Two-Tenant Retail
For Sale
Contact for pricing
6029 E Virginia Beach Blvd, Norfolk, VA 23502
Stabilized retail property with two tenants and 100% occupancy, generating in-place net operating income.
Property Size16,325 SF
Price / SF$124.84
Days on Market157
Property Features for 6029 E Virginia Beach Blvd
General Information
Standard status
Active
Size
16,325 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$147,752
Additional Details
Business Included
Yes
Building Details
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Landmark Commercial Real Estate Services
Listed By:
Daniel Kukes · License #MI 6502361395
(248) 488-2620
Source:
Crexi
Added: Apr 1
Changed: Aug 22
Last Checked: Aug 31 at 9:09AM
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 Landmark Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This stabilized, two-tenant retail investment is offered for sale and is currently 100% leased. The property comprises 16,325 square feet of retail space and is producing approximately $147,750 of in-place net operating income.
The asset is positioned along Virginia Beach Boulevard, providing visibility and convenient access. The surrounding area includes retailers, healthcare providers, and employment centers within the Hampton Roads region.
With a simple two-tenant structure and current occupancy, the property is designed for investors seeking durable, immediately generating income from a retail asset.
The asset is positioned along Virginia Beach Boulevard, providing visibility and convenient access. The surrounding area includes retailers, healthcare providers, and employment centers within the Hampton Roads region.
With a simple two-tenant structure and current occupancy, the property is designed for investors seeking durable, immediately generating income from a retail asset.
Key Highlights
- Stabilized two‑tenant retail investment at 6029–6035 E. Virginia Beach Boulevard in Norfolk, VA
- 16,325 SF retail property is 100% leased with two tenants
- In‑place Net Operating Income of approximately $147,750
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
$185,378
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
9.10%
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%
$3,707,560
$3.7M
Cap Rate 7%
$2,648,257
$2.6M
Cap Rate 9%
$2,059,756
$2.1M
Market Conditions
NOI Build-Up for 16,325 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
$278.2K $17.04/SF
− Vacancy
−$13.4K −$0.82/SF
EGI
$264.8K $16.22/SF
− OpEx
−$79.4K −$4.87/SF
NOI
$185.4K $11.36/SF
Area
Norfolk, VA
Vacancy
4.80%
Lease Rate
$17.04 /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%
$3,707,560
Cap Rate 7%
$2,648,257
Cap Rate 9%
$2,059,756
Alternative Uses
Best Use
Retail
$2.65M
$2.32M – $3.09M
NOI $185,378 @ 7.0% cap · market cap 9.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.46M
$3.03M – $4.04M
NOI $242,418 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,091
Businesses Nearby
338k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 37%
Shops & Services 28%
Dining 17%
Apparel 10%
Costco Wholesale
Superstores
125,717 visits/mo
0.1 miles
Costco Gasoline
Shops & Services
33,578 visits/mo
0.2 miles
Five Below
Shops & Services
25,690 visits/mo
0.4 miles
Burlington
Apparel
25,204 visits/mo
0.4 miles
Ollie's Bargain Outlet
Shops & Services
21,727 visits/mo
0.0 miles
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
Market
Vacancy Rate% for Retail in Norfolk, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Stabilized retail property with two tenants and 100% occupancy, generating in-place net operating income.
Where is this retail space located?
The property is located at 6029 E Virginia Beach Blvd Norfolk, VA.
What is the asking price?
The asking price for this property is $2,037,959.
What are key features of this property?
This property features: Stabilized two‑tenant retail investment at 6029–6035 E. Virginia Beach Boulevard in Norfolk, VA; 16,325 SF retail property is 100% leased with two tenants; In‑place Net Operating Income of approximately $147,750
