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 Market103
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
Listed By:
Neal Sadler
(757) 724-2243
Source:
Divaris
Added: Jul 4
Changed: Oct 7
Last Checked: Oct 12 at 6:29PM
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 / Yr
$37,335
Cap Rate
7.51%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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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
