Office-Retail Building with
For Sale
Contact for pricing
211 West Freemason Street, Norfolk, VA 23510
Downtown mixed-use property with office/retail space and a 2-bedroom, 2-bath apartment plus rooftop access.
Property Size4,925 SF
Price / SF$228.43
Days on Market88
Property Features for 211 West Freemason Street
General Information
Standard status
Active
Size
4,925 SF
Class
B
Property subtype
Retail, Office, Mixed Use
Zoning
D-3
Investment Type
Owner/User
Additional Details
Furnished
Yes
Multifamily Units
1
Amenities
rooftop deck
Building Details
Year Built
1955
Year Renovated
2016
Buildings
1
Listing Agency:
Creed Realty, LLC
Listed By:
Robert Waring · License #0225057267
(757) 502-4070
Source:
Crexi
Added: Jun 12
Changed: Aug 13
Last Checked: Sep 4 at 12:01PM
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 Creed Realty, LLC
Investment Insights
Based on property information with market context.
This unique mixed-use building offers a sizable office/retail space on the lower level with a reception area, large flex space, two private offices, a kitchenette, two restrooms, and a server/storage room. A mezzanine features a glassed-in executive office, an additional open work area, and a large conference facility. Office furnishings are included with the purchase.
The second level is a separate-entry, 2-bedroom, 2-bath apartment with an 18 x 45 great room, polished concrete floors, and a custom kitchen with Wolf and Electrolux appliances. Carrera Marble countertops and Zebrawood cabinets are included, with a staircase leading to a rooftop room and access to a rooftop deck with city views.
Located at 211 West Freemason Street in downtown Norfolk, approximately one block off Granby Street and adjacent to Freemason Abbey, the building supports on-street parking with apartment eligibility for two permits. Spaces may also be leased in the large adjacent lot from the law firm across the street, noted in the remarks as $85 per month. The prior tenant was paying $25/SF NNN and splitting utilities 65/35 with the upstairs apartment.
The second level is a separate-entry, 2-bedroom, 2-bath apartment with an 18 x 45 great room, polished concrete floors, and a custom kitchen with Wolf and Electrolux appliances. Carrera Marble countertops and Zebrawood cabinets are included, with a staircase leading to a rooftop room and access to a rooftop deck with city views.
Located at 211 West Freemason Street in downtown Norfolk, approximately one block off Granby Street and adjacent to Freemason Abbey, the building supports on-street parking with apartment eligibility for two permits. Spaces may also be leased in the large adjacent lot from the law firm across the street, noted in the remarks as $85 per month. The prior tenant was paying $25/SF NNN and splitting utilities 65/35 with the upstairs apartment.
Key Highlights
- 1955‑built downtown Norfolk mixed‑use building with office/retail space below a 2BR/2BA apartment and rooftop access.
- Office/retail level includes reception, large flex space, 2 private offices, kitchenette, 2 restrooms, and server/storage room.
- Mezzanine features a glassed‑in executive office, open work area, and a large conference facility; office furnishings 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
$68,101
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
6.05%
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%
$1,362,020
$1.4M
Cap Rate 7%
$972,871
$972.9K
Cap Rate 9%
$756,678
$756.7K
Market Conditions
NOI Build-Up for 4,925 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
$98.7K $20.04/SF
− Vacancy
−$7.9K −$1.60/SF
EGI
$90.8K $18.44/SF
− OpEx
−$22.7K −$4.61/SF
NOI
$68.1K $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 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%
$1,362,020
Cap Rate 7%
$972,871
Cap Rate 9%
$756,678
Alternative Uses
Best Use
Office B
$972.9K
$851.3K – $1.14M
NOI $68,101 @ 7.0% cap · market cap 6.05%
Second Best
Retail
$798.9K
$699.1K – $932.1K
NOI $55,926 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$1.04M
$914.2K – $1.22M
NOI $73,134 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,670
Businesses Nearby
Explore this area
Business Placement
Demographics for 23510, VA
8,778
Population
4,948
Households
1.8
Avg Household Size
33
Median Age
52%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
7,980
Density / Sq Mi
$75,621
Median Household Income
$53,132
Median Earnings
$1,574
Median Rent
$349,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown mixed-use property with office/retail space and a 2-bedroom, 2-bath apartment plus rooftop access.
Where is this mixed-use property located?
The property is located at 211 West Freemason Street Norfolk, VA.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: 1955‑built downtown Norfolk mixed‑use building with office/retail space below a 2BR/2BA apartment and rooftop access.; Office/retail level includes reception, large flex space, 2 private offices, kitchenette, 2 restrooms, and server/storage room.; Mezzanine features a glassed‑in executive office, open work area, and a large conference facility; office furnishings included.
