Restaurant Space in Strip
New
For Sale
$124,700
222 W 21st Street, Norfolk, VA 23517
COMMERCIAL - Norfolk, VA
Property Size1,000 SF
Price / SF$124.70
Days on Market7
Property Features for 222 W 21st Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street
Subdivision
GHENT
Standard status
Active
Size
1,000 SF
Taxes and HOA fees
Tax Annual Amount
99999
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Amenities
Security
Landscaping
Lighting
Trash
Building Details
Roof type
Tar/Gravel
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 935-9000
Listed By:
Leann Amory
(757) 690-0439
Added: Aug 3
Changed: Aug 6
Last Checked: Aug 9 at 11:06AM
MLS# 10647271
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 1,000-square-foot restaurant property occupies a storefront within a strip shopping center at 222 W 21st Street in Norfolk. The space is equipped with central air conditioning and electric heat, while the building has a tar-and-gravel roof.
The property includes access to a parking lot with off-street parking. Security, landscaping, lighting, and trash service are included in CAM fees. The site is located in Norfolk’s Ghent area and is identified as an established business location.
The property includes access to a parking lot with off-street parking. Security, landscaping, lighting, and trash service are included in CAM fees. The site is located in Norfolk’s Ghent area and is identified as an established business location.
Key Highlights
- 1,000 SF restaurant space in a strip shopping center
- Central air conditioning and electric heat
- Off‑street parking with an on‑site parking lot
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
$11,355
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
9.11%
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%
$227,100
$227.1K
Cap Rate 7%
$162,214
$162.2K
Cap Rate 9%
$126,167
$126.2K
Market Conditions
NOI Build-Up for 1,000 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
$17.0K $17.04/SF
− Vacancy
−$818 −$0.82/SF
EGI
$16.2K $16.22/SF
− OpEx
−$4.9K −$4.87/SF
NOI
$11.4K $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%
$227,100
Cap Rate 7%
$162,214
Cap Rate 9%
$126,167
Alternative Uses
Best Use
Specialty Retail
$178.0K
$155.8K – $207.7K
NOI $12,463 @ 7.0% cap · market cap 9.99%
Second Best
Retail
$162.2K
$141.9K – $189.3K
NOI $11,355 @ 7.0% cap · market cap 9.11%
Theoretical Best
Office A
$212.1K
$185.6K – $247.5K
NOI $14,849 @ 7.0% cap · market cap 11.91%
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
1,700
Businesses Nearby
326k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Groceries 24%
Shops & Services 17%
Electronics 1%
Chick-fil-A
Dining
43,656 visits/mo
0.3 miles
Harris Teeter
Groceries
38,729 visits/mo
0.4 miles
Aldi
Groceries
24,449 visits/mo
0.4 miles
Cook Out
Dining
20,035 visits/mo
0.3 miles
Dollar Tree
Shops & Services
17,446 visits/mo
0.2 miles
Demographics for 23517, VA
5,237
Population
2,901
Households
1.8
Avg Household Size
33
Median Age
55%
College-Educated
97%
High-School Grad
0.8 sq mi
ZIP Area
6,546
Density / Sq Mi
$63,556
Median Household Income
$46,689
Median Earnings
$1,397
Median Rent
$355,800
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 - Restaurant space with central air, electric heat, and off-street parking in a multi-tenant shopping center.
Where is this conventional restaurant located?
The property is located at 222 W 21st Street Norfolk, VA.
What is the asking price?
The asking price for this property is $124,700.
What are key features of this property?
This property features: 1,000 SF restaurant space in a strip shopping center; Central air conditioning and electric heat; Off‑street parking with an on‑site parking lot
