Retail Portfolio For
For Sale
Contact for pricing
5461 Wesleyan Dr, Virginia Beach, VA 23455
Portfolio featuring shopping center, net lease, and commercial land.
Property Size64,059 SF
Price / SF$234.16
Days on Market159
Property Features for 5461 Wesleyan Dr
General Information
Standard status
Active
Size
64,059 SF
Property subtype
Retail, Mixed Use
Zoning
B2
Lease Type
NNN
Investment Type
Core
Net Operating Income
$887,696
Building Details
Year Built
2000
Tenancy
Multi
Listing Agency:
Riddle Associates, Inc.
(757) 523-1900
Listed By:
Lindsey Elliott · License #VA 0225188866
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 10 at 4:12PM
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 Riddle Associates, Inc.
Investment Insights
Based on property information with market context.
This portfolio for sale includes a Food Lion anchored neighborhood shopping center, a corporate 7-Eleven net lease, and an infill commercial land parcel. The property encompasses 64,059 square feet and is located in Virginia Beach, VA.
Key Highlights
- Food Lion anchored neighborhood shopping center provides stable, high‑traffic tenancy.
- Corporate 7‑Eleven Net lease offers a reliable income stream.
- Infill commercial land parcel presents development opportunities.
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
$670,844
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
4.47%
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%
$13,416,880
$13.4M
Cap Rate 7%
$9,583,486
$9.6M
Cap Rate 9%
$7,453,822
$7.5M
Market Conditions
NOI Build-Up for 64,059 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
$999.3K $15.60/SF
− Vacancy
−$41.0K −$0.64/SF
EGI
$958.3K $14.96/SF
− OpEx
−$287.5K −$4.49/SF
NOI
$670.8K $10.47/SF
Area
Virginia Beach, VA
Vacancy
4.10%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$13,416,880
Cap Rate 7%
$9,583,486
Cap Rate 9%
$7,453,822
Alternative Uses
Best Use
Retail
$9.58M
$8.39M – $11.18M
NOI $670,844 @ 7.0% cap · market cap 4.47%
Second Best
Specialty Retail
$7.82M
$6.84M – $9.12M
NOI $547,485 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$16.43M
$14.38M – $19.17M
NOI $1,150,319 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
96k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 42%
Groceries 37%
Dining 20%
Food Lion Grocery Store
Groceries
35,726 visits/mo
0.1 miles
7-Eleven
Shops & Services
14,507 visits/mo
0.0 miles
Dollar Tree
Shops & Services
13,413 visits/mo
0.1 miles
Family Dollar
Shops & Services
6,266 visits/mo
0.2 miles
Little Caesars Pizza
Dining
5,985 visits/mo
0.1 miles
Demographics for 23455, VA
50,599
Population
22,286
Households
2.3
Avg Household Size
38
Median Age
42%
College-Educated
95%
High-School Grad
15.2 sq mi
ZIP Area
3,329
Density / Sq Mi
$88,223
Median Household Income
$49,119
Median Earnings
$1,610
Median Rent
$397,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cypress Point Shopping Ctr — 928 Diamond Springs Rd, Virginia Beach, VA 23455
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Frequently Asked Questions
What type of property is this?
Shopping center - Portfolio featuring shopping center, net lease, and commercial land.
Where is this shopping center located?
The property is located at 5461 Wesleyan Dr Virginia Beach, VA.
What is the asking price?
The asking price for this property is $15,000,000.
What are key features of this property?
This property features: Food Lion anchored neighborhood shopping center provides stable, high‑traffic tenancy.; Corporate 7‑Eleven Net lease offers a reliable income stream.; Infill commercial land parcel presents development opportunities.
