225 W Olney Rd, Norfolk, VA

Listing agent John Merenda Show Phone

Listing office JMS Commercial Show Phone

Listing date Dec 13, 2022

Source Moodyscre

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Overview

This property is located in the Arts Neon District, one block from Downtown and Ghent, and across the street from the Chrysler Museum. It is in close proximity to the Central Business District and offers easy access to some of the area’s largest employers. The zoning is D-AD, which allows for 281 apartment units. The location benefits from excellent lease-up and rent comps from existing downtown apartments. The current tenant will provide an annual income of $651,000 during the site plan approval process. Union Bank is offering a construction loan for a qualified purchaser.

Suggested Use

Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

Location Insight

• Map
• Local Demand

City

Norfolk

County

Norfolk

State

Virginia

Longitude

-76.2918

Latitude

36.856

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FAQs

What type of property is this?

Land - Located in Arts Neon District, close to Downtown and Ghent.

Where is this land located?

The property is located at 225 W Olney Rd Norfolk, VA.

What are key features of this property?

This property features: Zoned for 281 apartment units (D‑AD zoning).; Current tenant provides $651,000 annual income during site plan approval.; Excellent lease up and rent comps from existing downtown apartments.