Triple-Net Drug Store with
For Sale
$2,100,000
7912 Halprin Drive, Norfolk, VA 23518
Rite Aid on a signalized corner lot with drive-thru service and multiple ingress/egress points.
Property Size10,908 SF
Lot Size1.06 Acres
Price / SF$192.52
Days on Market149
Property Features for 7912 Halprin Drive
General Information
Standard status
Active
Size
10,908 SF
Lot size
1.06 Acres
Property subtype
Commercial
Additional Details
Traffic Count
36,200 vehicles/day
Listing Agency:
Matthews
Listed By:
Brandon Perez · License #02106051 (CA), 10401395154 (NY)
(949) 777-5984
Source:
Matthews
Added: Apr 10
Changed: Sep 3
Last Checked: Sep 5 at 3:34AM
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 Matthews
Investment Insights
Based on property information with market context.
This Rite Aid drug store is offered for sale as an absolute triple-net (NNN) lease. The property has 9.5+ years remaining on an original 25-year term, with five, five-year renewal options and 1.5% rent escalation per option. The site is developed on a 1.06-acre lot and includes a drive-thru window, providing dedicated customer service along with multiple points of ingress/egress.
The property is positioned on a signalized, hard-corner intersection with reported traffic exceeding 36,200 vehicles per day. It is located on East Little Creek Road, described as a major east-west thoroughfare connecting the Virginia Port Authority on the Elizabeth River to the Chesapeake Bay. The Rite Aid sits on a pad site to a shopping center that includes Dunkin’ Donuts, Wells Fargo, Save-A-Lot, and Hibbett Sports.
Additional nearby tenant mentions include Walgreens, 7-Eleven, BB&T, Family Dollar, DaVita Dialysis, Food Lion, and Marshalls. The remarks also cite three elementary schools and one middle school within one mile, along with surrounding demographic figures provided in the materials.
The property is positioned on a signalized, hard-corner intersection with reported traffic exceeding 36,200 vehicles per day. It is located on East Little Creek Road, described as a major east-west thoroughfare connecting the Virginia Port Authority on the Elizabeth River to the Chesapeake Bay. The Rite Aid sits on a pad site to a shopping center that includes Dunkin’ Donuts, Wells Fargo, Save-A-Lot, and Hibbett Sports.
Additional nearby tenant mentions include Walgreens, 7-Eleven, BB&T, Family Dollar, DaVita Dialysis, Food Lion, and Marshalls. The remarks also cite three elementary schools and one middle school within one mile, along with surrounding demographic figures provided in the materials.
Key Highlights
- 10,908 SF Rite Aid on a 1.06‑acre lot in Norfolk, Virginia
- Over 9.5 years remaining on an original 25‑year absolute triple‑net (NNN) lease
- Lease includes five, five‑year renewal options with 1.5% rent escalations
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
$135,944
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
6.47%
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%
$2,718,880
$2.7M
Cap Rate 7%
$1,942,057
$1.9M
Cap Rate 9%
$1,510,489
$1.5M
Market Conditions
NOI Build-Up for 10,908 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
$189.8K $17.40/SF
− Vacancy
−$8.5K −$0.78/SF
EGI
$181.3K $16.62/SF
− OpEx
−$45.3K −$4.15/SF
NOI
$135.9K $12.46/SF
Area
Norfolk, VA
Vacancy
4.50%
Lease Rate
$17.40 /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%
$2,718,880
Cap Rate 7%
$1,942,057
Cap Rate 9%
$1,510,489
Alternative Uses
Best Use
Specialty Retail
$1.94M
$1.70M – $2.27M
NOI $135,944 @ 7.0% cap · market cap 6.47%
Second Best
Retail
$1.77M
$1.55M – $2.06M
NOI $123,865 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$2.31M
$2.02M – $2.70M
NOI $161,978 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
36,200 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
185k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 32%
Dining 23%
Apparel 22%
Groceries 13%
Marshalls
Apparel
28,911 visits/mo
0.4 miles
Food Lion Grocery Store
Groceries
19,818 visits/mo
0.3 miles
Big Lots
Superstores
18,991 visits/mo
0.4 miles
Dollar Tree
Shops & Services
18,175 visits/mo
0.2 miles
7-Eleven
Shops & Services
13,688 visits/mo
0.4 miles
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 Retail in Norfolk, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Rite Aid on a signalized corner lot with drive-thru service and multiple ingress/egress points.
Where is this nnn property located?
The property is located at 7912 Halprin Drive Norfolk, VA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 10,908 SF Rite Aid on a 1.06‑acre lot in Norfolk, Virginia; Over 9.5 years remaining on an original 25‑year absolute triple‑net (NNN) lease; Lease includes five, five‑year renewal options with 1.5% rent escalations
