Shopping Center Medical Office
For Sale
Contact for pricing
7924 Chesapeake Blvd, Norfolk, VA 23518
Available 6,886 SF primary care office space in Bayview Plaza at a signalized Chesapeake Blvd and E. Little Creek Rd intersection.
Property Size25,816 SF
Price / SF$174.31
Days on Market577
Property Features for 7924 Chesapeake Blvd
General Information
Standard status
Active
Size
25,816 SF
Property subtype
RETAIL
Site & Location
Neighborhood
Southern Shopping Center
Traffic Count
34,000 vehicles/day
Building Details
Tenancy
Single
Listing Agency:
Kotarides Property Management
(757) 461-1000
Listed By:
Chris Good
(757) 513-2500
Source:
Moodyscre
Added: Apr 2, 2025
Changed: Oct 26
Last Checked: Oct 28 at 10:52AM
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 Kotarides Property Management
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Bayview Plaza is an established shopping center offering public-facing retail and medical office space. A 6,886 SF space formerly occupied by a primary care doctor is available to occupy or lease, positioned within the center’s mix of restaurants and medical uses.
The shopping center is located immediately off the signalized intersection of Chesapeake Boulevard and E. Little Creek Road in Norfolk’s Bayview neighborhood, near CVS and Wawa. Traffic counts at the intersection are reported at over 34,000 VPD, and the area is supported by an estimated 19,000 daytime population. The property is also described as being three miles from Little Creek Amphibious Base.
On-site visibility is supported by pylon signage available for the center.
The shopping center is located immediately off the signalized intersection of Chesapeake Boulevard and E. Little Creek Road in Norfolk’s Bayview neighborhood, near CVS and Wawa. Traffic counts at the intersection are reported at over 34,000 VPD, and the area is supported by an estimated 19,000 daytime population. The property is also described as being three miles from Little Creek Amphibious Base.
On-site visibility is supported by pylon signage available for the center.
Key Highlights
- 6,886 SF space formerly occupied by a primary care doctor available to occupy or lease
- Bayview Plaza established shopping center with restaurants and public‑facing medical office space
- Over 34,000 VPD at the Chesapeake Blvd and E. Little Creek Rd intersection
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$356,973
Cap Rate
7.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,139,460
$7.1M
Cap Rate 7%
$5,099,614
$5.1M
Cap Rate 9%
$3,966,367
$4.0M
Market Conditions
NOI Build-Up for 25,816 SF
Gross rent
$517.4K $20.04/SF
− Vacancy
−$41.4K −$1.60/SF
EGI
$476.0K $18.44/SF
− OpEx
−$119.0K −$4.61/SF
NOI
$357.0K $13.83/SF
Area
Norfolk, VA
Vacancy
8.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,139,460
Cap Rate 7%
$5,099,614
Cap Rate 9%
$3,966,367
Alternative Uses
Best Use
Office B
$5.10M
$4.46M – $5.95M
NOI $356,973 @ 7.0% cap · market cap 7.93%
Second Best
Healthcare Medical
$4.22M
$3.69M – $4.92M
NOI $295,449 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$5.48M
$4.79M – $6.39M
NOI $383,354 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
34,000 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 23518, VA
30,278
Population
13,911
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,964
Density / Sq Mi
$73,899
Median Household Income
$47,605
Median Earnings
$1,348
Median Rent
$280,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Quick-Tag — Walmart Supercenter, 7530 Tidewater Dr, Norfolk, VA 23505
- Little Creek Marketplace — E Little Creek Rd, Norfolk, VA 23513
- Coinstar Kiosk | Bitcoin ATM — Food Lion, 7525 Tidewater Dr, Norfolk, VA 23505
- Let's Get Nerdy! — 956 E Little Creek Rd suite 37, Norfolk, VA 23518
- Little Creek Square — 1710-1780 E Little Creek Rd, Norfolk, VA 23518
Frequently Asked Questions
What type of property is this?
Shopping center - Available 6,886 SF primary care office space in Bayview Plaza at a signalized Chesapeake Blvd and E. Little Creek Rd intersection.
Where is this shopping center located?
The property is located at 7924 Chesapeake Blvd Norfolk, VA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 6,886 SF space formerly occupied by a primary care doctor available to occupy or lease; Bayview Plaza established shopping center with restaurants and public‑facing medical office space; Over 34,000 VPD at the Chesapeake Blvd and E. Little Creek Rd intersection
