Mixed-Use Building with Retail and
For Sale
$435,000
1300 Bainbridge Boulevard, Chesapeake, VA 23324
COMMERCIAL - Chesapeake, VA
Property Size4,000 SF
Lot Size0.12 Acres
Price / SF$108.75
Days on Market321
Property Features for 1300 Bainbridge Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Parking features
Off Street
Subdivision
SOUTH NORFOLK
Directions
ONE EXIT out of Downtown Norfolk!
Standard status
Active
Size
4,000 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
1676
Utilities
Heating system
Forced Air, Natural Gas, Heat Pump (Heating)
Cooling system
Central Air, Wall/Window Unit(s)
Building Details
Year built
1920
Roof type
Shingle
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 436-3636
Listed By:
George Trotman
(757) 690-0439
Added: Sep 26, 2025
Changed: Aug 11
Last Checked: Aug 12 at 12:06PM
MLS# 10603705
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.
Investment Insights
Based on property information with market context.
This mixed-use building includes two commercial spaces and three residential apartments. The property is set up with five separate meters for electricity, and it also features an owner-occupied office space with a half bath and separate entrance. Heating options include natural gas, forced air, and heat pump systems, while cooling is provided via central air and wall/window units. The roof is shingle, and the property has off-street parking.
The building sits on a 0.115-acre lot at 1300 Bainbridge Boulevard in Chesapeake, Virginia. It is located just off Interstates 464 and 64 and near the Poindexter Street corridor in downtown South Norfolk. Off Interstates 464 & 64 access may support a range of commercial and residential uses consistent with B2 zoning.
Built in 1920, the property offers a straightforward mixed-use configuration for tenants seeking both street-level commercial space and apartment living within the same building footprint.
The building sits on a 0.115-acre lot at 1300 Bainbridge Boulevard in Chesapeake, Virginia. It is located just off Interstates 464 and 64 and near the Poindexter Street corridor in downtown South Norfolk. Off Interstates 464 & 64 access may support a range of commercial and residential uses consistent with B2 zoning.
Built in 1920, the property offers a straightforward mixed-use configuration for tenants seeking both street-level commercial space and apartment living within the same building footprint.
Key Highlights
- Two commercial spaces and three residential apartments in one mixed‑use building
- B2 zoning
- Five separate electric meters
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
$37,825
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
8.70%
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%
$756,500
$756.5K
Cap Rate 7%
$540,357
$540.4K
Cap Rate 9%
$420,278
$420.3K
Market Conditions
NOI Build-Up for 4,000 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
$57.1K $14.28/SF
− Vacancy
−$3.1K −$0.77/SF
EGI
$54.0K $13.51/SF
− OpEx
−$16.2K −$4.05/SF
NOI
$37.8K $9.46/SF
Area
Chesapeake, VA
Vacancy
5.40%
Lease Rate
$14.28 /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%
$756,500
Cap Rate 7%
$540,357
Cap Rate 9%
$420,278
Alternative Uses
Best Use
Apartment 5plus
$581.8K
$509.1K – $678.8K
NOI $40,729 @ 7.0% cap · market cap 9.36%
Second Best
Retail
$540.4K
$472.8K – $630.4K
NOI $37,825 @ 7.0% cap · market cap 8.70%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,752 @ 7.0% cap · market cap 19.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 23324, VA
24,239
Population
9,834
Households
2.5
Avg Household Size
34
Median Age
21%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,618
Density / Sq Mi
$57,774
Median Household Income
$39,642
Median Earnings
$1,145
Median Rent
$242,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Mixed-use building zoned B2 with two commercial spaces, three residential apartments, and five electric meters.
Where is this multifamily property located?
The property is located at 1300 Bainbridge Boulevard Chesapeake, VA.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Two commercial spaces and three residential apartments in one mixed‑use building; B2 zoning; Five separate electric meters
