Turnkey Commercial Space For
For Sale
Contact for pricing
Pending
5759 Princess Anne Rd, Virginia Beach, VA 23462
Turnkey commercial space ideal for retail or office use.
Property Size1,988 SF
Days on Market173
Property Features for 5759 Princess Anne Rd
General Information
Standard status
Pending
Size
1,988 SF
Property subtype
Retail
Zoning
B2
Investment Type
Owner/User
Building Details
Year Built
1971
Buildings
1
Stories
2
Listing Agency:
Shaffer Realty, LLC
(757) 468-5000
Listed By:
Dena McKee · License #0225209787
Source:
Crexi
Added: Mar 11
Changed: Aug 8
Last Checked: Jul 24 at 4:13PM
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 Shaffer Realty, LLC
Investment Insights
Based on property information with market context.
This turnkey commercial space features an open studio layout, a reception area, an additional workspace area, storage, and a second-floor flex space. Previously operated as a tattoo studio with booth/station rentals, the property is suitable for an owner/operator, specialty retail, or appointment-based concepts designed for individualized client services. The open floor plan and defined work areas also support potential office or retail use. The property has a size of 1988 square feet.
Key Highlights
- Turnkey commercial space ready for immediate occupancy.
- Open studio layout with reception and additional workspace.
- Second‑floor flex space provides versatility.
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
$20,819
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
5.78%
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%
$416,380
$416.4K
Cap Rate 7%
$297,414
$297.4K
Cap Rate 9%
$231,322
$231.3K
Market Conditions
NOI Build-Up for 1,988 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
$31.0K $15.60/SF
− Vacancy
−$1.3K −$0.64/SF
EGI
$29.7K $14.96/SF
− OpEx
−$8.9K −$4.49/SF
NOI
$20.8K $10.47/SF
Area
ZIP 23462
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%
$416,380
Cap Rate 7%
$297,414
Cap Rate 9%
$231,322
Alternative Uses
Best Use
Retail
$297.4K
$260.2K – $347.0K
NOI $20,819 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$422.2K
$369.4K – $492.6K
NOI $29,555 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,442
Businesses Nearby
84k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 55%
Dining 23%
Hotels & Casinos 19%
Home Improvements & Furnishings 1%
Navy Federal Credit Union
Shops & Services
15,593 visits/mo
0.2 miles
Dollar Tree
Shops & Services
14,628 visits/mo
0.4 miles
Burger King
Dining
10,574 visits/mo
0.5 miles
7-Eleven
Shops & Services
10,193 visits/mo
0.0 miles
Dunkin' Donuts
Dining
6,842 visits/mo
0.4 miles
Demographics for 23462, VA
68,045
Population
29,729
Households
2.3
Avg Household Size
34
Median Age
31%
College-Educated
94%
High-School Grad
11.0 sq mi
ZIP Area
6,186
Density / Sq Mi
$69,680
Median Household Income
$43,613
Median Earnings
$1,652
Median Rent
$269,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Turnkey commercial space ideal for retail or office use.
Where is this retail space located?
The property is located at 5759 Princess Anne Rd Virginia Beach, VA.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Turnkey commercial space ready for immediate occupancy.; Open studio layout with reception and additional workspace.; Second‑floor flex space provides versatility.
