Mixed-Use Property with
For Sale
$2,149,849
5010 Princess Anne Rd E, Norfolk, VA 23502
Two-level configuration combines commercial spaces with residential tenants in an established Norfolk property.
Property Size17,500 SF
Price / SF$122.85
Days on Market37
Property Features for 5010 Princess Anne Rd E
General Information
Standard status
Active
Size
17,500 SF
Additional Details
Multifamily Units
6
Building Details
Year Built
1932
Buildings
1
Listing Agency:
Gabriel Rapisardi Real Estate
Listed By:
Gabriel Rapisardi
(757) 577-2902
Source:
Horakrealtygroup
Added: Aug 20
Changed: Sep 16
Last Checked: Sep 24 at 1:15PM
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 Gabriel Rapisardi Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property combines residential and commercial components within a building constructed in 1932. The configuration includes six residential units, seven retail spaces, and two offices, with residential tenants located above the commercial portion.
The property is located at 5010 Princess Anne Rd E in Norfolk, VA 23502. Existing commercial occupants include a florist, salons, and a fully equipped restaurant, creating a varied mix of business uses within the building. The property is offered as-is.
The property is located at 5010 Princess Anne Rd E in Norfolk, VA 23502. Existing commercial occupants include a florist, salons, and a fully equipped restaurant, creating a varied mix of business uses within the building. The property is offered as-is.
Key Highlights
- Six residential units, seven retail spaces, and two offices
- Existing commercial occupants include a florist, salons, and a fully equipped restaurant
- Residential tenants occupy the upper portion of the building
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
$185,063
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
8.61%
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%
$3,701,260
$3.7M
Cap Rate 7%
$2,643,757
$2.6M
Cap Rate 9%
$2,056,256
$2.1M
Market Conditions
NOI Build-Up for 17,500 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
$315.0K $18.00/SF
− Vacancy
−$18.9K −$1.08/SF
EGI
$296.1K $16.92/SF
− OpEx
−$111.0K −$6.34/SF
NOI
$185.1K $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 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%
$3,701,260
Cap Rate 7%
$2,643,757
Cap Rate 9%
$2,056,256
Alternative Uses
Best Use
Specialty Retail
$3.12M
$2.73M – $3.63M
NOI $218,098 @ 7.0% cap · market cap 10.14%
Second Best
Apartment 5plus
$2.94M
$2.57M – $3.43M
NOI $205,849 @ 7.0% cap · market cap 9.58%
Theoretical Best
Office A
$3.71M
$3.25M – $4.33M
NOI $259,866 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Explore this area
Business Placement
Demographics for 23502, VA
20,547
Population
8,839
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
89%
High-School Grad
9.9 sq mi
ZIP Area
2,075
Density / Sq Mi
$66,467
Median Household Income
$37,213
Median Earnings
$1,335
Median Rent
$244,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level configuration combines commercial spaces with residential tenants in an established Norfolk property.
Where is this mixed-use property located?
The property is located at 5010 Princess Anne Rd E Norfolk, VA.
What is the asking price?
The asking price for this property is $2,149,849.
What are key features of this property?
This property features: Six residential units, seven retail spaces, and two offices; Existing commercial occupants include a florist, salons, and a fully equipped restaurant; Residential tenants occupy the upper portion of the building
