Equipped Conventional
New
For Sale
$90,000
1766 E Little Creek Road, Norfolk, VA 23518
Commercial/Industrial, Norfolk, VA
Property Size1,100 SF
Lot Size0.50 Acres
Price / SF$81.82
Days on Market4
Property Features for 1766 E Little Creek Road
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
ROOSEVELT GARDENS
Standard status
Active
Size
1,100 SF
Lot size
0.50 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air, Wall/Window Unit(s)
Building Details
Year built
1984
Roof type
Tar/Gravel
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 486-8800
Listed By:
Maria Kidd
(757) 690-0439
Added: Aug 27
Changed: Aug 30
Last Checked: Aug 30 at 6:06PM
MLS# 10650608
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This conventional restaurant offering includes approximately 1,100 square feet within a shopping center setting. The sale includes commercial cooking equipment, a fryer, grills, prep stations, booths, tables, chairs, and existing inventory, providing an established operating setup. The property occupies a 0.5-acre lot and was built in 1984.
Located at 1766 E Little Creek Road in Norfolk, Virginia, the restaurant includes central air conditioning along with a wall/window unit. The building has a tar/gravel roof and electric heating. Showings are available by appointment only, and the offering is structured as a business opportunity with the restaurant furnishings, equipment, and inventory included.
Located at 1766 E Little Creek Road in Norfolk, Virginia, the restaurant includes central air conditioning along with a wall/window unit. The building has a tar/gravel roof and electric heating. Showings are available by appointment only, and the offering is structured as a business opportunity with the restaurant furnishings, equipment, and inventory included.
Key Highlights
- Approximately 1,100 square feet of restaurant space
- 0.5‑acre lot in a shopping center setting
- Commercial kitchen equipment, fryer, grills, and prep stations included
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
$7,207
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
8.01%
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%
$144,140
$144.1K
Cap Rate 7%
$102,957
$103.0K
Cap Rate 9%
$80,078
$80.1K
Market Conditions
NOI Build-Up for 1,100 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
$10.7K $9.72/SF
− Vacancy
−$396 −$0.36/SF
EGI
$10.3K $9.36/SF
− OpEx
−$3.1K −$2.81/SF
NOI
$7.2K $6.55/SF
Area
Norfolk, VA
Vacancy
3.70%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$144,140
Cap Rate 7%
$102,957
Cap Rate 9%
$80,078
Alternative Uses
Best Use
Specialty Retail
$195.8K
$171.4K – $228.5K
NOI $13,709 @ 7.0% cap · market cap 15.23%
Second Best
Industrial
$103.0K
$90.1K – $120.1K
NOI $7,207 @ 7.0% cap · market cap 8.01%
Theoretical Best
Office A
$233.3K
$204.2K – $272.2K
NOI $16,334 @ 7.0% cap · market cap 18.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
236k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 32%
Dining 28%
Apparel 17%
Shops & Services 15%
Walmart Neighborhood Market
Groceries
34,367 visits/mo
0.2 miles
Marshalls
Apparel
28,911 visits/mo
0.1 miles
McDonald's
Dining
20,262 visits/mo
0.3 miles
Food Lion Grocery Store
Groceries
19,818 visits/mo
0.2 miles
Big Lots
Superstores
18,991 visits/mo
0.1 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
Market
Vacancy Rate% for Retail in Norfolk, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing kitchen equipment, furnishings, and inventory convey with the sale.
Where is this conventional restaurant located?
The property is located at 1766 E Little Creek Road Norfolk, VA.
What is the asking price?
The asking price for this property is $90,000.
What are key features of this property?
This property features: Approximately 1,100 square feet of restaurant space; 0.5‑acre lot in a shopping center setting; Commercial kitchen equipment, fryer, grills, and prep stations included
