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    7924 Chesapeake Blvd Norfolk, VA

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    Retail space in established shopping center near Little Creek Base.

    Type:RETAIL
    Property size:
    25,816 SF
    Lot size:
    2.23 Acres
    Price / SF:
    $155/SF
    Added:
    Apr 2, 2025
    Days on Market:
    394
    Last Refresh:
    Apr 5 at 9:52 pm

    Property Features for 7924 Chesapeake Blvd

    General Information

    Standard status
    Active
    Size
    25,816 SF
    Lot size
    2.23 Acres
    Property subtype
    RETAIL

    Properties For Sale

    at 7924 Chesapeake Blvd Contact us

    We can help!

    Listing Contact
    Chris Good
    Chris Good

    Listing agent Chris Good

    Listing office Kotarides Property Management

    Listing date Apr 2, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Kotarides Property Management

    Overview

    Retail Space in Bayview Plaza

    Located in the established Bayview neighborhood, this 6,886 square foot space is situated in Bayview Plaza, a shopping center with a mix of restaurants and medical office spaces. The property is positioned off the signalized intersection of Chesapeake Boulevard and E. Little Creek Road, near a CVS and Wawa. The location benefits from high traffic volume, with over 34,000 vehicles per day at the intersection. Pylon signage is available. The property is three miles from Little Creek Amphibious Base, which has a daytime population of 19,000. Formerly occupied by a primary care doctor's office, this space presents an investment or owner-occupant opportunity. The 25,816 square foot shopping center is near above average Wawa and CVS locations.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bayview-Nowcare Medical Center: ... Physician Kirsten Santianni Pediatrician Rogers Lynette S ... Pediatrician Michelle L. Kimball, ... Pharmacy Joel D. Gutierrez, ... Pharmacy

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Similar Places Nearby

    • Quick-Tag — Walmart Supercenter, 7530 Tidewater Dr, Norfolk, VA 23505
    • Let's Get Nerdy! — 956 E Little Creek Rd suite 37, Norfolk, VA 23518
    • Little Creek Square — 1710-1780 E Little Creek Rd, Norfolk, VA 23518
    • Little Creek Marketplace — E Little Creek Rd, Norfolk, VA 23513
    • Coinstar Kiosk | Bitcoin ATM — Food Lion, 7525 Tidewater Dr, Norfolk, VA 23505

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.241
    Latitude
    36.9161

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    FAQs

    What type of property is this?
    Shopping center - Retail space in established shopping center near Little Creek Base.
    Where is this shopping center located?
    The property is located at 7924 Chesapeake Blvd Norfolk, VA.
    What is the asking price?
    The asking price for this property is $4,015,606.
    What are key features of this property?
    This property features: High traffic location: Over 34,000 vehicles per day at the intersection of Chesapeake Blvd. and E. Little Creek Road.; Convenient location: Immediately off the signalized intersection of Chesapeake Boulevard and E. Little Creek Road, near CVS and Wawa.; Investment or owner‑occupant opportunity: **Vacant 6,886 SF space formerly a primary care doctor's office, available for occupancy or lease.**
    (757) 461-1000 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Chris Good
    Chris Good
    Learn More
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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