Multi-Suite Office
For Sale
Contact for pricing
735 Newtown Rd, Norfolk, VA 23502
Two-story office property with available space and existing short-term lease income on the upper level.
Property Size6,734 SF
Price / SF$185.63
Days on Market51
Property Features for 735 Newtown Rd
General Information
Standard status
Active
Size
6,734 SF
Property subtype
OFFICE
Additional Details
Utilities to Site
Yes
Office Units
5
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
S L Nusbaum Realty Co - Corporate
(757) 627-8611
Listed By:
John M Profilet · License #225041020
(757) 679-3278
Source:
Moodyscre
Added: Aug 25
Changed: Oct 13
Last Checked: Oct 12 at 9:28PM
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
Investment Insights
Based on property information with market context.
This two-story office building contains 6,734 square feet. The full first floor offers 3,367± square feet of available space, with two electric meters serving the level. The second floor is divided into four suites, including one 650±-square-foot suite currently available and three suites occupied under short-term leases. Four electric meters serve the second floor.
The property is located at 735 Newtown Rd in Norfolk, Virginia, near the Norfolk/Virginia Beach city line. Its configuration combines an entire-floor availability with smaller upper-level suites and in-place lease occupancy.
The property is located at 735 Newtown Rd in Norfolk, Virginia, near the Norfolk/Virginia Beach city line. Its configuration combines an entire-floor availability with smaller upper-level suites and in-place lease occupancy.
Key Highlights
- 6,734‑square‑foot two‑story office building
- Entire 3,367±-square‑foot first floor available
- Four second‑floor suites, including a 650±-square‑foot available suite
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$93,115
Cap Rate
7.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,862,300
$1.9M
Cap Rate 7%
$1,330,214
$1.3M
Cap Rate 9%
$1,034,611
$1.0M
Market Conditions
NOI Build-Up for 6,734 SF
Gross rent
$134.9K $20.04/SF
− Vacancy
−$10.8K −$1.60/SF
EGI
$124.2K $18.44/SF
− OpEx
−$31.0K −$4.61/SF
NOI
$93.1K $13.83/SF
Area
Norfolk, VA
Vacancy
8.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,862,300
Cap Rate 7%
$1,330,214
Cap Rate 9%
$1,034,611
Alternative Uses
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 authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,077
Businesses Nearby
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office property with available space and existing short-term lease income on the upper level.
Where is this office building located?
The property is located at 735 Newtown Rd 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: 6,734‑square‑foot two‑story office building; Entire 3,367±-square‑foot first floor available; Four second‑floor suites, including a 650±-square‑foot available suite
