Mixed-Use Property with
For Sale
$2,149,849
5010 Princess Anne Rd E, Norfolk, VA 23502
Two-level configuration combines commercial spaces with residential tenants in an established Norfolk property.
Property Size17,500 SF
Price / SF$122.85
Days on Market49
Property Features for 5010 Princess Anne Rd E
General Information
Standard status
Active
Size
17,500 SF
Additional Details
Multifamily Units
6
Building Details
Year Built
1932
Buildings
1
Listing Agency:
Gabriel Rapisardi Real Estate
Listed By:
Gabriel Rapisardi
(757) 577-2902
Source:
Horakrealtygroup
Added: Aug 20
Changed: Oct 5
Last Checked: Oct 5 at 10:33PM
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 Gabriel Rapisardi Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property combines residential and commercial components within a building constructed in 1932. The configuration includes six residential units, seven retail spaces, and two offices, with residential tenants located above the commercial portion.
The property is located at 5010 Princess Anne Rd E in Norfolk, VA 23502. Existing commercial occupants include a florist, salons, and a fully equipped restaurant, creating a varied mix of business uses within the building. The property is offered as-is.
The property is located at 5010 Princess Anne Rd E in Norfolk, VA 23502. Existing commercial occupants include a florist, salons, and a fully equipped restaurant, creating a varied mix of business uses within the building. The property is offered as-is.
Key Highlights
- Six residential units, seven retail spaces, and two offices
- Existing commercial occupants include a florist, salons, and a fully equipped restaurant
- Residential tenants occupy the upper portion of the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$185,063
Cap Rate
8.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,701,260
$3.7M
Cap Rate 7%
$2,643,757
$2.6M
Cap Rate 9%
$2,056,256
$2.1M
Market Conditions
NOI Build-Up for 17,500 SF
Gross rent
$315.0K $18.00/SF
− Vacancy
−$18.9K −$1.08/SF
EGI
$296.1K $16.92/SF
− OpEx
−$111.0K −$6.34/SF
NOI
$185.1K $10.58/SF
Area
Norfolk, VA
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,701,260
Cap Rate 7%
$2,643,757
Cap Rate 9%
$2,056,256
Alternative Uses
Best Use
Specialty Retail
$3.12M
$2.73M – $3.63M
NOI $218,098 @ 7.0% cap · market cap 10.14%
Second Best
Apartment 5plus
$2.94M
$2.57M – $3.43M
NOI $205,849 @ 7.0% cap · market cap 9.58%
Theoretical Best
Office A
$3.71M
$3.25M – $4.33M
NOI $259,866 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Explore this area
Business Placement
Demographics for 23502, VA
20,547
Population
8,839
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
89%
High-School Grad
9.9 sq mi
ZIP Area
2,075
Density / Sq Mi
$66,467
Median Household Income
$37,213
Median Earnings
$1,335
Median Rent
$244,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level configuration combines commercial spaces with residential tenants in an established Norfolk property.
Where is this mixed-use property located?
The property is located at 5010 Princess Anne Rd E Norfolk, VA.
What is the asking price?
The asking price for this property is $2,149,849.
What are key features of this property?
This property features: Six residential units, seven retail spaces, and two offices; Existing commercial occupants include a florist, salons, and a fully equipped restaurant; Residential tenants occupy the upper portion of the building
