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    1710-1780 Little Creek Rd Norfolk, VA 23518

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    For Lease
    Contact for pricing

    Norfolk Shopping Center, Multiple Spaces Available

    Lot size:
    92,000 SF

    Property Features for 1710-1780 Little Creek Rd

    General Information

    Property type
    Lifestyle centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    92,000 SF
    Total Rate
    92000

    Spaces For Lease

    at 1710-1780 Little Creek Rd, Norfolk, VA 23518 Contact us
    Unit 1730

    $12 /Mo

    Size
    10,160 SF
    Contact us
    Unit 105

    $21 /Mo

    Size
    1,600 SF
    Contact us

    We can help!

    Listing Contact
    Larry Hecht
    Larry Hecht

    Listing Agency: Harvey Lindsay Commercial Real Estate Listing Agent: Larry Hecht

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Little Creek Square, a 92,000 square foot retail shopping center located at 1710-1780 E Little Creek Rd in Norfolk, Virginia (zip code 23518), presents a compelling investment opportunity. Currently, there are multiple spaces available, ranging in size from 1,600 square feet to 10,160 square feet, providing flexibility for various retail businesses. The center is situated in Norfolk County and boasts a prime location with excellent visibility and accessibility. The property is classified as a multi-tenant retail center, indicating a diverse tenant mix and potential for strong rental income. With a total building size of 92,000 square feet, Little Creek Square offers significant space for expansion or consolidation. The currently vacant space totals 1,600 square feet, representing an immediate opportunity for a new tenant to establish a presence in this thriving retail environment. This property is ideal for businesses seeking a well-established location in a busy commercial area of Norfolk, Virginia. The address is easily accessible from major roadways, ensuring high traffic flow and visibility for potential tenants. This is a rare opportunity to acquire a significant retail space in a desirable location. The property's size and location make it an attractive investment for both established businesses and new ventures.
    Property Profile Location Intelligence

    Current Use by Public Records

    Little Creek Square Shopping Center & Mall

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2281275
    Latitude
    36.9177332

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    FAQs

    What type of property is this?
    Lifestyle center - Norfolk Shopping Center, Multiple Spaces Available
    Where is this lifestyle center located?
    The property is located at 1710-1780 Little Creek Rd Norfolk, VA.
    What is the lease rate?
    The lease rate is $12-$21 SF/Yr.
    What are key features of this property?
    This property features: Walmart-anchored neighborhood shopping center with strong co-tenancy.; High visibility corner lot on E. Little Creek Road (24,000 VPD) with traffic signal.; Excellent location near Norfolk Naval Air Station and Little Creek Amphibious Base.
    (757) 640-8700 Call to check price and availability
    Request Owner's contact information
    1710-1780 Little Creek Rd Norfolk, VA 23518
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    Norfolk, VA 23518
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    1710-1780 Little Creek Rd Norfolk, VA 23518
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Larry Hecht
    Larry Hecht
    (757) 640-8700 (757) 640-8230
    Learn more
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