Office Building for
For Sale
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1512 E Little Creek Rd, Norfolk, VA 23518
Office building offered for sale with approximately 3,125 sq. ft.
Property Size3,125 SF
Price / SF$224
Days on Market214
Property Features for 1512 E Little Creek Rd
General Information
Standard status
Active
Size
3,125 SF
Property subtype
Office
Lease Type
NNN
Site & Location
Neighborhood
Bel-Aire
Building Details
Year Built
1950
Buildings
1
Stories
1
Listing Agency:
Harvey Lindsay Commercial Real Estate
Listed By:
Andy Stein · License #VA 0225179759
(757) 692-1921
Source:
Crexi
Added: Mar 27
Changed: Oct 26
Last Checked: Oct 26 at 1:41PM
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 Harvey Lindsay Commercial Real Estate
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Investment Insights
Based on property information with market context.
This office building is available for sale and totals approximately 3,125 sq. ft. The property is offered as an office asset suitable for users or investors looking for a dedicated commercial space.
The address is 1512 E Little Creek Rd, Norfolk, VA 23518.
The address is 1512 E Little Creek Rd, Norfolk, VA 23518.
Key Highlights
- Office building built in 1950
- Approximately 3,125 sq. ft. office space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,211
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$864,220
$864.2K
Cap Rate 7%
$617,300
$617.3K
Cap Rate 9%
$480,122
$480.1K
Market Conditions
NOI Build-Up for 3,125 SF
Gross rent
$62.6K $20.04/SF
− Vacancy
−$5.0K −$1.60/SF
EGI
$57.6K $18.44/SF
− OpEx
−$14.4K −$4.61/SF
NOI
$43.2K $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%
$864,220
Cap Rate 7%
$617,300
Cap Rate 9%
$480,122
Alternative Uses
Best Use
Office B
$617.3K
$540.1K – $720.2K
NOI $43,211 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$662.9K
$580.1K – $773.4K
NOI $46,405 @ 7.0% cap · market cap 6.63%
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
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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Office building offered for sale with approximately 3,125 sq. ft.
Where is this office building located?
The property is located at 1512 E Little Creek Rd Norfolk, VA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Office building built in 1950; Approximately 3,125 sq. ft. office space
