Mixed-Use Property with Retail
For Sale
Contact for pricing
129 East Admiral Taussig Boulevard, Norfolk, VA 23505
Commercial property with retail space, C-C zoning, and an established 1954 building.
Property Size14,410 SF
Price / SF$190.84
Days on Market70
Property Features for 129 East Admiral Taussig Boulevard
General Information
Standard status
Active
Size
14,410 SF
Property subtype
Retail, Office, Industrial
Zoning
C-C
Building Details
Year Built
1954
Listing Agency:
Harvey Lindsay Commercial Real Estate
Listed By:
Bob King · License #VA 0225017956
Source:
Crexi
Added: Jun 22
Changed: Aug 30
Last Checked: Aug 30 at 4:04AM
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 Harvey Lindsay Commercial Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property includes 14,410 square feet of commercial space in a building constructed in 1954. Retail space is identified within the property’s use profile, providing a commercial configuration suitable for continued retail occupancy or other uses supported by the C-C zoning designation.
The property is located at 129 East Admiral Taussig Boulevard in Norfolk, Virginia. Its setting is surrounded by retail properties, placing the building within an established commercial area identified as Wards Corner.
The property is located at 129 East Admiral Taussig Boulevard in Norfolk, Virginia. Its setting is surrounded by retail properties, placing the building within an established commercial area identified as Wards Corner.
Key Highlights
- 14,410‑square‑foot mixed‑use property
- Retail space included in the property profile
- C‑C zoning designation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$163,632
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,272,640
$3.3M
Cap Rate 7%
$2,337,600
$2.3M
Cap Rate 9%
$1,818,133
$1.8M
Market Conditions
NOI Build-Up for 14,410 SF
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.
Gross rent
$245.5K $17.04/SF
− Vacancy
−$11.8K −$0.82/SF
EGI
$233.8K $16.22/SF
− OpEx
−$70.1K −$4.87/SF
NOI
$163.6K $11.36/SF
Area
Norfolk, VA
Vacancy
4.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,272,640
Cap Rate 7%
$2,337,600
Cap Rate 9%
$1,818,133
Alternative Uses
Best Use
Retail
$2.34M
$2.05M – $2.73M
NOI $163,632 @ 7.0% cap · market cap 5.95%
Second Best
Mixed Use
$2.18M
$1.90M – $2.54M
NOI $152,386 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$3.06M
$2.67M – $3.57M
NOI $213,981 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
450
Businesses Nearby
208k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Groceries 27%
Shops & Services 17%
Electronics 2%
Harris Teeter
Groceries
51,946 visits/mo
0.2 miles
McDonald's
Dining
23,028 visits/mo
0.1 miles
Starbucks
Dining
15,129 visits/mo
0.1 miles
Taco Bell
Dining
14,551 visits/mo
0.2 miles
Wendy's
Dining
13,360 visits/mo
0.1 miles
Demographics for 23505, VA
27,785
Population
13,715
Households
2
Avg Household Size
32
Median Age
32%
College-Educated
91%
High-School Grad
6.6 sq mi
ZIP Area
4,210
Density / Sq Mi
$55,678
Median Household Income
$40,814
Median Earnings
$1,279
Median Rent
$318,600
Median Home Value
Market
Vacancy Rate% for Retail in Norfolk, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial property with retail space, C-C zoning, and an established 1954 building.
Where is this mixed-use property located?
The property is located at 129 East Admiral Taussig Boulevard Norfolk, VA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 14,410‑square‑foot mixed‑use property; Retail space included in the property profile; C‑C zoning designation
