Office Building with Off-Street
New
For Sale
$310,000
1202 Sparrow Road, Chesapeake, VA 23325
Commercial/Industrial, Chesapeake, VA
Property Size1,360 SF
Lot Size0.20 Acres
Price / SF$227.94
Days on Market6
Property Features for 1202 Sparrow Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
O-I
Subdivision
NORFOLK HIGHLANDS
Standard status
Active
Size
1,360 SF
Lot size
0.20 Acres
Additional Details
Property Use
Office
Taxes and HOA fees
Tax Annual Amount
2565
Utilities
Heating system
Heat Pump (Heating), Forced Air
Cooling system
Heat Pump, Central Air
Building Details
Year built
1971
Roof type
Shingle
Listing Agency:
Long & Foster Real Estate Inc.
(757) 547-4555
Listed By:
Michael Tacoronte
Added: Oct 21
Changed: Oct 25
Last Checked: Oct 26 at 3:06PM
MLS# 10658898
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.
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Investment Insights
Based on property information with market context.
At 1202 Sparrow Road, this 1,360-square-foot office property occupies a 0.20-acre parcel in Chesapeake. Built in 1971, the building has a shingle roof, heat-pump heating and cooling, and central air. The site also includes off-street parking.
Zoned O-I (Office-Institutional), the property is designated for office and institutional use. Its Chesapeake location places it within the Hampton Roads area.
Zoned O-I (Office-Institutional), the property is designated for office and institutional use. Its Chesapeake location places it within the Hampton Roads area.
Key Highlights
- 1,360‑square‑foot office building on a 0.20‑acre parcel
- O‑I (Office‑Institutional) zoning
- Off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,808
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$416,160
$416.2K
Cap Rate 7%
$297,257
$297.3K
Cap Rate 9%
$231,200
$231.2K
Market Conditions
NOI Build-Up for 1,360 SF
Gross rent
$32.6K $24.00/SF
− Vacancy
−$4.9K −$3.60/SF
EGI
$27.7K $20.40/SF
− OpEx
−$6.9K −$5.10/SF
NOI
$20.8K $15.30/SF
Area
Chesapeake, VA
Vacancy
15.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$416,160
Cap Rate 7%
$297,257
Cap Rate 9%
$231,200
Alternative Uses
Best Use
Office B
$297.3K
$260.1K – $346.8K
NOI $20,808 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$401.9K
$351.7K – $468.9K
NOI $28,136 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
423
Businesses Nearby
Explore this area
Business Placement
Demographics for 23325, VA
17,601
Population
7,860
Households
2.2
Avg Household Size
38
Median Age
28%
College-Educated
91%
High-School Grad
3.8 sq mi
ZIP Area
4,632
Density / Sq Mi
$73,666
Median Household Income
$39,943
Median Earnings
$1,437
Median Rent
$262,600
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - O-I zoning supports office and institutional uses in a freestanding commercial property.
Where is this office building located?
The property is located at 1202 Sparrow Road Chesapeake, VA.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: 1,360‑square‑foot office building on a 0.20‑acre parcel; O‑I (Office‑Institutional) zoning; Off‑street parking
