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 Market531
Property Features for 7924 Chesapeake Blvd
General Information
Standard status
Active
Size
25,816 SF
Property subtype
RETAIL
Additional Details
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: Sep 11
Last Checked: Sep 14 at 10:53AM
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
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 = 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
$356,973
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
7.93%
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%
$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
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
$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 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%
$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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
