Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    5301 E Princess Anne Rd Norfolk, VA 23502
    Back to Search
    Property profile & analytics

    5301 E Princess Anne Rd, Norfolk, VA 23502

    View on Map
    • Outlet malls
    • 27,488 SF
    • 2.30 lot acres
    For Lease
    $9 SF/Yr
    View Listing →
    Adaptable Flex Space Available For Lease
    $9 SF/Yr

    Adaptable Flex Space Available

    Adaptable layouts for office, institutional, warehousing, and professional service.

    5301 E Princess Anne Rd, Norfolk, VA 23502
    View Listing
    Property ID
    US87-3360878
    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

    • Top Tier Solar Solutions / Solar Energy Company
    • Cox Hampton Roads / Telecommunications Service
    • Employment Services Inc / Employment Agency

    Property Details for 5301 E Princess Anne Rd

    Year built
    1960
    Lot size
    2.30 lot acres
    Zone code
    C-2
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    11652
    APU
    11652

    Description

    This exceptional 27,488-square-foot flex space at 5301 E. Princess Anne Road in Norfolk, Virginia, presents a unique opportunity for a variety of businesses. The single-story, Class C building, constructed in 1960, sits on a 2.3-acre lot and offers a versatile layout previously used as a trade school. The property features adaptable spaces suitable for office, institutional, warehousing, or professional service operations. Existing administrative and classroom areas are available, providing immediate functionality. The warehouse area boasts a significant 19'6" ceiling height and includes one 12' x 12' roll-up door for convenient loading and unloading. Ample parking is provided with 165 spaces. The property is zoned C-C (Community Commercial) and is conveniently located within the Norfolk Industrial Park submarket, just 1.5 miles from I-64 and a short 2-mile drive to the Norfolk Premium Outlets and Ikea, ensuring excellent accessibility and visibility. The building features a 17'6" ceiling height in the office areas. This property offers a compelling combination of space, location, and adaptability, making it an attractive option for businesses seeking a functional and strategically positioned location in Norfolk.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,908,000
      Market price range: $2.91M - $7.16M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $3,630,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2203
    Latitude
    36.8721
    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
    $20,388
    $501,200
    $1,129,800
    $1,631,000
    -
    $501,200
    $1,129,800
    $1,631,000

    Comparable in this City

    • Value Estimation
      $17,275,000
      118,530 SF

      850 Glenrock Rd

      WHOLESALE OUTLET, DISCOUNT STORE
      850 Glenrock Rd, Norfolk, VA 23502-3702
      View Details
    • Value Estimation by Request
      142 SF

      1081 Military Hwy

      WHOLESALE OUTLET, DISCOUNT STORE
      1081 Military Hwy, Norfolk, VA 23502-2438
      View Details
    • Value Estimation
      $10,500,000
      127,733 SF

      801 Military Hwy

      WHOLESALE OUTLET, DISCOUNT STORE
      801 Military Hwy, Norfolk, VA 23502-3649
      View Details
    • Value Estimation
      $10,480,000
      120,596 SF

      5820 Virginia Bch Blvd

      WHOLESALE OUTLET, DISCOUNT STORE
      5820 Virginia Bch Blvd, Norfolk, VA 23502-2424
      View Details
    • Value Estimation by Request
      17,200 SF

      5950 Virginia Bch Blvd

      SHOPPING CENTER, STRIP CENTER
      5950 Virginia Bch Blvd, Norfolk, VA 23502-2402
      View Details
    • Value Estimation
      $855,000
      23,575 SF

      1140 Military Hwy

      REGIONAL SHOPPING CENTER, MALL
      1140 Military Hwy, Norfolk, VA 23502-2523
      View Details

    Similar Nearby for Sale

    • $995,000

      Norfolk Flex/Industrial Building For Sale

      Freestanding flex/industrial building in Norfolk Industrial Park submarket.
      1556 Azalea Garden Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      2,400 SF

      Retail Property with Drive-Thru

      Retail property featuring a drive-thru and ample parking.
      6012 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      1,973 SF

      Retail Property Near JANAF Yard

      Hard corner retail site in Norfolk's busiest retail corridor.
      5901 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      4,197 SF

      Retail Property with Drive Thru

      Retail property with drive-thru, value-add opportunity, high traffic location.
      5357 E Princess Anne Rd, Norfolk, VA 23502
      View Details
    • $1,449,800
      17,500 SF

      Mixed-Use Building on Princess Anne

      Mixed-use building with retail, office, and residential units.
      5010 Princess Anne Rd E, Norfolk, VA 23502
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,197 SF

      Retail Space in Norfolk, VA

      Retail space available in a busy shopping center.
      5802 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      8,946 SF

      Retail Space in High-Traffic Center

      Retail space available in a busy Norfolk shopping center.
      5930 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      6,000 SF

      Retail Space in Military Crossing

      Retail space available in a high-traffic Norfolk shopping center.
      5957 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      1,440 SF

      Retail Space in High-Traffic Area

      Retail space near popular retailers and restaurants.
      1261-1275 N Military Hwy, Norfolk, VA 23502
      View Details
    • Contact for pricing

      Retail Space in Norfolk Corridor

      Retail space in a centrally located, anchored shopping center.
      1261 N Military Hwy, Norfolk, VA 23502
      View Details
    • Contact for pricing

      J.A.N.A.F. Shopping Yard Retail Space

      Retail spaces in a shopping center with diverse tenants.
      5900 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    5301 E Princess Anne Rd
    Norfolk, VA 23502
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5301 E Princess Anne Rd, Norfolk, VA, 23502
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!