Mixed-Use Property with Multiple
For Sale
$550,000
2474 E Little Creek Road, Norfolk, VA 23518
Commercial/Industrial, Norfolk, VA
Property Size4,110 SF
Lot Size0.30 Acres
Price / SF$133.82
Days on Market51
Property Features for 2474 E Little Creek Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Subdivision
CAMELLIA ACRES
Standard status
Active
Size
4,110 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Annual Amount
4118
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump, Central Air
Building Details
Year built
1961
Listing Agency:
Atlantic Sothebys Int'l Realty · Sotheby's International Realty
(757) 777-9870
Listed By:
Lea Marie Ngowakl · License #54173
(757) 340-5555
Added: Aug 18
Changed: Oct 5
Last Checked: Oct 7 at 3:06AM
MLS# 10649825
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 4,110-square-foot mixed-use property sits on 0.2954 acres and was built in 1961. The building includes separate front, side, and rear entrances, supporting division into multiple areas or use as a single commercial operation. Parking is available at both the front and rear, while existing plumbing adds practical flexibility for a range of commercial layouts. Heating is provided by an electric heat pump, with central air and heat-pump cooling.
Located at 2474 E Little Creek Road in Norfolk, the property is zoned C-1 and positioned near Shore Drive, Military Highway, and I-64. The surrounding area includes COVA Brewing, Bay Local Eatery, Taste Unlimited, Norfolk Premium Outlets, and Little Creek Naval Base. Its Norfolk location and access to established roads support convenient reach for employees, customers, and service users.
Located at 2474 E Little Creek Road in Norfolk, the property is zoned C-1 and positioned near Shore Drive, Military Highway, and I-64. The surrounding area includes COVA Brewing, Bay Local Eatery, Taste Unlimited, Norfolk Premium Outlets, and Little Creek Naval Base. Its Norfolk location and access to established roads support convenient reach for employees, customers, and service users.
Key Highlights
- 4,110 square feet of commercial space on 0.2954 acres
- C‑1 zoning in Norfolk, VA
- Separate front, side, and rear entrances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,463
Cap Rate
7.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$869,260
$869.3K
Cap Rate 7%
$620,900
$620.9K
Cap Rate 9%
$482,922
$482.9K
Market Conditions
NOI Build-Up for 4,110 SF
Gross rent
$74.0K $18.00/SF
− Vacancy
−$4.4K −$1.08/SF
EGI
$69.5K $16.92/SF
− OpEx
−$26.1K −$6.34/SF
NOI
$43.5K $10.58/SF
Area
Norfolk, VA
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$869,260
Cap Rate 7%
$620,900
Cap Rate 9%
$482,922
Alternative Uses
Best Use
Mixed Use
$620.9K
$543.3K – $724.4K
NOI $43,463 @ 7.0% cap · market cap 7.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$871.9K
$762.9K – $1.02M
NOI $61,031 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Explore this area
Business Placement
Demographics for 23518, VA
30,278
Population
13,911
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,964
Density / Sq Mi
$73,899
Median Household Income
$47,605
Median Earnings
$1,348
Median Rent
$280,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C-1-zoned commercial space offers adaptable access, on-site parking, and existing plumbing for varied business configurations.
Where is this mixed-use property located?
The property is located at 2474 E Little Creek Road Norfolk, VA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,110 square feet of commercial space on 0.2954 acres; C‑1 zoning in Norfolk, VA; Separate front, side, and rear entrances
