Norfolk, Virginia, is a prime location for investing in shopping centers, offering a unique blend of history, culture, and economic growth. With a population of approximately 240,000, Norfolk is the third-most populous city in Virginia, providing a substantial customer base for shopping centers. Shopping centers in Norfolk can represent a diverse range of investments, from strip malls to enclosed malls, each offering a unique opportunity for entrepreneurs and investors. Norfolk's strategic location along the Elizabeth River and Chesapeake Bay has historically made it a vital military and transportation point, attracting a diverse range of businesses and industries. The city's amenities, including Sentara Norfolk General Hospital, Norfolk Botanical Garden, and the Virginia Zoo, make it an attractive location for residents and visitors alike. Additionally, Norfolk's educational institutions, such as Old Dominion University and Norfolk State University, contribute to the city's cultural and economic landscape.
Norfolk's shopping centers are situated in a city with a rich history and diverse economy, making them an attractive investment opportunity. With 3 shopping centers for sale in Norfolk, investors have a range of options to choose from. The average price per square foot for shopping centers in Norfolk is $406 USD, with an average size of 9,085 square feet. The largest shopping center available is 12,110 square feet, offering ample space for retailers and entrepreneurs. In addition to shopping centers, Norfolk is home to a range of other property types, including restaurants, specialty properties, land, and office properties. Restaurants in Norfolk offer a unique opportunity to capitalize on the city's growing food scene, while specialty properties provide a chance to invest in niche markets. Land and office properties in Norfolk offer a range of development opportunities, from commercial buildings to residential complexes. With its diverse economy and rich history, Norfolk is an attractive location for investors and entrepreneurs alike.
What is the average cap rate for shopping centers in Norfolk?
For investors seeking shopping centers in Norfolk, the average cap rate is 6.62%, providing a promising opportunity for returns on investment in this coastal city.
