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 Market202
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: Oct 7
Last Checked: Oct 19 at 4:26AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$185,378
Cap Rate
9.10%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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
