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    3330 E Ocean View Ave Norfolk, VA 23518
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    3330 E Ocean View Ave, Norfolk, VA 23518

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    • Commercial real estate
    • 0.90 lot acres
    For Sale
    $2,750,000
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    Chesapeake Bay Beachfront Development Opportunity For Sale
    $2,750,000
    0.90 Acres

    Chesapeake Bay Beachfront Development Opportunity

    Prime beachfront lots on Chesapeake Bay with deeded beach access.

    3330 E Ocean View Avenue, Norfolk, VA 23518
    View Listing
    Property ID
    US87-3374609
    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

    • Commercial real estate

    Property Details for 3330 E Ocean View Ave

    Lot size
    0.90 lot acres
    Property type
    Commercial real estate
    APN
    41518175

    Description

    This exceptional 0.9-acre farm property in Norfolk, Virginia, presents a unique development opportunity. Located at 3330 E Ocean View Ave, zip code 23518, this land boasts a prime location on the Chesapeake Bay. The property is zoned R-12, offering flexibility for potential development plans. The lot size is approximately 0.9 acres, with the APN listed as 41518175. While the marketing materials mention a subdivision into multiple lots, the current listing reflects the property as a single 0.9-acre parcel. The asking price for this coastal gem is $2,920,000. Water lines and meters are already in place, simplifying future development. This location offers unparalleled access to the Chesapeake Bay, providing a tranquil setting for a variety of potential projects. The property's proximity to the water and its R-12 zoning make it an attractive investment for those seeking a coastal development venture. Detailed plat maps are available upon request. This is a rare opportunity to acquire a significant piece of waterfront property in a desirable location.

    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
    -76.2012645
    Latitude
    36.9323299

    Comparable in this City

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      Chesapeake Bay Beachfront Development Opportunity

      Prime beachfront lots on Chesapeake Bay with deeded beach access.
      3330 E Ocean View Ave, Norfolk, VA 23518
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      Water View Lot For Sale

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      Retail Property on Heavily Traveled Road

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      Norfolk Duplex Near Ocean View

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      Commercial Land For Sale

      Commercial land with signalized access and high traffic count.
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    • $2,750,000
      0.90 Acres

      Chesapeake Bay Beachfront Development Opportunity

      Prime beachfront lots on Chesapeake Bay with deeded beach access.
      3330 E Ocean View Ave, Norfolk, VA 23518
      View Details
    • Contact for pricing

      Water View Lot For Sale

      Water view lot in sought-after Ocean View neighborhood.
      9530 16Th Bay St, Norfolk, VA 23518
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    • $559,000
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      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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      Multifamily Residential Building

      Residential income property offered for sale in Norfolk, VA, for investors or operators seeking rental ownership.
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      25,816 SF

      Retail Space in Bayview Plaza

      Retail space in established shopping center near Little Creek Base.
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    Similar Nearby for Lease

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      Land on N. Military Highway

      Commercial land for rent with frontage on N. Military Highway.
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      4,580 SF

      Office Space with Flexible Terms

      Office space for rent with flexible lease terms and rates.
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    • $8 SF/Yr
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      Roosevelt Gardens Shopping Center

      Norfolk Retail Center: Spaces Available
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      Flex Space with Warehouse

      Flex space featuring office and warehouse components for rent.
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      Retail Space Available For Rent

      Retail space available for lease in Norfolk, Virginia.
      9590 Shore Dr, Norfolk, VA 23518
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      137,834 SF

      Retail Shopping Center For Rent

      Retail shopping center in Norfolk, VA, anchored by Food Lion.
      1817-1855 E Little Creek Rd, Norfolk, VA 23518
      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.

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    3330 E Ocean View Ave, Norfolk, VA, 23518
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