Office Building with Available
New
For Sale
$2,595,000
951-957 W 21st St, Norfolk, VA 23518
Commercial property offers flexible suites, dedicated signage opportunities, and additional parking along a busy commercial corridor.
Property Size12,834 SF
Price / SF$202.20
Days on Market3
Property Features for 951-957 W 21st St
General Information
Standard status
Active
Size
12,834 SF
Property subtype
Commercial
Amenities
dedicated signage opportunities
on-street parking
nearby parking
Building Details
Building Size
12,834 SF
Year Built
1947
Buildings
1
Stories
2
Listing Agency:
(804) 244-5410
Listed By:
Casselyn Dagenhart
(804) 244-5410
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 4:05AM
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 Casselyn Dagenhart
Investment Insights
Based on property information with market context.
This 12,834 SF office building, constructed in 1947, includes 633–2,283 SF available for lease, with additional space potentially available. The property supports owner occupancy, income-producing leasing, or a combination of both. Dedicated signage opportunities and the owner's planned exterior repainting provide further physical features for occupants and ownership.
Located at 951–957 W 21st St in Norfolk, the building fronts West 21st Street within the Ghent commercial corridor. The surrounding area includes retail boutiques, restaurants and cafés, grocers, schools, higher education institutions, and high-density residential neighborhoods. On-street and nearby parking are available, and the sale includes an adjacent parking lot at 950 Woodrow Ave with potential for further development if combined with the property.
Available suites range from 633 to 2,283 SF, supporting office, medical, retail, and mixed-use occupancy as identified for the property.
Located at 951–957 W 21st St in Norfolk, the building fronts West 21st Street within the Ghent commercial corridor. The surrounding area includes retail boutiques, restaurants and cafés, grocers, schools, higher education institutions, and high-density residential neighborhoods. On-street and nearby parking are available, and the sale includes an adjacent parking lot at 950 Woodrow Ave with potential for further development if combined with the property.
Available suites range from 633 to 2,283 SF, supporting office, medical, retail, and mixed-use occupancy as identified for the property.
Key Highlights
- 12,834 SF office building constructed in 1947
- 633–2,283 SF currently available for lease
- Situated on West 21st Street in Norfolk’s Ghent commercial corridor
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
$177,463
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
6.84%
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%
$3,549,260
$3.5M
Cap Rate 7%
$2,535,186
$2.5M
Cap Rate 9%
$1,971,811
$2.0M
Market Conditions
NOI Build-Up for 12,834 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
$257.2K $20.04/SF
− Vacancy
−$20.6K −$1.60/SF
EGI
$236.6K $18.44/SF
− OpEx
−$59.2K −$4.61/SF
NOI
$177.5K $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%
$3,549,260
Cap Rate 7%
$2,535,186
Cap Rate 9%
$1,971,811
Alternative Uses
Best Use
Office B
$2.54M
$2.22M – $2.96M
NOI $177,463 @ 7.0% cap · market cap 6.84%
Second Best
Retail
$2.08M
$1.82M – $2.43M
NOI $145,736 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$2.72M
$2.38M – $3.18M
NOI $190,578 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,520
Businesses Nearby
Explore this area
Business Placement
Demographics for 23518, VA
30,278
Population
13,911
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,964
Density / Sq Mi
$73,899
Median Household Income
$47,605
Median Earnings
$1,348
Median Rent
$280,200
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 - Commercial property offers flexible suites, dedicated signage opportunities, and additional parking along a busy commercial corridor.
Where is this office building located?
The property is located at 951-957 W 21st St Norfolk, VA.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: 12,834 SF office building constructed in 1947; 633–2,283 SF currently available for lease; Situated on West 21st Street in Norfolk’s Ghent commercial corridor
