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    1221 Little Creek Rd Norfolk, VA 23518

    Sponsored
    For Lease
    $16 SF/Yr ($6,664 /Mo)

    Retail space, 4,862 sqft, 1.23 acres

    Lot size:
    4,862 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional commercial property, located at 1221 E Little Creek Road in Norfolk, Virginia, presents a unique investment opportunity. The property encompasses a total of 4,862 square feet of retail space situated on a generous 1.23-acre lot. Currently, the entire space is vacant, offering immediate occupancy for a single tenant or the potential for multiple tenants. The property's zoning allows for a variety of retail uses, making it an ideal location for businesses seeking high visibility and accessibility. The asking price for the sale of this property is $1,300,000, representing a significant price reduction. The property's prime location in Norfolk, Virginia, with its zip code 23518, ensures high traffic volume and excellent exposure to potential customers. The ample lot size provides ample parking and potential for future expansion. This is a rare opportunity to acquire a substantial retail property in a thriving commercial area. The property is available for both sale and lease, offering flexibility to potential buyers and tenants. Interested parties are encouraged to inquire for further details and to schedule a viewing. The property is classified as both Retail and Land, offering versatility in its potential uses. The entire 4,862 square feet is currently vacant, presenting a blank canvas for a new business venture or a multi-tenant retail complex.

    Property Features for 1221 Little Creek Rd

    General Information

    Property type
    Land
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    4,862 SF
    Total Rate
    6664.99

    Unit(s) available at that property

    Space
    Available Space
    Size
    53,579 SF
    Rate per SF
    $16

    HighLights

    • 4,862 SF retail building on a 1.23‑acre lot.
    • Former SunTrust and Truist bank branch with three drive‑thru lanes, 58‑space parking lot, and landscaping.
    • Excellent ingress/egress at the intersection of E. Little Creek Road (33,782 VPD) and Military Highway (22,403 VPD).
    • Located in a high‑traffic commercial area serving Ocean View, Bayview, and Larrymore Lawns.
    • Currently vacant, ideal for redevelopment or a new bank branch; lease rate: $16.45 PSF, absolute net.
    Property Profile Location Intelligence

    Current Use by Public Records

    SunTrust ATM Atm

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2376568
    Latitude
    36.914848

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    FAQs

    What type of property is this?
    Land - Retail space, 4,862 sqft, 1.23 acres
    Where is this land located?
    The property is located at 1221 Little Creek Rd Norfolk, VA.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: 4,862 SF retail building on a 1.23-acre lot.; Former SunTrust and Truist bank branch with three drive-thru lanes, 58-space parking lot, and landscaping.; Excellent ingress/egress at the intersection of E. Little Creek Road (33,782 VPD) and Military Highway (22,403 VPD).
    Request Owner's contact information
    1221 Little Creek Rd Norfolk, VA 23518
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    Norfolk, VA 23518
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1221 Little Creek Rd Norfolk, VA 23518
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