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    1007 Bayview Blvd Norfolk, VA 23503-3919

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    1007 Bayview Blvd Norfolk, VA 23503-3919

    View on Map
    • Strip malls
    • 7,750 SF
    • 0.56 lot acres
    Off-Market
    Property ID
    US87-3383015
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Pizza Chef Restaurant & Sports Bar / Bar & Pub

    Property Details for 1007 Bayview Blvd

    Year built
    1960
    Lot size
    0.56 lot acres
    Property size
    7,750 SF
    Zone code
    C-2
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    26960600
    APU
    26960600

    Description

    This 7,750 square foot restaurant and bar property, located at 1007 E Bayview Blvd in Norfolk, Virginia (zip code 23503), presents a unique investment opportunity. Currently zoned C-C, the property sits on a 0.56-acre lot (24,542 sq ft) and includes 10 parking spaces. The building offers 7,750 total square feet, with 4,750 square feet currently vacant. The property features 220V power and is conveniently located near Chesapeake Blvd in the Bayview Ocean View submarket. The property's APN is 2696060600. Please note that the property owner is awaiting resolution of back taxes from the previous business before access and availability can be confirmed. A city tax auction of the former restaurant's equipment is scheduled for December 9th and 10th. Details can be found at the provided link in the original listing. This property is ideal for a variety of food service concepts and offers significant potential for a new owner. The high visibility location and ample space make it an attractive proposition for entrepreneurs seeking a well-situated establishment in a thriving Norfolk neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2438
    Latitude
    36.9335
    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
    $9,356
    $270,000
    $478,500
    $748,500
    -
    $270,000
    $478,500
    $748,500

    Comparable in this City

    • Value Estimation by Request
      5,144 SF

      9643 Granby St

      SHOPPING CENTER, STRIP CENTER • 5,144 SF
      9643 Granby St, Norfolk, VA 23503-1643
      View Details
    • Value Estimation
      $1,210,000
      5,361 SF

      1877 Ocean Vw Ave

      SHOPPING CENTER, STRIP CENTER • 5,361 SF
      1877 Ocean Vw Ave, Norfolk, VA 23503-2501
      View Details
    • Value Estimation by Request
      5,360 SF

      9643 1st Vw St

      SHOPPING CENTER, STRIP CENTER • 5,360 SF
      9643 1st Vw St, Norfolk, VA 23503-1613
      View Details
    • Value Estimation
      $1,335,000
      15,746 SF

      9617 Granby St

      SHOPPING CENTER, STRIP CENTER • 15,746 SF
      9617 Granby St, Norfolk, VA 23503-1625
      View Details
    • Value Estimation
      $785,000
      8,788 SF

      331 Bayview Blvd

      SHOPPING CENTER, STRIP CENTER • 8,788 SF
      331 Bayview Blvd, Norfolk, VA 23503-5204
      View Details
    • Value Estimation
      $1,190,000
      26,080 SF

      151 Ocean Vw Ave

      MINI-MALL • 26,080 SF
      151 Ocean Vw Ave, Norfolk, VA 23503-1502
      View Details

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    Similar Nearby for Lease

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      Anchored Shopping Center Retail Spaces

      Retail spaces available in shopping center anchored by Harris Teeter.
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      Retail Space with Drive-Thru Lanes

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      Retail space with drive-thru lanes and high visibility.
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      View Details
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    1007 Bayview Blvd
    Norfolk, VA 23503-3919
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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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