is.
    Where is this retail space located?
    The property is located at 1501 E Little Creek Road Norfolk, VA.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: Prime location with high visibility on a heavily traveled road.; Zoned C2, suitable for Restaurant, Business, or Retail use.; Ample parking with a repaved parking lot.
    Contact an agent
    (888) 617-5470
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    Donna Lewis
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