Freestanding Retail Building on NNN
For Sale
Contact for pricing
4261 East Little Creek Road, Norfolk, VA 23518
Freestanding 13,249 SF retail building built in 2011 is leased under a 12-year NNN agreement with CVS Pharmacy, Inc.
Property Size13,249 SF
Lot Size1.16 Acres
Price / SF$233.60
Days on Market97
Property Features for 4261 East Little Creek Road
General Information
Standard status
Active
Size
13,249 SF
Lot size
1.16 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Additional Details
Cap Rate
7.5%
Building Details
Year Built
2011
Buildings
1
Tenancy
Single
Listing Agency:
Porter Realty Company, Inc.
Listed By:
Byron W. Holmes · License #VA 0225067613
(804) 353-7994
Source:
Crexi
Added: Jun 15
Changed: Sep 11
Last Checked: Sep 19 at 8:12AM
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 Porter Realty Company, Inc.
Investment Insights
Based on property information with market context.
This freestanding retail building totals 13,249 SF and was built in 2011. The property sits on 1.16 acres and is offered as a 12-year NNN lease with CVS Pharmacy, Inc.
Located at 4261 E Little Creek Rd in Norfolk, VA 23518, the offering includes an indicated 7.5% cap rate based on the provided terms.
The property is structured as a specialty/drugstore-oriented retail asset with a long-term net lease in place, providing a straightforward buy-and-hold profile for qualified investors.
Located at 4261 E Little Creek Rd in Norfolk, VA 23518, the offering includes an indicated 7.5% cap rate based on the provided terms.
The property is structured as a specialty/drugstore-oriented retail asset with a long-term net lease in place, providing a straightforward buy-and-hold profile for qualified investors.
Key Highlights
- 13,249 SF freestanding retail building on 1.16 acres
- Built in 2011
- 12‑year NNN lease with CVS Pharmacy, Inc.
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
$165,119
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
5.34%
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%
$3,302,380
$3.3M
Cap Rate 7%
$2,358,843
$2.4M
Cap Rate 9%
$1,834,656
$1.8M
Market Conditions
NOI Build-Up for 13,249 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
$230.5K $17.40/SF
− Vacancy
−$10.4K −$0.78/SF
EGI
$220.2K $16.62/SF
− OpEx
−$55.0K −$4.15/SF
NOI
$165.1K $12.46/SF
Area
Norfolk, VA
Vacancy
4.50%
Lease Rate
$17.40 /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%
$3,302,380
Cap Rate 7%
$2,358,843
Cap Rate 9%
$1,834,656
Alternative Uses
Best Use
Specialty Retail
$2.36M
$2.06M – $2.75M
NOI $165,119 @ 7.0% cap · market cap 5.34%
Second Best
Retail
$2.15M
$1.88M – $2.51M
NOI $150,448 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$2.81M
$2.46M – $3.28M
NOI $196,741 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
82k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Groceries 34%
Shops & Services 20%
Electronics 3%
Food Lion Grocery Store
Groceries
28,061 visits/mo
0.0 miles
Starbucks
Dining
10,990 visits/mo
0.1 miles
Sushi King
Dining
8,325 visits/mo
0.1 miles
7-Eleven
Shops & Services
8,082 visits/mo
0.2 miles
Qdoba Mexican Grill
Dining
7,147 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Norfolk, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Freestanding 13,249 SF retail building built in 2011 is leased under a 12-year NNN agreement with CVS Pharmacy, Inc.
Where is this nnn property located?
The property is located at 4261 East Little Creek Road Norfolk, VA.
What is the asking price?
The asking price for this property is $3,095,000.
What are key features of this property?
This property features: 13,249 SF freestanding retail building on 1.16 acres; Built in 2011; 12‑year NNN lease with CVS Pharmacy, Inc.
