Norfolk Office Building For
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839 Poplar Hall Dr, Norfolk, VA 23502
8,620 SF office building on 1.87 acres in Norfolk.
Property Size8,620 SF
Lot Size1.87 Acres
Price / SF$226.22
Days on Market714
Property Features for 839 Poplar Hall Dr
General Information
Standard status
Active
Size
8,620 SF
Class
C
Lot size
1.87 Acres
Property subtype
Office
Zoning
C2
Lease Type
Modified Gross
Investment Type
Owner/User
Building Details
Year Built
1984
Stories
1
Listing Agency:
NAI Dominion Hampton Roads
(757) 216-8438
Listed By:
Matt Wilbricht · License #VA 0225075527
Source:
Crexi
Added: Sep 18, 2024
Changed: Aug 31
Last Checked: Aug 31 at 5:35PM
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 NAI Dominion Hampton Roads
Investment Insights
Based on property information with market context.
This single-story office building offers 8,620 square feet of versatile space on 1.87 acres. Zoned C2, the property is centrally located in Norfolk, providing access to major interstates and highways. It is situated less than 2 miles from Sentara Leigh and the Tide light rail. The property offers abundant parking and great visibility. This property presents a solid foundation for a range of office ventures with potential for growth and development.
Key Highlights
- 8,620 SF single story office building on 1.87 acres.
- Coveted C2 zoning allows for a range of office ventures.
- Abundant parking and great visibility.
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
$119,194
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
6.11%
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%
$2,383,880
$2.4M
Cap Rate 7%
$1,702,771
$1.7M
Cap Rate 9%
$1,324,378
$1.3M
Market Conditions
NOI Build-Up for 8,620 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
$172.7K $20.04/SF
− Vacancy
−$13.8K −$1.60/SF
EGI
$158.9K $18.44/SF
− OpEx
−$39.7K −$4.61/SF
NOI
$119.2K $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 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%
$2,383,880
Cap Rate 7%
$1,702,771
Cap Rate 9%
$1,324,378
Alternative Uses
Best Use
Office B
$1.70M
$1.49M – $1.99M
NOI $119,194 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $128,002 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,091
Businesses Nearby
Explore this area
Business Placement
Demographics for 23502, VA
20,547
Population
8,839
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
89%
High-School Grad
9.9 sq mi
ZIP Area
2,075
Density / Sq Mi
$66,467
Median Household Income
$37,213
Median Earnings
$1,335
Median Rent
$244,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 8,620 SF office building on 1.87 acres in Norfolk.
Where is this office building located?
The property is located at 839 Poplar Hall Dr Norfolk, VA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 8,620 SF single story office building on 1.87 acres.; Coveted C2 zoning allows for a range of office ventures.; Abundant parking and great visibility.
