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    21st St And Colley Ave Norfolk, VA 23517

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    21st St And Colley Ave Norfolk, VA 23517

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    • Neighborhood centers
    • 128,543 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 21st St And Colley Ave

    Property size
    128,543 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    The Center Shops presents a unique retail investment opportunity in Norfolk's desirable Ghent submarket. This established shopping center boasts a total of 128,543 square feet, currently featuring multiple tenants. Five spaces are immediately available, ranging from a minimum of 1,200 square feet to a maximum contiguous space of 1,200 square feet. A total of 3,600 square feet is currently vacant, offering flexibility for a variety of retail concepts. The property benefits from strong anchor tenants, including Farm Fresh and Rite Aid, ensuring consistent foot traffic and brand recognition. Its location within the upscale Ghent neighborhood provides excellent visibility and accessibility, complemented by ample parking for customers and employees. The Center Shops is ideally situated to capitalize on the thriving retail environment of Ghent, offering a compelling opportunity for businesses seeking a high-profile location in a desirable and affluent community. The minimum divisible space is 1,200 square feet, providing an excellent entry point for smaller businesses, while the available vacant space allows for expansion opportunities. This property is an exceptional choice for businesses seeking a well-established location with high visibility and strong anchor tenants in a thriving Norfolk neighborhood. Further details are available online.

    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
    State
    Virginia
    Longitude
    -76.2962
    Latitude
    36.871

    Comparable in this City

    • Value Estimation
      $1,250,000
      27,281 SF

      404 22nd St

      SHOPPING CENTER, STRIP CENTER • 27,281 SF
      404 22nd St, Norfolk, VA 23517-2119
      View Details
    • Value Estimation
      $1,135,000
      45,079 SF

      2301 Colley Ave

      SHOPPING CENTER, STRIP CENTER • 45,079 SF
      2301 Colley Ave, Norfolk, VA 23517-1125
      View Details
    • Value Estimation
      $715,000
      12,517 SF

      2000 Colonial Ave

      SHOPPING CENTER, STRIP CENTER • 12,517 SF
      2000 Colonial Ave, Norfolk, VA 23517-1908
      View Details
    • Value Estimation
      $1,190,000
      39,065 SF

      2200 Colonial Ave

      SHOPPING CENTER, STRIP CENTER • 39,065 SF
      2200 Colonial Ave, Norfolk, VA 23517-1915
      View Details
    • Value Estimation
      $845,000
      15,936 SF

      738 22nd St

      SHOPPING CENTER, STRIP CENTER • 15,936 SF
      738 22nd St, Norfolk, VA 23517-1983
      View Details
    • Value Estimation
      $1,460,000
      35,625 SF

      520 21st St

      SHOPPING CENTER, STRIP CENTER • 35,625 SF
      520 21st St, Norfolk, VA 23517-1950
      View Details

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    Similar Nearby for Lease

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      1,000 SF

      Prime Ghent Commercial Space Available

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      222 W 21St St, Norfolk, VA 23517
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      12,832 SF

      Retail Space in Ghent Epicenter

      Prime retail location at a high-traffic intersection in Ghent.
      730 W 21St St, Norfolk, VA 23517
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    • Contact for pricing

      Retail Space in Ghent

      Retail space with national tenants in a prime location.
      2301 Colley Ave, Norfolk, VA 23517
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    • Contact for pricing
      7,500 SF

      Retail Space in Norfolk Center

      Retail space available in shopping center with national tenants.
      2301 Colley Ave, Norfolk, VA 23517
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    • Contact for pricing
      131,074 SF

      Retail Destination in Historic Ghent

      Shopping and dining destination in the heart of Ghent.
      404 W 22Nd St, Norfolk, VA 23517
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    • Contact for pricing

      Retail Space Near Local Businesses

      Retail space for rent near popular local businesses.
      220 W 25Th St, Norfolk, VA 23517
      View Details
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    Norfolk, VA 23517
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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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