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 Market79
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
Building Details
Year Built
2006
Year Renovated
2019
Stories
2
Listing Agency:
Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia
Listed By:
Josh Fulton · License #VA
Source:
Crexi
Added: May 26
Changed: Aug 8
Last Checked: Aug 10 at 11:30AM
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
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 = 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
$79,715
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
5.50%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Norfolk, VA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
