Retail Space with Refreshed
New
For Sale
$895,000
1501 E Little Creek Rd, Norfolk, VA 23518
C2 zoning supports retail and restaurant uses, with a conditional use permit required for dealership use.
Property Size2,987 SF
Price / SF$299.63
Days on Market4
Property Features for 1501 E Little Creek Rd
General Information
Standard status
Active
Size
2,987 SF
Property subtype
Commercial/Industrial
Zoning
C2
Site & Location
Neighborhood
Bel-Aire
Building Details
Building Size
2,987 SF
Year Built
1984
Listing Agency:
Coldwell Banker Premier
(757) 769-7600
Listed By:
Donna Lewis
(757) 694-2202
Source:
Hoggerealestate
Added: Oct 23
Changed: Oct 25
Last Checked: Oct 26 at 4:03AM
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 Coldwell Banker Premier
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Investment Insights
Based on property information with market context.
This 2,987-square-foot retail space was built in 1984 and has new interior paint and carpet. The property is being sold as-is and was previously used for check-cashing and payday loan services.
Located at 1501 E Little Creek Rd in Norfolk, the property has sidewalk access and a parking lot that has been repaved. Its C2 zoning supports retail and restaurant uses; dealership use requires a conditional use permit.
Located at 1501 E Little Creek Rd in Norfolk, the property has sidewalk access and a parking lot that has been repaved. Its C2 zoning supports retail and restaurant uses; dealership use requires a conditional use permit.
Key Highlights
- 2,987 square feet of retail space
- C2 zoning; dealership use requires a conditional use permit
- New interior paint and carpet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,919
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$678,380
$678.4K
Cap Rate 7%
$484,557
$484.6K
Cap Rate 9%
$376,878
$376.9K
Market Conditions
NOI Build-Up for 2,987 SF
Gross rent
$50.9K $17.04/SF
− Vacancy
−$2.4K −$0.82/SF
EGI
$48.5K $16.22/SF
− OpEx
−$14.5K −$4.87/SF
NOI
$33.9K $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 Rate 5%
$678,380
Cap Rate 7%
$484,557
Cap Rate 9%
$376,878
Alternative Uses
Best Use
Retail
$484.6K
$424.0K – $565.3K
NOI $33,919 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$633.6K
$554.4K – $739.3K
NOI $44,355 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
204k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 35%
Dining 24%
Apparel 17%
Shops & Services 15%
Walmart Neighborhood Market
Groceries
34,367 visits/mo
0.3 miles
Marshalls
Apparel
28,911 visits/mo
0.4 miles
McDonald's
Dining
20,262 visits/mo
0.1 miles
Food Lion Grocery Store
Groceries
19,818 visits/mo
0.5 miles
Big Lots
Superstores
18,991 visits/mo
0.4 miles
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 Retail in Norfolk, VA
Frequently Asked Questions
What type of property is this?
Retail space - C2 zoning supports retail and restaurant uses, with a conditional use permit required for dealership use.
Where is this retail space located?
The property is located at 1501 E Little Creek Rd Norfolk, VA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 2,987 square feet of retail space; C2 zoning; dealership use requires a conditional use permit; New interior paint and carpet
