Redevelopment Opportunity Former Bank
1221 E Little Creek Rd Norfolk, VA 23518
1221 E Little Creek Rd, Norfolk, VA, 23518
Contact for pricing
For Sale
Contact for pricing
4,862 SF property on 1.23 AC for redevelopment.
Property Size4,862 SF
Lot Size1.23 Acres
Price / SF$195.39
Days on Market504
Property Features for 1221 E Little Creek Rd
General Information
- Standard status
- Active
- Size
- 4,862 SF
- Lot size
- 1.23 Acres
- Property subtype
- Retail
Listing Agency
Harvey Lindsay Commercial Real Estate
Listed by
Bob King · License #VA 0225017956
Source
Crexi
Added: Mar 4, 2025 Updated: Jul 6 at 8:39 am Checked: Jul 19 at 6:57 am
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.
The property features a 4,862 square foot building situated on a 1.23-acre lot. Formerly a Sun Trust and Truist bank branch, the site includes three drive-thru lanes, a concrete parking lot with 58 spaces, and landscaping. It offers superior ingress and egress at the intersection of E. Little Creek Road, which sees 33,782 vehicles per day, and Military Highway, with 22,403 vehicles per day. The location is part of a commercially active area with stores, fast food establishments, and auto sales, serving the residents of Ocean View, Bayview, and Larrymore Lawns. This property is suitable for redevelopment or reuse as a bank branch.
Key Highlights
- High traffic location: E. Little Creek Road (33,782 VPD) and Military Highway (22,403 VPD)
- Large 1.23 AC lot
- Existing infrastructure: Features three (3) drive‑thru lanes and 58 parking spaces
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $84.6k | $17.40 |
| − Vacancy | −$3.8k | −$0.78 |
| EGI | $80.8k | $16.62 |
| − OpEx | −$20.2k | −$4.15 |
| NOI | $60.6k | $12.46 |
4,862 SF · lease $17.40/SF/yr · vacancy 4.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$865.6K
$757.4K – $1.01M
NOI $60,594 @ 7.0% cap · market cap 6.38%
Second Best
Retail
$788.7K
$690.1K – $920.2K
NOI $55,210 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$1.03M
$902.5K – $1.20M
NOI $72,198 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
SunTrust ATM
Atm
Similar For Sale Nearby
FAQs
What type of property is this?
Bank - 4,862 SF property on 1.23 AC for redevelopment.
Where is this bank located?
The property is located at 1221 E Little Creek Rd Norfolk, VA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: High traffic location: E. Little Creek Road (33,782 VPD) and Military Highway (22,403 VPD); Large 1.23 AC lot; Existing infrastructure: Features three (3) drive‑thru lanes and 58 parking spaces
