Freestanding Nine-Tenant Mixed-Use
For Sale
$497,000
7849 Azalea Garden Road, Norfolk, VA 23518
Brick retail and office property with left-in, left-out access and full occupancy.
Property Size2,700 SF
Days on Market58
Property Features for 7849 Azalea Garden Road
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Office
Building Details
Building Size
2,700 SF
Listing Agency:
Divaris Real Estate - Hampton Roads
(757) 724-2243
Listed By:
Neal Sadler
Source:
Divaris
Added: Jul 4
Changed: Aug 30
Last Checked: Aug 30 at 1:35PM
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 Divaris Real Estate - Hampton Roads
Investment Insights
Based on property information with market context.
This freestanding brick mixed-use building contains 2,700 SF on a 0.19 AC site and is occupied by nine tenants. The property combines retail and office space in a single commercial building, with parking provided on site.
Access includes a left-in, left-out ingress and egress configuration. The property is near a signalized intersection at E. Little Creek Road, Norfolk International Airport, and I-64, placing the building within an established commercial setting. The asset is fully occupied and offered with an 11.5% cap rate.
Access includes a left-in, left-out ingress and egress configuration. The property is near a signalized intersection at E. Little Creek Road, Norfolk International Airport, and I-64, placing the building within an established commercial setting. The asset is fully occupied and offered with an 11.5% cap rate.
Key Highlights
- Fully occupied by nine tenants
- 2,700 SF brick mixed‑use building on 0.19 AC
- Retail and office occupancy in a freestanding building
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
$37,335
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
7.51%
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%
$746,700
$746.7K
Cap Rate 7%
$533,357
$533.4K
Cap Rate 9%
$414,833
$414.8K
Market Conditions
NOI Build-Up for 2,700 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
$54.1K $20.04/SF
− Vacancy
−$4.3K −$1.60/SF
EGI
$49.8K $18.44/SF
− OpEx
−$12.4K −$4.61/SF
NOI
$37.3K $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 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%
$746,700
Cap Rate 7%
$533,357
Cap Rate 9%
$414,833
Alternative Uses
Best Use
Office B
$533.4K
$466.7K – $622.3K
NOI $37,335 @ 7.0% cap · market cap 7.51%
Second Best
Retail
$438.0K
$383.3K – $511.0K
NOI $30,660 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$572.8K
$501.2K – $668.2K
NOI $40,094 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
303
Businesses Nearby
Explore this area
Business Placement
Demographics for 23518, VA
30,278
Population
13,911
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,964
Density / Sq Mi
$73,899
Median Household Income
$47,605
Median Earnings
$1,348
Median Rent
$280,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick retail and office property with left-in, left-out access and full occupancy.
Where is this mixed-use property located?
The property is located at 7849 Azalea Garden Road Norfolk, VA.
What is the asking price?
The asking price for this property is $497,000.
What are key features of this property?
This property features: Fully occupied by nine tenants; 2,700 SF brick mixed‑use building on 0.19 AC; Retail and office occupancy in a freestanding building
