Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1000 Park Ave NW Norton, VA 24273

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $470,000

    Professional office building with recent renovations in downtown Norton, VA.

    Property size:
    4,900 SF
    Lot size:
    0.35 Acres

    Property Features for 1000 Park Ave NW

    General Information

    Size
    4,900 SF
    Lot size
    0.35 Acres

    We can help!

    Listing Contact
    Fred Mcclellan
    Fred Mcclellan
    Source: Moodyscre

    Listing Agent: Fred Mcclellan

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Norton, VA Professional Office Building

    Located on the corner of 10th Street and Park Avenue in downtown Norton, VA, this property features a single-story professional office building with 4,900 square feet and a 675-square-foot garage on a 0.36-acre parcel. Both buildings have brick-sided exteriors. The office building includes a small foyer leading to the business office and the conference room entrance. It comprises 10 rooms, including a conference room, individual offices, a fully equipped area, a vault, a kitchen/breakroom, an exterior drive-up transaction window, a utility closet, a storage room, and restrooms. Recent renovations in 2021 included a new roof and an external access ladder. The zoning is classified as B-2. An appraisal is available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    LG&E and KU Energy, ... Electric Utility Company

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norton
    County
    Norton
    State
    Virginia
    Longitude
    -82.6339668
    Latitude
    36.9324462

    Nearby Similar for Sale

    • $159,900
      800 SF

      Versatile Commercial Property in Norton, VA

      Two-story building with office, residential space, and detached garage.
      921 NE Park Ave, Norton, VA 24273
      View Details
    • $375,000
      5,828 SF

      Versatile Commercial Building, Norton VA

      Commercial building in downtown Norton, VA, with retail and warehouse space.
      629 NW Park Ave, Norton, VA 24273
      View Details
    • $99,000
      1,100 SF

      Norton, VA Church Opportunity

      Historic church building available in Norton, Virginia.
      313 SW Kentucky Ave, Norton, VA 24273
      View Details
    • $399,300
      2,640 SF

      Equipped Auto Shop on Main Street

      Turn-key auto shop with equipment and high visibility location.
      605 NE Trent St, Norton, VA 24273
      View Details
    • New
      $65,000
      5,860 SF

      Norton Apartment Building with Income Potential

      18-unit apartment building with income potential in Norton, Virginia.
      730 NE Virginia Ave, Norton, VA 24273
      View Details
    • $250,000
      5,102 SF

      Mixed-Use Investment Property in Norton

      Income property with apartments, home, and commercial space.
      1523 Kentucky Ave SE, Norton, VA 24273
      View Details
    • $2,800,000
      14,512 SF

      Medical Office Investment Opportunity

      NNN leased medical office with investment upside.
      340 Anderson Hollow Rd, Norton, VA 24273
      View Details
    • $425,000
      19,345 SF

      Downtown Norton Commercial Gem

      19,000 SF, 0.5-acre lot, high potential
      702 Park Ave, Norton, VA 24273
      View Details
    • $165,000
      7,248 SF

      Prime Norton Commercial Space

      7,248 SF, 0.5-Acre Lot, $165,000
      508 Park Ave, Norton, VA 24273
      View Details

    FAQs

    What type of property is this?
    Office building - Professional office building with recent renovations in downtown Norton, VA.
    Where is this office building located?
    The property is located at 1000 Park Ave NW Norton, VA.
    What is the asking price?
    The asking price for this property is $470,000.
    What are key features of this property?
    This property features: - Prime location on a primary commercial corridor in downtown Norton, VA, at the corner of 10th Street and Park Avenue.; - 4,900 sq/ft professional office building with a functional layout including 10 rooms: conference room, individual offices, kitchen/breakroom, vault, and restrooms.; - Zoning classified as B-2, suitable for a variety of business uses.
    (276) 492-3839
    Request Owner's contact information
    1000 Park Ave NW Norton, VA 24273
    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.
    1000 Park Ave NW
    Norton, VA 24273
    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
    1000 Park Ave NW Norton, VA 24273
    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

    We can help!
    Listing Contact
    Fred Mcclellan
    Fred Mcclellan
    Real Estate License ID: 0225186741
    (276) 492-3839
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.