Office Units with Multiple Private
For Sale
$550,000
2474 E Little Creek Road, Norfolk, VA 23518
COMMERCIAL - Norfolk, VA
Property Size4,110 SF
Lot Size0.30 Acres
Price / SF$133.82
Days on Market165
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
Central Air, Heat Pump
Building Details
Year built
1961
Listing Agency:
Atlantic Sothebys Int'l Realty · Sotheby's International Realty
(757) 777-9870
Listed By:
Lea Marie Ngowakl
(757) 340-5555
Added: Feb 27
Changed: Aug 6
Last Checked: Aug 11 at 7:06PM
MLS# 10622874
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.
Office units at 2474 E Little Creek Road offer a flexible commercial footprint on a 0.2954-acre site. The building provides over 4,100 sq ft of adaptable space and features multiple private entrances—front, side, and rear—designed to support division for multi-tenant use or a single enterprise expansion. Parking is available at the front with additional parking in the rear.
The property is zoned C-1 and positioned near major arteries including Shore Drive, Military Highway, and I-64. It has existing plumbing and infrastructure, with past uses identified as a law office and salon.
Comfort systems include electric heating with heat pump heating, along with central air and heat pump cooling. The building was constructed in 1961.
The property is zoned C-1 and positioned near major arteries including Shore Drive, Military Highway, and I-64. It has existing plumbing and infrastructure, with past uses identified as a law office and salon.
Comfort systems include electric heating with heat pump heating, along with central air and heat pump cooling. The building was constructed in 1961.
Key Highlights
- Zoned C‑1 office units near Shore Drive, Military Highway, and I‑64
- Over 4,100 sq ft flexible office space
- Multiple private entrances: front, side, and rear
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
$47,036
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
8.55%
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%
$940,720
$940.7K
Cap Rate 7%
$671,943
$671.9K
Cap Rate 9%
$522,622
$522.6K
Market Conditions
NOI Build-Up for 4,110 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
$83.8K $20.40/SF
− Vacancy
−$5.4K −$1.33/SF
EGI
$78.4K $19.07/SF
− OpEx
−$31.4K −$7.63/SF
NOI
$47.0K $11.44/SF
Area
Norfolk, VA
Vacancy
6.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
40.00%
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%
$940,720
Cap Rate 7%
$671,943
Cap Rate 9%
$522,622
Alternative Uses
Best Use
Office B
$811.9K
$710.4K – $947.2K
NOI $56,831 @ 7.0% cap · market cap 10.33%
Second Best
Healthcare Medical
$671.9K
$588.0K – $783.9K
NOI $47,036 @ 7.0% cap · market cap 8.55%
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
526
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Zoned C-1 office units with multiple private entrances plus front and rear parking.
Where is this office units 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: Zoned C‑1 office units near Shore Drive, Military Highway, and I‑64; Over 4,100 sq ft flexible office space; Multiple private entrances: front, side, and rear
