Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    233 Valleau Road Norfolk, VA 23502

    View on Map
    Claim this Listing
    For Sale
    $269,900

    LAND - Norfolk, VA

    Lot size:
    0.38 Acres
    Added:
    Mar 23, 2026
    Days on Market:
    46
    Last Refresh:
    May 7 at 12:06 am

    Property Features for 233 Valleau Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R-5
    Standard status
    Active
    Lot size
    0.38 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1507

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Lynne Jenkins

    Listing agent Lynne Jenkins

    Listing office Creed Realty 600 Lynnhaven Parkway #106, Virginia Beach, VA

    Listing date Mar 23, 2026

    MLS# 10626201 Listing URL

    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.

    HighLights

    • Deep water lot suitable for boating
    • Waterfront property
    • Located in a residential subdivision
    • Ready for home construction
    • Proximity to Waterside (1.5 miles by boat)
    • Sought after location

    Overview

    Waterfront Lot in Norfolk, VA

    This 0.38-acre waterfront lot is located in a residential subdivision in Norfolk, VA. The property is zoned R-5 and is suitable for building a waterfront home. It is situated one and a half miles by boat to Waterside.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.22011
    Latitude
    36.838342

    Nearby Similar for Sale

    • $375,000
      1,524 SF

      Norfolk Duplex Near the Beach

      Well-maintained duplex near East Beach and Ocean View.
      9513 6th Bay Street, Norfolk, VA 23518
      View Details
    • $364,000
      2,146 SF

      Norfolk Duplex: Income Potential

      Spacious duplex with separate entrances, ideal for investors or owner-occupants.
      873 Norview Avenue, Norfolk, VA 23513
      View Details
    • $325,000
      1,650 SF

      Norfolk Office For Sale

      Office property in Norfolk, VA with 1650 square feet.
      1350 Strand Street, Norfolk, VA 23513
      View Details
    • $799,000

      Cleared Lots in Norfolk Heart

      Six cleared lots on a highly traveled corner for sale.
      3126 Tidewater Drive, Norfolk, VA 23509
      View Details
    • $2,000,000
      4,020 SF

      Bayfront Investment Opportunity in Norfolk

      Rare bayfront duplex and four-unit building package for sale.
      840 W Ocean View Avenue, Norfolk, VA 23503
      View Details
    • $335,000
      1,484 SF

      Norfolk Duplex with Fenced Backyard

      Turnkey duplex in Norview area with strong rental income.
      6351 Edward Street, Norfolk, VA 23513
      View Details
    • $400,000
      2,000 SF

      Remodeled Duplex in Convenient Location

      Remodeled duplex near shopping, dining, and major routes.
      2517 Hale Street, Norfolk, VA 23504
      View Details
    • $339,000
      2,274 SF

      Well-Maintained Duplex in Norfolk, VA

      Well-maintained duplex with tenant, convenient to amenities and transportation.
      114 W 38th Street, Norfolk, VA 23504
      View Details
    • $230,000
      2,665 SF

      Norfolk Duplex with Garage

      Duplex with garage, carport, and partially finished attic.
      2615 Ballentine Boulevard, Norfolk, VA 23509
      View Details
    • $995,000
      4,400 SF

      Multifamily Property in Norfolk, VA

      Multifamily property with yards, parking, and greenspace near beach.
      9544 20th Bay & 9546 20th Bay Street, Norfolk, VA 23518
      View Details
    • $995,000
      7,179 SF

      Norfolk Flex/Industrial Building For Sale

      Freestanding flex/industrial building in Norfolk Industrial Park submarket.
      1556 Azalea Garden Rd, Norfolk, VA 23502
      View Details
    • $350,000
      1,446 SF

      Bayview Duplexes Near Beach

      Side-by-side duplexes, 5 blocks from the beach.
      1141 Modoc Avenue, Norfolk, VA 23503
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Deep water lot ready for a waterfront home.
    Where is this waterfront land located?
    The property is located at 233 Valleau Road Norfolk, VA.
    What is the asking price?
    The asking price for this property is $269,900.
    What are key features of this property?
    This property features: Deep water lot suitable for boating; Waterfront property; Located in a residential subdivision
    (757) 502-4070
    We can help!
    Listing Contact
    Lynne Jenkins
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    233 Valleau Road, Norfolk, VA 23502
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!