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    Norfolk Commercial Land For Sale Title is generated by Realmo AI

    5516 Typo Avenue, Norfolk, VA 23502

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    Claim this Listing
    For Sale
    $650,000

    COMMERCIAL - Norfolk, VA

    Property size:
    204,228 SF
    Lot size:
    4.69 Acres
    Price / SF:
    $3/SF
    Added:
    Nov 13, 2025
    Days on Market:
    181
    Last Refresh:
    May 13 at 1:06 am

    Property Features for 5516 Typo Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    I-2
    Standard status
    Active
    Size
    204,228 SF
    Lot size
    4.69 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1262

    We can help!

    Listing Contact
    Kim Stanley
    Kim Stanley

    Listing agent Kim Stanley

    Listing office GreenTree Realty Inc 801 Kent Place, Chesapeake, VA

    Listing date Nov 13, 2025

    MLS# 10610351 Listing URL

    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.

    HighLights

    • Three‑parcel package totaling approximately 6.1121 acres.
    • Includes a commercial‑zoned parcel in addition to two residentially zoned parcels.
    • Four buildings with a total square footage of 11,189 sq. ft. on one parcel.
    • One building is an 8‑bay garage with 8,487 sq. ft.
    • One parcel consists of 4+ acres.
    • Includes a single‑family detached brick ranch (3‑bedroom).

    Overview

    This property, part of a three-parcel package totaling approximately 6.1121 acres, is offered for sale. The package includes three parcels: 1232 Typo Avenue, 5513 Typo Avenue, and 5516 Typo Avenue. The parcel at 5516 Typo Avenue consists of 4+ acres. The properties are sold in as-is condition. The combined parcels at 5513 Typo Avenue include four buildings with a total square footage of 11,189. Building #1 is 8,487 sq. ft. and currently used as a garage with 8 bays. Building #2 is 720 sq. ft. Buildings #3 and #4 are each 991 sq. ft. One of the parcels contains a single-family detached brick ranch at 1232 Typo Avenue, listed in tax records as a 2-bedroom but used as a 3-bedroom home. Two of the lots are zoned for residential use, while one is designated for commercial purposes. The buyer is responsible for performing their own due diligence. Square footage is per the tax records.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.220202
    Latitude
    36.864595

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    FAQs

    What type of property is this?
    Commercial land - 6.1121 acres of land with commercial and residential zoning.
    Where is this commercial land located?
    The property is located at 5516 Typo Avenue Norfolk, VA.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: Three‑parcel package totaling approximately 6.1121 acres.; Includes a commercial‑zoned parcel in addition to two residentially zoned parcels.; Four buildings with a total square footage of 11,189 sq. ft. on one parcel.
    (757) 274-5272
    We can help!
    Listing Contact
    Kim Stanley
    Kim Stanley
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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