956 Little Creek RdNorfolk, VA 23518

Property Details for 956 Little Creek Rd

Year built

1981

Lot size

4.74 AC

Property size (Sq ft)

33,190 SF

Zone code

C-2

Property type

Retail properties

Property subtype

Retail space

APN

809926

APU

809926

Description

This exceptional 3.86-acre outparcel, located at 956 E. Little Creek Road in Norfolk, Virginia, presents a unique redevelopment opportunity for discerning investors. The property boasts a total building area of 32,864 square feet, currently entirely vacant, offering significant potential for a variety of retail uses. Its prime location in Norfolk, VA, within zip code 23518, ensures high visibility and accessibility. The expansive lot size provides ample space for new construction or substantial renovation, catering to a wide range of development plans. The property is classified as a retail outparcel/pad, making it ideal for businesses seeking standalone locations with high visibility. The multiple tenancy option allows for flexibility in tenant selection and lease agreements. This is a rare chance to acquire a significant retail property in a thriving Virginia market, ready for immediate development. The property is situated in Virginia County and offers a blank canvas for a visionary retail project. With its strategic location and substantial size, this site is poised for exceptional growth and return on investment. Serious inquiries are encouraged to explore the possibilities of this remarkable redevelopment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $10,302,693

  6.5%

  $9,510,178

  7%

  $8,830,880

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,716,913

  Geo Method

  $13,968,516

• Alternative Use

  Use

  Valuation

  Residential

  $8,022,191

  Hospitality

  $7,348,284

  Educational

  $6,113,686

  Medical

  $6,323,945

  Retail

  $9,510,178

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.9158

Longitude

-76.2428

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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