Norfolk, VA
Commercial Real Estate Market Trends & Data

$197 Avg asking sale price
$1,470 Avg asking lease rate
15,132 SF Avg unit lease size
33,460 SF Avg building size for sale
7.47% Average cap rate

Norfolk's Demographic Profile

Norfolk has 90,025 households and a median income of $60,283, providing context for rent absorption and tenant demand across retail and multifamily assets. A -2% five-year population trend is a key signal for evaluating long-term demand in this market.

Key Demographic Metric Value
Population 229,699
# Households 90,025
Median age 34
Median household income $60,283
Avg household size 2.0
Renter-occupied housing units 51,968
5-year population change -2%

{{marketTabHeadings[activeMarketTab]}} Market Metrics Near Norfolk, VA

↻ Updated Monthly

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Nearby Office Markets Avg Cost/SF Typical Size Cap Max
Norfolk $186 15,779 SF 11.84%
Portsmouth $177 11,573 SF 8.40%
Nearby Industrial Markets Avg Cost/SF Typical Size Cap Max
Norfolk $158 22,646 SF 11.84%
Hampton $155 20,804 SF 25.00%
Langley AFB $155 20,804 SF 25.00%
Chesapeake $157 23,612 SF 15.40%
Nearby Retail Markets Avg Cost/SF Typical Size
Norfolk $276 44,658 SF
Portsmouth $307 6,085 SF
Fort Monroe $100 8,500 SF
Langley AFB $252 11,818 SF
Hampton $252 11,818 SF
Nearby Multifamily Markets Avg Cost/SF Typical Size Cap Max
Norfolk $185 38,486 SF 9.70%
Portsmouth $194 53,803 SF 9.70%
Langley AFB $214 18,600 SF 8.29%
Hampton $152 18,600 SF 8.29%
Chesapeake $175 66,510 SF 6.95%

Commercial Properties For Sale in Norfolk

The listings below reflect how current market pricing and building scale translate into active opportunities available today.
For Sale

Advance Auto Parts

Norfolk, VA 23502

  • 7,724 SF Retail Building
  • 4.85% Cap Rate
  • $1,475,000
For Sale

KINGDOM MINDED CHRISTIAN CENTER

Norfolk, VA 23509

  • 2,474 SF Retail Building
  • $399,000
For Sale

Cambridge Hall

Portsmouth, VA 23704

  • 6,504 SF Office Building
  • $799,000
For Sale

Burton Station

Virginia Beach, VA 23455

  • 1.07 - 1.86 AC Lots
  • 2 Residential Income Lots
  • $1,100,000 - $2,600,000
For Sale

5-SFR Student Housing Portfolio near ODU

Norfolk, VA

  • 7.93% Cap Rate
  • $2,235,000
For Sale

129 E Admiral Taussig Blvd

Norfolk, VA 23505

  • 18,262 SF Industrial Building
  • $2,750,000

Average Price For Sale

↻ Updated Monthly

Average Price For Lease

↻ Updated Monthly

Number of Listings

↻ Updated Monthly

Cap Rate

↻ Updated Monthly

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Nearby Commercial Markets

Comparing nearby markets helps investors see whether Norfolk pricing and building scale sit above, below, or in line with surrounding areas.

Commercial Markets Avg Cost/SF Average Size
Norfolk $197 33,460 SF
Portsmouth $225 20,698 SF
Fort Monroe $100 35,359 SF
Langley AFB $194 17,632 SF
Hampton $194 17,632 SF

Multifamily Properties For Sale in Norfolk

For Sale

Hague Park Apartments

Norfolk, VA 23507

  • 71,232 SF Multifamily
  • $12,600,000
For Sale

The Mercer Building

Norfolk, VA 23517

  • 16,344 SF Multifamily
  • 6.27% Cap Rate
  • $2,400,000
For Sale

Former Brick Anchor | Unit 10 Only*

Norfolk, VA 23510

  • 6,400 SF Multifamily
  • 9.70% Cap Rate
  • $1,400,000

Regional Demographic Comparison

This comparison places Norfolk alongside nearby cities to show how population size, household counts, and income levels differ across the region. Viewing these markets side by side helps investors understand whether local demand and income characteristics are concentrated in Norfolk or distributed across surrounding areas.

City Population # Households Age Median Household Income Avg Household Size Renter Occupied Housing Units Five Yr Pop Growth %
Norfolk 229,699 90,025 34 $60,283 2 51,968 -2%
Portsmouth 96,645 39,070 37 $55,489 2 17,994 -1%
Fort Monroe 744 433 55 $107,307 2 433 11%
Hampton 143,726 59,744 36 $59,459 2 28,517 2%
Langley AFB 143,726 59,744 36 $59,459 2 28,517 2%

Disclaimer: The figures on this page reflect LoopNet's active commercial listings in Norfolk, VA and update as inventory changes. Averages can shift between periods or vary across property types depending on the mix of listings available at a given time, so individual metrics may not reflect broader market trends. These figures are best used as directional benchmarks for early market evaluation. For comprehensive commercial real estate data and analytics, subscribe to CoStar.

FAQs About Commercial Investing in Norfolk

View All Commercial Real Estate For Sale in Norfolk
Is Norfolk a good market for a first-time commercial real estate investor?

Norfolk offers commercial properties across a wide range of sizes and price points. By reviewing the market data and benchmarks on this page, first-time investors can better understand what a typical commercial property looks like before committing capital and narrowing in on specific listings.

How can this market data help me decide whether to buy commercial property for my business in Norfolk?

The pricing and size metrics on this page help business owners compare the cost of ownership against leasing in Norfolk. Typical building sizes and asking prices provide a starting point for evaluating space needs, budget fit, and long term occupancy costs before engaging lenders or brokers.

What should conservative investors focus on when evaluating commercial properties in Norfolk?

Conservative investors often prioritize manageable deal sizes, stable pricing ranges, and cap rate benchmarks shown for Norfolk. These metrics help assess whether current market conditions support steady income potential without relying on aggressive assumptions.

How does Norfolk compare to nearby commercial real estate markets?

Nearby market comparisons highlight differences in pricing, building scale, and cap rate ranges relative to Norfolk. Reviewing these side by side helps experienced investors identify relative value, pricing premiums, or alternative markets that may better align with return targets.

How can this page support early-stage deal screening for Norfolk acquisitions?

This page provides high-level benchmarks for pricing, deal size, and observed cap rates in Norfolk, which are useful for initial market filtering. Institutional and data-driven investors often use these signals to prioritize listings that meet size, pricing, and return thresholds before deeper underwriting.

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