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    Anchored Power Center Retail Space Title is generated by Realmo AI

    1261 North Military Highway, Norfolk, VA 23502

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    Centrally located power center anchored by Target, Home Depot, and Food Lion with multiple entrances and available storefronts.

    Type:Retail
    Property size:
    11,097 SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 2 at 3:12 am

    Property Features for 1261 North Military Highway

    General Information

    Standard status
    Active
    Size
    11,097 SF
    Property subtype
    Retail

    Properties For Sale

    at 1261 North Military Highway Contact us

    We can help!

    Listing Contact
    Kris Fuller

    Listing agent Kris Fuller

    Listing office Divaris Real Estate - Richmond

    Listing date Jun 2, 2026

    Source Divaris

    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 Divaris Real Estate - Richmond

    HighLights

    • Anchored power center in Norfolk’s retail corridor with Target, Home Depot, and Food Lion
    • Half‑mile frontage with three separate entrances for retailer and customer access
    • 30 retailers and restaurants on‑site, supporting a regional draw
    • Expansion of Military Highway completed to handle increasing traffic counts
    • 11,097 SF former Party City space available
    • 1,440 SF fully built‑out former hair salon space available

    Overview

    This anchored power center features a mix of retail and dining with Target, Home Depot, and Food Lion serving as principal anchors. The center includes approximately 30 retailers and restaurants and presents strong shopper convenience through convenient parking, multiple access points, and visible retail positioning. Available space includes a 11,097 SF former Party City unit and a 1,440 SF fully built-out former hair salon, offering options for tenants with different footprint needs.

    Broad Creek is positioned in Norfolk’s dominant retail corridor and draws from a regional trade area given its proximity to both I-64 and I-264. The property has about a half-mile of frontage and is served by three separate entrances, supporting straightforward customer access and visibility for retailers seeking dependable foot traffic. Public remarks also note that the Military Highway expansion is complete to address increasing traffic counts.

    For tenants and operators, this is an opportunity to join an established, high-traffic retail environment with national anchors and a broad tenant mix. The availability of both a larger former department-style space and a smaller built-out storefront can support a range of retail concepts while benefiting from the center’s existing retail draw.
    Location Intelligence

    Current Use by Public Records

    Compact Power Equipment ... (Bike/Boat/Book/etc) Store Penske Truck Rental Car Rental Facility Tool & Truck Rental ... Rental Equipment Company Pro Desk at The Home ... Big Box & Wholesale Store The Home Depot Building Supply

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Janaf Shopping Center — 5900 E Virginia Beach Blvd, Norfolk, VA 23502
    • Coinstar Kiosk | Bitcoin ATM — Food Lion, 1235 North Military Hwy, Norfolk, VA 23502
    • Bay Square Shopping Center — 5026 E Princess Anne Rd, Norfolk, VA 23502
    • Coinstar Kiosk - Bitcoin ATM — Food Lion, 1235 N Military Hwy, Norfolk, VA 23502

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2136623
    Latitude
    36.8670788

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    FAQs

    What type of property is this?
    Shopping center - Centrally located power center anchored by Target, Home Depot, and Food Lion with multiple entrances and available storefronts.
    Where is this shopping center located?
    The property is located at 1261 North Military Highway Norfolk, VA.
    What are key features of this property?
    This property features: Anchored power center in Norfolk’s retail corridor with Target, Home Depot, and Food Lion; Half‑mile frontage with three separate entrances for retailer and customer access; 30 retailers and restaurants on‑site, supporting a regional draw
    (757) 560-9064
    We can help!
    Listing Contact
    Kris Fuller
    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.

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