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    1817 Little Creek Rd Norfolk, VA 23518
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    1817 Little Creek Rd, Norfolk, VA 23518

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    • Lifestyle centers
    • 137,834 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • DaVita Little Creek Dialysis / Medical Clinic

    Property Details for 1817 Little Creek Rd

    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Wedgewood Plaza, located at 1817 E Little Creek Rd, Norfolk, VA 23518, offers exceptional retail opportunities in a thriving commercial center. This 137,834 square foot shopping center boasts a strong tenant mix, anchored by a high-performing Food Lion and Marshalls. Two suites are currently available, with a minimum divisible space of 1,440 square feet and a maximum contiguous space of 7,000 square feet. A total of 8,440 square feet is currently vacant, presenting a unique chance to establish a presence in this well-established center. The plaza's strategic location between Norfolk Naval Station and Joint Expeditionary Base Little Creek-Fort Story provides unparalleled access to a substantial consumer base exceeding 77,220 active-duty personnel, civilian employees, and their families. In addition to the anchor tenants, Wedgewood Plaza features other national brands including Big Lots and Citi Trends, creating a vibrant and attractive shopping destination. This property presents a compelling investment opportunity for businesses seeking high visibility and a strong customer demographic. The available spaces are ideal for a variety of retail uses, offering flexibility and potential for significant growth.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2256
    Latitude
    36.9156

    Comparable in this City

    • Value Estimation by Request
      92,000 SF

      1710-1780 Little Creek Rd

      Lifestyle centers
      1710-1780 Little Creek Rd, Norfolk, VA 23518
      View Details
    • Value Estimation by Request
      137,834 SF

      1817 Little Creek Rd

      Lifestyle centers
      1817 Little Creek Rd, Norfolk, VA 23518
      View Details
    • Value Estimation by Request
      51,415 SF

      2400-2420 Little Creek Rd

      Neighborhood centers
      2400-2420 Little Creek Rd, Norfolk, VA 23518
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    • Value Estimation
      $1,275,000
      51,934 SF

      2406 Little Crk Rd

      MINI-MALL
      2406 Little Crk Rd, Norfolk, VA 23518-3224
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    • Value Estimation
      $1,325,000
      34,612 SF

      6200 Military Hwy

      MINI-MALL
      6200 Military Hwy, Norfolk, VA 23518-5400
      View Details
    • Value Estimation
      $2,335,000
      51,601 SF

      4231 Little Crk Rd

      MINI-MALL
      4231 Little Crk Rd, Norfolk, VA 23518-3575
      View Details

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    Similar Nearby for Lease

    • $8 SF/Yr
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      Roosevelt Gardens Shopping Center

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      137,834 SF

      Retail Shopping Center For Rent

      Retail shopping center in Norfolk, VA, anchored by Food Lion.
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      Established Retail Center on Little Creek

      Retail spaces in Norfolk's Roosevelt Gardens with long-term tenants.
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      View Details
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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
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