Turnkey Commercial Kitchen Near
For Sale
Contact for pricing
813 W 39th St, Norfolk, VA 23508
Former cafe with commercial kitchen near Ghent neighborhood.
Property Size943 SF
Price / SF$310.18
Days on Market95
Property Features for 813 W 39th St
General Information
Standard status
Active
Size
943 SF
Property subtype
RETAIL
Listing Agency:
Creoteric Commercial Real Estate
(757) 270-2788
Listed By:
Jon Elliott · License #0225272281
Source:
Moodyscre
Added: May 27
Changed: Aug 8
Last Checked: Aug 28 at 2:52PM
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 Creoteric Commercial Real Estate
Investment Insights
Based on property information with market context.
This property, formerly a cafe, features a turnkey commercial kitchen with included equipment. Located near the Ghent neighborhood and Colley Avenue, the property was renovated in 2024. Renovations include a new roof, a new HVAC system, and kitchen updates and improvements. The property has a size of 943 square feet. It is suitable for coffee shops, restaurants, commercial kitchens, and other commercial real estate ventures.
Key Highlights
- Turnkey commercial kitchen with included equipment.
- Renovated in 2024 with new roof, HVAC, and kitchen updates.
- Located near Ghent neighborhood and Colley Ave.
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
$11,752
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
4.02%
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%
$235,040
$235.0K
Cap Rate 7%
$167,886
$167.9K
Cap Rate 9%
$130,578
$130.6K
Market Conditions
NOI Build-Up for 943 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
$16.4K $17.40/SF
− Vacancy
−$738 −$0.78/SF
EGI
$15.7K $16.62/SF
− OpEx
−$3.9K −$4.15/SF
NOI
$11.8K $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%
$235,040
Cap Rate 7%
$167,886
Cap Rate 9%
$130,578
Alternative Uses
Best Use
Specialty Retail
$167.9K
$146.9K – $195.9K
NOI $11,752 @ 7.0% cap · market cap 4.02%
Second Best
Industrial
$88.3K
$77.2K – $103.0K
NOI $6,179 @ 7.0% cap · market cap 2.11%
Theoretical Best
Office A
$200.0K
$175.0K – $233.4K
NOI $14,003 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,084
Businesses Nearby
119k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 27%
Groceries 23%
Food Lion Grocery Store
Groceries
27,154 visits/mo
0.5 miles
McDonald's
Dining
26,212 visits/mo
0.5 miles
7-Eleven
Shops & Services
17,731 visits/mo
0.5 miles
Taco Bell
Dining
11,181 visits/mo
0.5 miles
Dunkin' Donuts
Dining
10,229 visits/mo
0.5 miles
Demographics for 23508, VA
20,485
Population
7,112
Households
2.9
Avg Household Size
27
Median Age
56%
College-Educated
93%
High-School Grad
3.3 sq mi
ZIP Area
6,208
Density / Sq Mi
$74,524
Median Household Income
$24,975
Median Earnings
$1,381
Median Rent
$384,800
Median Home Value
Market
Vacancy Rate% for Retail in Norfolk, VA
Questions? Ask Rey
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Similar Off Market Nearby
- Town Center Cold Pressed - Ghent — 1902 Colley Ave, Norfolk, VA 23517
- Edible Arrangements — 520 W 21st St, Norfolk, VA 23517
- Cold Stone Creamery — 520 W 21st St Ste C, Norfolk, VA 23517
- The Artist Vibez Cafe — 2200 Colonial Ave suite 20, Norfolk, VA 23517
- C4 Cafe Ghent — 2200 Colonial Ave Suite 19, Norfolk, VA 23517
Frequently Asked Questions
What type of property is this?
Coffee shop - Former cafe with commercial kitchen near Ghent neighborhood.
Where is this coffee shop located?
The property is located at 813 W 39th St Norfolk, VA.
What is the asking price?
The asking price for this property is $292,500.
What are key features of this property?
This property features: Turnkey commercial kitchen with included equipment.; Renovated in 2024 with new roof, HVAC, and kitchen updates.; Located near Ghent neighborhood and Colley Ave.
