Freestanding Office
For Sale
Contact for pricing
912 W Little Creek Rd, Norfolk, VA 23505
Standalone office property identified for sole-practitioner use with access to I-64 and I-564.
Property Size1,000 SF
Price / SF$250
Days on Market137
Property Features for 912 W Little Creek Rd
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Retail, Office
Additional Details
Highway Access
Yes
Building Details
Year Built
1968
Buildings
1
Stories
1
Listing Agency:
Harvey Lindsay Commercial Real Estate
Listed By:
Bob King · License #VA 0225017956
Source:
Crexi
Added: Apr 16
Changed: Aug 30
Last Checked: Apr 24 at 10:09PM
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 Harvey Lindsay Commercial Real Estate
Investment Insights
Based on property information with market context.
This freestanding 1,000-square-foot office building is located at 912 W. Little Creek Road in Norfolk, Virginia. The property is identified as suitable for a sole practitioner's office and offers a standalone commercial setting.
The building is situated within Norfolk's Wards Corner retail submarket, described as the city's northside gateway. Regional access includes connections to I-64 and I-564, supporting convenient travel to and from the property.
The building is situated within Norfolk's Wards Corner retail submarket, described as the city's northside gateway. Regional access includes connections to I-64 and I-564, supporting convenient travel to and from the property.
Key Highlights
- 1,000 SF freestanding office building
- Identified for sole‑practitioner office use
- Located at 912 W. Little Creek Road, Norfolk, VA 23505
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
$13,828
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
5.53%
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%
$276,560
$276.6K
Cap Rate 7%
$197,543
$197.5K
Cap Rate 9%
$153,644
$153.6K
Market Conditions
NOI Build-Up for 1,000 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
$20.0K $20.04/SF
− Vacancy
−$1.6K −$1.60/SF
EGI
$18.4K $18.44/SF
− OpEx
−$4.6K −$4.61/SF
NOI
$13.8K $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%
$276,560
Cap Rate 7%
$197,543
Cap Rate 9%
$153,644
Alternative Uses
Best Use
Office B
$197.5K
$172.9K – $230.5K
NOI $13,828 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$212.1K
$185.6K – $247.5K
NOI $14,849 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
Explore this area
Business Placement
Demographics for 23505, VA
27,785
Population
13,715
Households
2
Avg Household Size
32
Median Age
32%
College-Educated
91%
High-School Grad
6.6 sq mi
ZIP Area
4,210
Density / Sq Mi
$55,678
Median Household Income
$40,814
Median Earnings
$1,279
Median Rent
$318,600
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 - Standalone office property identified for sole-practitioner use with access to I-64 and I-564.
Where is this office building located?
The property is located at 912 W Little Creek Rd Norfolk, VA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,000 SF freestanding office building; Identified for sole‑practitioner office use; Located at 912 W. Little Creek Road, Norfolk, VA 23505
