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    4201 Pleasant Ave Norfolk, VA 23518-1641
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    Property profile & analytics

    4201 Pleasant Ave, Norfolk, VA 23518-1641

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    • Investment properties
    • 11,108 SF
    • 0.22 lot acres
    Off-Market
    Last Sale Aug 12, 2020
    Property ID
    US87-3390143
    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
    $1,635,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Investment properties

    Property Details for 4201 Pleasant Ave

    Year built
    2022
    Lot size
    0.22 lot acres
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    51000047
    APU
    51000047

    Description

    East Beach Village Square offers exceptional retail and office opportunities in Norfolk, VA. This Class A mixed-use development, completed in 2023, boasts two buildings totaling 30,300 square feet. Currently, 2,243 square feet are available, divisible into units as small as 428 square feet, with a maximum contiguous space of 1,160 square feet. The property features three suites in total, ideal for a variety of businesses. Located at 4201 Pleasant Ave, 23518, this highly visible location enjoys excellent traffic counts along Shore Drive (over 30,000 vehicles per day) and benefits from its proximity to a major military base (Little Creek) and a large employer, serving over 25,000 personnel. The property is also conveniently situated within fifteen minutes of Downtown Norfolk and Virginia Beach Town Center, providing access to a substantial consumer base. This vibrant waterfront community includes condominiums, townhomes, and other retail establishments, creating a thriving atmosphere. The available spaces are ready for immediate occupancy. The strong demographics and strategic location make this an exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,960,000
      6.5%
      $1,805,000
      7%
      $1,680,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,766,000
      Market price range: $753k - $1.77M
      AI Estimate
      $1,329,000
      Market price range: $591k - $1.33M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,290,000
      Current use
      OFFICE BUILDING
      $2,185,000
      Change: +70% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,145,000
      Change: +67% Conversion: Difficult
      RETAIL STORES
      $1,830,000
      Change: +42% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,465,000
      Change: +14% Conversion: Moderate
      WAREHOUSE, STORAGE
      $1,210,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.1908
    Latitude
    36.9281
    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
    $34,764
    $201,900
    $2,579,200
    $2,781,100
    -
    $201,900
    $2,579,200
    $2,781,100

    Comparable in this City

    • Value Estimation by Request
      3,850 SF

      3101 Ocean Vw Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      3101 Ocean Vw Ave, Norfolk, VA 23518-1312
      View Details
    • Value Estimation
      $515,000
      3,800 SF

      9630 Shr Dr

      OFFICE/RESIDENTIAL (MIXED USE)
      9630 Shr Dr, Norfolk, VA 23518-1639
      View Details
    • Value Estimation
      $595,000
      4,047 SF

      4503 Maiden Ln

      OFFICE/RESIDENTIAL (MIXED USE)
      4503 Maiden Ln, Norfolk, VA 23518-1718
      View Details
    • Value Estimation
      $500,000
      2,371 SF

      4400 Pleasant Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      4400 Pleasant Ave, Norfolk, VA 23518-1710
      View Details
    • Value Estimation by Request
      2,541 SF

      4401 Pleasant Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      4401 Pleasant Ave, Norfolk, VA 23518-1709
      View Details
    • Value Estimation by Request
      6,254 SF

      8434 Tidewater Dr

      OFFICE/RESIDENTIAL (MIXED USE)
      8434 Tidewater Dr, Norfolk, VA 23518-2541
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      12,579 SF

      Ocean View Mixed-Use Property

      Mixed-use property in Norfolk's Ocean View near East Beach.
      8180 Shore Dr, Norfolk, VA 23518
      View Details
    • Contact for pricing

      Norfolk Office Space - Prime Location

      Spacious office space near Bromley Shopping Center.
      1700 Norview Ave, Norfolk, VA 23518
      View Details
    • Contact for pricing
      4,862 SF

      Redevelopment Opportunity Former Bank Branch

      4,862 SF property on 1.23 AC for redevelopment.
      1221 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • $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
    • $895,000
      0.72 Acres

      Norfolk Commercial Property: High-Traffic Location

      Prime C2 Zoned Commercial Building, Ample Parking
      1501 Little Creek Rd, Norfolk, VA 23518
      View Details
    • $399,000
      2,200 SF

      Multifaceted Investment Opportunity Near Beach

      Triplex near the beach with income potential and recent upgrades.
      9571 13Th Bay St, Norfolk, VA 23518
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,868 SF

      Retail Space in Norfolk, VA

      Retail property available for lease in Norfolk, Virginia.
      1710-1736 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • Contact for pricing
      1,458 SF

      Retail Redevelopment Near Little Creek

      8,250 SF shopping center redevelopment with high visibility.
      3848-3858 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • Contact for pricing
      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
    • Contact for pricing

      Established Retail Center on Little Creek

      Retail spaces in Norfolk's Roosevelt Gardens with long-term tenants.
      2300 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • $3 SF/Yr
      660 SF

      Turnkey Office Suite in Norfolk

      Professional office suite with shared amenities and convenient location.
      1547 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • Contact for pricing
      4,580 SF

      Office Space with Flexible Terms

      Office space for rent with flexible lease terms and rates.
      1500 Little Creek Rd, Norfolk, VA 23518
      View Details
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    4201 Pleasant Ave
    Norfolk, VA 23518-1641
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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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