Ocean View Mixed-Use
8180 Shore Dr Norfolk, VA 23518
8180 Shore Dr, Norfolk, VA, 23518
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For Sale
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Mixed-use property in Norfolk's Ocean View near East Beach.
Property Size12,579 SF
Price / SF$337.86
Days on Market737
Property Features for 8180 Shore Dr
General Information
- Standard status
- Active
- Size
- 12,579 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2020
Listing Agency
Divaris Real Estate Inc
(757) 333-4382
Listed by
Levi Thomson · License #VA
Source
Crexi
Added: Jul 12, 2024 Checked: Jul 17 at 5:50 am
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 Inc
Investment Insights
Based on property information with market context.
Located in the Ocean View section of Norfolk, this mixed-use property is adjacent to the East Beach neighborhood, Vinings Landing Marina, Cobb's Marina, and other marinas on Little Creek. Joint Expeditionary Base Little Creek-Fort Story is immediately to the east. This military base houses approximately 2,500 U.S. Army, Navy, Marine Corp, and Coast Guard personnel. The property is situated on Shore Drive, directly adjacent to the Pretty Lake Bridge. The property size is 12579 square feet.
Key Highlights
- Located in the desirable Ocean View section of Norfolk.
- Adjacent to the popular East Beach neighborhood.
- Next to Vinings Landing Marina and other marinas on Little Creek.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $226.4k | $18.00 |
| − Vacancy | −$13.6k | −$1.08 |
| EGI | $212.8k | $16.92 |
| − OpEx | −$79.8k | −$6.34 |
| NOI | $133.0k | $10.58 |
12,579 SF · lease $18.00/SF/yr · vacancy 6.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$1.90M
$1.66M – $2.22M
NOI $133,023 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.67M
$2.33M – $3.11M
NOI $186,792 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Abiouness Alfred E
Engineering Consultant
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FAQs
What type of property is this?
Mixed-use property - Mixed-use property in Norfolk's Ocean View near East Beach.
Where is this mixed-use property located?
The property is located at 8180 Shore Dr Norfolk, VA.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Located in the desirable Ocean View section of Norfolk.; Adjacent to the popular East Beach neighborhood.; Next to Vinings Landing Marina and other marinas on Little Creek.
