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    Property profile & analytics

    4201 Pleasant Ave Norfolk, VA 23518-1641

    • Investment properties
    • 11,108 SF
    • 0.22 lot acres
    OFF-MARKET
    Last Sale
    Aug 12, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3390143
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Investment properties

    Property Details for 4201 Pleasant Ave

    Year built
    2022
    Lot size
    0.22 lot acres
    Property size
    11,108 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    51000047
    APU
    51000047

    Description

    East Beach Village Square offers exceptional retail and office opportunities in Norfolk, VA. This Class A mixed-use development, completed in 2023, boasts two buildings totaling 30,300 square feet. Currently, 2,243 square feet are available, divisible into units as small as 428 square feet, with a maximum contiguous space of 1,160 square feet. The property features three suites in total, ideal for a variety of businesses. Located at 4201 Pleasant Ave, 23518, this highly visible location enjoys excellent traffic counts along Shore Drive (over 30,000 vehicles per day) and benefits from its proximity to a major military base (Little Creek) and a large employer, serving over 25,000 personnel. The property is also conveniently situated within fifteen minutes of Downtown Norfolk and Virginia Beach Town Center, providing access to a substantial consumer base. This vibrant waterfront community includes condominiums, townhomes, and other retail establishments, creating a thriving atmosphere. The available spaces are ready for immediate occupancy. The strong demographics and strategic location make this an exceptional investment opportunity.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.1908
    Latitude
    36.9281
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $34,764
    $201,900
    $2,579,200
    $2,781,100
    -
    $201,900
    $2,579,200
    $2,781,100

    Comparable in this City

    • Value Estimation by Request
      3,800 SF

      9630 Shr Dr

      OFFICE/RESIDENTIAL (MIXED USE) • 3,800 SF
      9630 Shr Dr, Norfolk, VA 23518-1639
      View Details
    • Value Estimation by Request
      4,047 SF

      4503 Maiden Ln

      OFFICE/RESIDENTIAL (MIXED USE) • 4,047 SF
      4503 Maiden Ln, Norfolk, VA 23518-1718
      View Details
    • Value Estimation
      $665,000
      2,371 SF

      4400 Pleasant Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,371 SF
      4400 Pleasant Ave, Norfolk, VA 23518-1710
      View Details
    • Value Estimation
      $370,000
      3,850 SF

      3101 Ocean Vw Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,850 SF
      3101 Ocean Vw Ave, Norfolk, VA 23518-1312
      View Details
    • Value Estimation
      $1,355,000
      5,580 SF

      4486 Pleasant Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,580 SF
      4486 Pleasant Ave, Norfolk, VA 23518-1819
      View Details
    • Value Estimation
      $365,000
      2,541 SF

      4401 Pleasant Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,541 SF
      4401 Pleasant Ave, Norfolk, VA 23518-1709
      View Details

    Similar Nearby for Sale

    • $725,000

      Ready-to-Develop Lot in Prime Location

      Large, flat lot with approved plans and utilities stubbed.
      23518 20 Ave, Norfolk, VA 23518
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    • $559,000
      0.17 Acres

      Waterfront Lot in Norfolk, VA

      Armored waterfront lot suitable for single-family coastal house.
      9719 21St Bay St, Norfolk, VA 23518
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    • $500,000

      Commercial Land on Little Creek

      Commercial land with high traffic and signalized access.
      1600 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • $4,015,606
      25,816 SF

      Retail Space in Bayview Plaza

      Retail space in established shopping center near Little Creek Base.
      7924 Chesapeake Blvd, Norfolk, VA 23518
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    • $647,400
      4,110 SF

      Versatile Commercial Space in Norfolk

      Flexible commercial space in Norfolk's active Camellia Acres corridor.
      2474 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • $895,000
      2,987 SF

      Norfolk Commercial Property on Little Creek

      Commercial property on heavily traveled road, suitable for retail.
      1501 E Little Creek Rd, Norfolk, VA 23518
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      4,862 SF

      Norfolk Retail Property: Prime Location

      Retail space, 4,862 sqft, 1.23 acres
      1221 Little Creek Rd, Norfolk, VA 23518
      View Details
    • $13 SF/Yr
      9,363 SF

      Prime Norfolk Retail Space

      9,363 SF Vacant Retail Building
      1101 Little Creek Rd, Norfolk, VA 23518
      View Details
    • Contact for pricing
      1,068 SF

      Office Space with Flexible Terms

      Office space for rent with flexible lease terms and rates.
      1500 Little Creek Rd, Norfolk, VA 23518
      View Details
    • $1.78 SF/Yr
      3,200 SF

      Office Space with Ample Parking

      Office spaces for lease, conveniently located near amenities.
      1512 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • $8 SF/Yr
      109,185 SF

      Roosevelt Gardens Shopping Center

      Norfolk Retail Center: Spaces Available
      2300 Little Creek Rd, Norfolk, VA 23518
      View Details
    • $26 SF/Yr
      3,718 SF

      Retail Space Available For Rent

      Retail space available for lease in Norfolk, Virginia.
      9590 Shore Dr, Norfolk, VA 23518
      View Details
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    4201 Pleasant Ave
    Norfolk, VA 23518-1641
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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.

    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
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