Mixed-Use Building with
For Sale
$2,149,849
5010 Princess Anne Road E, Norfolk, VA 23502
Commercial/Industrial, Norfolk, VA
Property Size17,500 SF
Lot Size0.45 Acres
Price / SF$122.85
Days on Market312
Property Features for 5010 Princess Anne Road E
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-C
Subdivision
FOX HALL RES PARK
Standard status
Active
Size
17,500 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Annual Amount
6100
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air, Zoned, Wall/Window Unit(s)
Building Details
Year built
1932
Roof type
Shingle
Listing Agency:
Gabriel Rapisardi Real Estate
Listed By:
Gabriel Rapisardi
(757) 577-2902
Added: Nov 29, 2025
Changed: Oct 2
Last Checked: Oct 7 at 1:06AM
MLS# 10611879
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 mixed-use property contains 17,500 square feet on a 0.45-acre parcel and was built in 1932. The building includes six residential units, seven retail spaces, and two offices, creating a combination of residential and commercial areas within one asset. Existing retail operations include a florist, salons, and a fully equipped restaurant. The property is offered as-is.
Located at 5010 Princess Anne Road E in Norfolk, the building provides a commercial presence along Princess Anne Road. Zoning is C-C. Building systems include natural gas and forced-air heating, along with central air, zoned cooling, and wall/window units. The roof is shingle.
Located at 5010 Princess Anne Road E in Norfolk, the building provides a commercial presence along Princess Anne Road. Zoning is C-C. Building systems include natural gas and forced-air heating, along with central air, zoned cooling, and wall/window units. The roof is shingle.
Key Highlights
- 17,500 square feet on a 0.45‑acre parcel
- Six residential units, seven retail spaces, and two offices
- C‑C zoning at 5010 Princess Anne Road E, Norfolk, VA 23502
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$185,063
Cap Rate
8.61%
Suggested Prices Based on Cap Rates
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
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 Rate 5%
$3,701,260
Cap Rate 7%
$2,643,757
Cap Rate 9%
$2,056,256
Alternative Uses
Best Use
Apartment 5plus
$2.94M
$2.57M – $3.43M
NOI $205,849 @ 7.0% cap · market cap 9.58%
Second Best
Retail
$2.84M
$2.48M – $3.31M
NOI $198,720 @ 7.0% cap · market cap 9.24%
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
2
Office units
6
Residential units
Multi-tenant
Tenancy
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
Check the figures for this property
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 - C-C-zoned property combines commercial storefronts, office areas, and residential occupancy in a multi-level configuration.
Where is this mixed-use property located?
The property is located at 5010 Princess Anne Road 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: 17,500 square feet on a 0.45‑acre parcel; Six residential units, seven retail spaces, and two offices; C‑C zoning at 5010 Princess Anne Road E, Norfolk, VA 23502
