Liberty Plaza Shopping
For Sale
$2,675,000
1800 Liberty Street, Chesapeake, VA 23324
Retail center with a signalized intersection location, prominent pylon signage, and convenient access to Downtown Norfolk.
Property Size22,114 SF
Days on Market109
Property Features for 1800 Liberty Street
General Information
Standard status
Active
Size
22,114 SF
Property subtype
Retail
Additional Details
Pylon Signage
Yes
Amenities
Signalized intersection
Building Details
Building Size
22,114 SF
Year Built
2016
Tenancy
Multi
Listing Agency:
S.L. Nusbaum Realty Co
(757) 469-2365
Listed By:
Ben Leon · License #0225061641
(757) 469-2365
Source:
Slnusbaum
Added: May 14
Changed: Aug 29
Last Checked: Aug 29 at 1:32PM
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 S.L. Nusbaum Realty Co
Investment Insights
Based on property information with market context.
Liberty Plaza is a shopping center built in 2016 at 1800 Liberty Street in Chesapeake’s South Norfolk submarket. The property occupies a signalized intersection and includes a large pylon sign, providing identifiable exposure for the center and its occupants. Its configuration supports retail-oriented commercial use within an established neighborhood setting.
The center is located minutes from Downtown Norfolk and near BAE’s Norfolk Shipyard Facility, which employs over 900 employees. Approximately 17,000 residents live within a mile of the property, adding a nearby residential base to the surrounding commercial context.
The center is located minutes from Downtown Norfolk and near BAE’s Norfolk Shipyard Facility, which employs over 900 employees. Approximately 17,000 residents live within a mile of the property, adding a nearby residential base to the surrounding commercial context.
Key Highlights
- Shopping center built in 2016
- Positioned at a signalized intersection
- Large pylon sign
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
$209,115
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
7.82%
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%
$4,182,300
$4.2M
Cap Rate 7%
$2,987,357
$3.0M
Cap Rate 9%
$2,323,500
$2.3M
Market Conditions
NOI Build-Up for 22,114 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
$315.8K $14.28/SF
− Vacancy
−$17.1K −$0.77/SF
EGI
$298.7K $13.51/SF
− OpEx
−$89.6K −$4.05/SF
NOI
$209.1K $9.46/SF
Area
Chesapeake, VA
Vacancy
5.40%
Lease Rate
$14.28 /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%
$4,182,300
Cap Rate 7%
$2,987,357
Cap Rate 9%
$2,323,500
Alternative Uses
Best Use
Retail
$2.99M
$2.61M – $3.49M
NOI $209,115 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.54M
$5.72M – $7.62M
NOI $457,494 @ 7.0% cap · market cap 17.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
31k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 73%
Dining 22%
Electronics 5%
Family Dollar
Shops & Services
7,504 visits/mo
0.5 miles
Dollar Tree
Shops & Services
6,202 visits/mo
0.1 miles
Dunkin' Donuts
Dining
5,867 visits/mo
0.5 miles
Family Dollar
Shops & Services
5,668 visits/mo
0.4 miles
Ace Cash Express
Shops & Services
2,278 visits/mo
0.5 miles
Demographics for 23324, VA
24,239
Population
9,834
Households
2.5
Avg Household Size
34
Median Age
21%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,618
Density / Sq Mi
$57,774
Median Household Income
$39,642
Median Earnings
$1,145
Median Rent
$242,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail center with a signalized intersection location, prominent pylon signage, and convenient access to Downtown Norfolk.
Where is this shopping center located?
The property is located at 1800 Liberty Street Chesapeake, VA.
What is the asking price?
The asking price for this property is $2,675,000.
What are key features of this property?
This property features: Shopping center built in 2016; Positioned at a signalized intersection; Large pylon sign
