7920 Chesapeake BlvdNorfolk, VA 23518

Property Details for 7920 Chesapeake Blvd

Year built

1973

Lot size

0.65 AC

Property size (Sq ft)

8,180 SF

Zone code

C-2

Property type

Retail properties

Property subtype

Strip malls

APN

12924602

APU

12924602

Description

This exceptional commercial property at 7920 Chesapeake Blvd in Norfolk, Virginia (zip code 23518) offers multiple tenancy opportunities in a prime location. Two spaces are currently available, ranging from 700 to 1600 square feet, suitable for a variety of uses including retail, office, and restaurant establishments. One space is a former laundromat endcap, providing excellent visibility and street frontage. Another space is a second-generation restaurant space, complete with existing kitchen infrastructure including a 12-foot hood and a three-compartment sink. The property boasts a highly visible location on Chesapeake Boulevard, benefiting from significant daily traffic volume. With 36,134 vehicles per day on Little Creek Road and 23,956 vehicles per day on Chesapeake Boulevard, this property offers unparalleled exposure to potential customers. The building's strategic placement ensures easy access for patrons and high visibility from Little Creek Road, maximizing the potential for business success. This is an excellent opportunity for businesses seeking a high-traffic location with existing infrastructure in place. Contact us today to learn more about lease terms and availability.

• CAP approach

  CAP return

  Valuation

  6%

  $2,539,200

  6.5%

  $2,343,876

  7%

  $2,176,457

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,641,288

  Geo Method

  $3,442,677

• Alternative Use

  Use

  Valuation

  Residential

  $1,977,147

  Hospitality

  $1,811,056

  Educational

  $1,506,778

  Medical

  $1,558,598

  Retail

  $2,343,876

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.9157

Longitude

-76.2411

CBSA code

47260

CBSA name

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

Property Tax & Assessments

FAQs

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