Coastal Retail Landmark
For Sale
Contact for pricing
1901 East Ocean View Avenue, Norfolk, VA 23503
Retail storefront offered for sale along the Chesapeake Bay, steps from the beach in Norfolk’s Ocean View submarket.
Property Size7,020 SF
Price / SF$206.55
Days on Market159
Property Features for 1901 East Ocean View Avenue
General Information
Standard status
Active
Size
7,020 SF
Total Parking Spaces
37
Property subtype
Retail
Zoning
C-2 (Limited Commercial)
Investment Type
Owner/User
Site & Location
Neighborhood
Cape View
Building Details
Year Built
2006
Year Renovated
2019
Stories
2
Listing Agency:
Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia
Listed By:
Rob Wright · License #VA 0225035683
(757) 303-8396
Source:
Crexi
Added: May 26
Changed: Oct 25
Last Checked: Oct 30 at 11:08AM
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 Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This for-sale retail opportunity is positioned as a coastal landmark along the Chesapeake Bay in Norfolk’s Ocean View submarket. The offering is located on East Ocean View Avenue at Cape View Avenue, with proximity described as just steps to the beach.
The Ocean View area is presented as an actively transforming submarket within the Hampton Roads MSA, supported by new residential development, infrastructure improvements, and demand for walkable, experience-driven retail. The remarks also note proximity to Naval Station Norfolk and ongoing redevelopment in the area.
The property is offered by Cushman & Wakefield | Thalhimer as the exclusive listing broker.
The Ocean View area is presented as an actively transforming submarket within the Hampton Roads MSA, supported by new residential development, infrastructure improvements, and demand for walkable, experience-driven retail. The remarks also note proximity to Naval Station Norfolk and ongoing redevelopment in the area.
The property is offered by Cushman & Wakefield | Thalhimer as the exclusive listing broker.
Key Highlights
- Retail storefront offered for sale along the Chesapeake Bay in Norfolk’s Ocean View submarket
- Located on East Ocean View Avenue at Cape View Avenue, just steps to the beach
- Year built: 2006
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,715
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,594,300
$1.6M
Cap Rate 7%
$1,138,786
$1.1M
Cap Rate 9%
$885,722
$885.7K
Market Conditions
NOI Build-Up for 7,020 SF
Gross rent
$119.6K $17.04/SF
− Vacancy
−$5.7K −$0.82/SF
EGI
$113.9K $16.22/SF
− OpEx
−$34.2K −$4.87/SF
NOI
$79.7K $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%
$1,594,300
Cap Rate 7%
$1,138,786
Cap Rate 9%
$885,722
Alternative Uses
Best Use
Retail
$1.14M
$996.4K – $1.33M
NOI $79,715 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,243 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
113
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
7-Eleven
Shops & Services
5,238 visits/mo
0.0 miles
Demographics for 23503, VA
31,932
Population
15,350
Households
2.1
Avg Household Size
35
Median Age
31%
College-Educated
91%
High-School Grad
5.0 sq mi
ZIP Area
6,386
Density / Sq Mi
$62,428
Median Household Income
$42,850
Median Earnings
$1,195
Median Rent
$273,100
Median Home Value
Check the figures for this property
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 - Retail storefront offered for sale along the Chesapeake Bay, steps from the beach in Norfolk’s Ocean View submarket.
Where is this retail space located?
The property is located at 1901 East Ocean View Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Retail storefront offered for sale along the Chesapeake Bay in Norfolk’s Ocean View submarket; Located on East Ocean View Avenue at Cape View Avenue, just steps to the beach; Year built: 2006
