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    1221 Little Creek Rd Norfolk, VA 23518

    Sponsored
    For Sale
    $1,300,000

    Prime Norfolk location, 4,862 SF, 1.23 acres

    Property size:
    4,862 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 4,862 square foot retail building sits on a 1.23-acre lot in Norfolk, Virginia, at 1221 E Little Creek Rd, zip code 23518. Previously occupied by SunTrust and Truist Bank, the property boasts three drive-thru lanes, a spacious concrete parking lot accommodating 58 vehicles, and attractive landscaping. The building's strategic location at the intersection of E. Little Creek Road (33,782 vehicles per day) and Military Highway (22,403 vehicles per day) ensures high visibility and accessibility. This prime commercial site is part of a vibrant trade area, surrounded by various stores, fast-food restaurants, and car dealerships, serving the communities of Ocean View, Bayview, and Larrymore Lawns. The property is ideal for redevelopment or as a new bank branch. The asking price is $1,300,000. A lease option is also available at a rate of $16.45 per square foot, absolute net. The single-story building offers superior ingress and egress, making it a highly desirable location for a variety of businesses.

    Property Features for 1221 Little Creek Rd

    General Information

    Property type
    Individual retail properties
    Square Feet
    4,862 SF
    Lot Size
    53,579 SF

    Building Details

    Buildings
    1
    Stories
    1

    HighLights

    • $1,300,000 asking price for a 4,862 SF retail building on a 1.23‑acre lot.
    • Former SunTrust and Truist bank branch with three drive‑thru lanes, 58 parking spaces, and landscaping.
    • Excellent location at the intersection of E. Little Creek Road (33,782 VPD) and Military Highway (22,403 VPD).
    • High‑traffic area with surrounding stores, fast food, and auto sales, serving Ocean View, Bayview, and Larrymore Lawns residents.
    • Available for sale or lease; 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
    -76.2377016
    Latitude
    36.914901

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    FAQs

    What type of property is this?
    Individual retail property - Prime Norfolk location, 4,862 SF, 1.23 acres
    Where is this individual retail property located?
    The property is located at 1221 Little Creek Rd Norfolk, VA.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: $1,300,000 asking price for a 4,862 SF retail building on a 1.23-acre lot.; Former SunTrust and Truist bank branch with three drive-thru lanes, 58 parking spaces, and landscaping.; Excellent location 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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