Two-Story Office Building For
735 Newtown Road, Norfolk, VA 23502
6,734 SF office building in Norfolk's Newtown/Witchduck submarket.
Type:Office
Property size:
6,734 SFPrice / SF:
$185/SF- Added:
- Mar 6, 2026
- Days on Market:
- 73
- Last Refresh:
- Apr 5 at 11:54 pm
Property Features for 735 Newtown Road
General Information
- Standard status
- Active
- Size
- 6,734 SF
- Property subtype
- Office
Building Details
- Year Built
- 1982
Listing agent John M. Profilet, SIOR (757) 640-2278
Listing office S.L. Nusbaum Realty Co - Corporate (757) 640-2278
Listing date Mar 6, 2026
Source Slnusbaum
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 S.L. Nusbaum Realty Co - Corporate
HighLights
- 3,367± square feet available on the entire first floor.
- Located in an Opportunity Zone, potentially providing preferential tax treatment.
- Central location on the city line of Norfolk/Virginia Beach.
- Lease income in‑place from three (3) suites on the second floor with short‑term leases.
- On‑site parking to city code (27 parking stalls).
- Major building renovation in 2010.
Overview
Located in the City of Norfolk, the property at 735 Newtown Road is a 6,734 square foot two-story office building situated in the Newtown/Witchduck submarket. The building fronts the highly-trafficked Newtown Road. The first floor comprises 3,367 square feet, which will be available upon sale. The second floor contains four suites; one 650 square foot suite is currently vacant, and the remaining three suites are under short-term leases, providing lease income. The building features two electric meters on the first floor and four electric meters on the second floor. A major building renovation was completed in 2010. On-site parking is available, providing 27 parking stalls. The property has 99 linear feet of road frontage, offering signage opportunities. The location is within an Opportunity Zone, which may provide preferential tax treatment. The property is centrally located on the city line of Norfolk and Virginia Beach.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$1.03M
NOI $93,115 @ 9.00% cap · cautious / downside scenario
Moderate
$1.33M
NOI $93,115 @ 7.00% cap · market / base-case scenario
Aggressive
$1.86M
NOI $93,115 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $134.9k | $20.04 |
| − Vacancy | −$10.8k | −$1.60 |
| EGI | $124.2k | $18.44 |
| − OpEx | −$31.0k | −$4.61 |
| NOI | $93.1k | $13.83 |
6,734 SF · lease $20.04/SF/yr · vacancy 8.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$1.33M
$1.16M – $1.55M
NOI $93,115 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $99,996 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Bragg Laurence Dickerson ...
Law Firm
The Law Offices of Goss ...
Law Firm
Bowman, Erick A
Law Firm
Fentress, Russell J
Law Firm
Law Offices Of Steve ...
Law Firm
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk
- State
- Virginia
- Longitude
- -76.1797
- Latitude
- 36.8506
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - 6,734 SF office building in Norfolk's Newtown/Witchduck submarket.
Where is this office building located?
The property is located at 735 Newtown Road Norfolk, VA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 3,367± square feet available on the entire first floor.; Located in an Opportunity Zone, potentially providing preferential tax treatment.; Central location on the city line of Norfolk/Virginia Beach.
