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Retail Property on Heavily Traveled Road

1501 E Little Creek Road Norfolk, VA 23518

1501 E Little Creek Road, Norfolk, VA, 23518

$895,000

For Sale

$895,000

Retail or restaurant opportunity with high visibility and ample parking.

Property Size2,987 SF

Lot Size0.72 Acres

Price / SF$299.63

AddedOct 5, 2024

Days on Market649

Last RefreshApr 5 at 9:36 pm

Property Features for 1501 E Little Creek Road

General Information

Standard status: Active
Size: 2,987 SF
Lot size: 0.72 Acres
Property subtype: Commercial/Industrial

Building Details

Year Built: 1984

Listing office Coldwell Banker Premier

Listing date Oct 5, 2024

Source Exitrealty

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 Coldwell Banker Premier

Investment Insights

Based on property information with market context.

This commercial property, located on a heavily traveled road, offers high visibility and accessibility. The property is zoned C2, allowing for various business uses, including restaurants and retail. The 2987 square foot building features new paint and carpet. Ample parking is available in the repaved parking lot. The property was previously used as a check cashing payday loan business. Potential uses include a pawn shop or thrift store. A conditional Use Permit is required for use as a dealership. The property is being sold 'As is'. Sidewalks provide accessibility for walk-in customers.

Key Highlights

Prime location with high visibility on a heavily traveled road
Zoned C2, allowing for a wide range of business uses (Restaurant, Business, Retail)
Ample parking with a repaved parking lot

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up

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

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For sale
Storefront properties
VA
Norfolk
23518
1501 E Little Creek Road

What type of property is this?

Storefront property - Retail or restaurant opportunity with high visibility and ample parking.

Where is this storefront property 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, allowing for a wide range of business uses (Restaurant, Business, Retail); Ample parking with a repaved parking lot