1501 Little Creek RdNorfolk, VA 23518

Property Details for 1501 Little Creek Rd

Year built

1984

Lot size

0.72 AC

Property size (Sq ft)

2,987 SF

Zone code

C-2

Property type

Retail properties

Property subtype

Turn key restaurants

APN

43808410

APU

43808410

Description

This exceptional commercial property, located at 1501 E Little Creek Road in Norfolk, VA, presents a unique investment opportunity. Situated on a 0.72-acre lot, this building boasts a prime location with excellent visibility on a heavily traveled road, ensuring high traffic flow and potential for significant customer reach. The property is conveniently equipped with sidewalks, catering to pedestrian traffic and walk-in customers. Currently zoned C2, the property offers versatile usage options, including restaurant, retail, or general business operations. Previous uses include a check cashing and payday loan business, suggesting adaptability to various commercial ventures. Other potential uses, such as a pawn shop or thrift store, are also feasible given the location and zoning. The property features a recently repaved parking lot, providing ample parking for customers and employees. Interior improvements include fresh paint and new carpeting. The building is being sold "as is," allowing for potential buyers to customize the space to their specific business needs. While a conditional use permit is required for dealership operations, the property's strategic location and ample parking make it a strong candidate for such a venture. This is a rare opportunity to acquire a well-located commercial property in a thriving area of Norfolk, offering significant potential for growth and return on investment. The asking price is $895,000.

• CAP approach

  CAP return

  Valuation

  6%

  $927,211

  6.5%

  $855,887

  7%

  $794,753

• Comparable approach

  Method

  Valuation

  Relative Method

  $964,490

  Geo Method

  $1,257,124

• Alternative Use

  Use

  Valuation

  Residential

  $721,973

  Hospitality

  $661,323

  Educational

  $550,213

  Medical

  $569,136

  Retail

  $855,887

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.916

Longitude

-76.2336

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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