Add Listing
    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

    702 Park Ave Norton, VA 24273

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $420,000

    Downtown Norton former bank building with redevelopment potential.

    Property size:
    19,345 SF
    Lot size:
    0.50 Acres

    Property Features for 702 Park Ave

    General Information

    Standard status
    Active
    Size
    19,345 SF
    Lot size
    0.50 Acres

    Building Details

    Year built
    1926

    We can help!

    Listing Contact
    Amy Hubbard
    Amy Hubbard
    Source: Exitrealty

    Listing Agency: ReMax Mountain Listing Agent: Amy Hubbard

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

    Learn more

    Overview

    Former Bank Building in Norton

    The former Bank Of America Building, located in downtown Norton, is now available for sale. The property features over 19,000 finished square feet and is situated on four downtown lots. One of the lots includes a drive-through with 20 parking spaces. Zoned B-2, the property allows for commercial space on the ground floor with the potential to convert the upper floors into lofts or apartments. The building offers multiple spaces on the main floor that can be leased out with separate entrances. Original safes with all safety deposit boxes and keys are still in place. This property presents an opportunity for various uses.
    Location Intelligence

    Current Use by Public Records

    Old Virginia Hemp ... Pharmacy

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center 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
    Norton
    County
    Norton
    State
    Virginia
    Longitude
    -82.6285648
    Latitude
    36.9343777

    Nearby Similar for Sale

    • $379,000
      2,640 SF

      Equipped Auto Shop, Norton, VA

      Turn-key auto shop with equipment on 1.15 acres.
      605 NE Trent St, Norton, VA 24273
      View Details
    • $375,000
      Pending

      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
    • $379,000
      1.15 Acres

      Auto Shop with Land

      Turn-key auto shop with equipment and additional land.
      605 NE Trent St, Norton, VA 24273
      View Details
    • $395,000
      19,345 SF

      Former Bank Building in Norton

      Former Bank of America building with redevelopment potential in downtown Norton.
      702 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
    • $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
    • $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
      4,900 SF

      Norton, VA Professional Office Building

      Professional office building with recent renovations in downtown Norton, VA.
      1000 Park Ave NW, Norton, VA 24273
      View Details
    • Contact for pricing
      7,248 SF

      Spacious Commercial Building For Sale

      Large commercial building with parking and updated infrastructure for sale.
      508 Park Ave, Norton, VA 24273
      View Details
    • Contact for pricing
      33,700 SF

      Mixed-Use Property on Main Thoroughfare

      Mixed-use property with retail and office/apartment space.
      904 Park Ave NW, Norton, VA 24273
      View Details
    • Contact for pricing
      15,400 SF

      Norton Retail Space on Park

      Spacious retail space available on Park Avenue in Norton.
      541 Park Ave NW, Norton, VA 24273
      View Details
    • $275,000
      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

    FAQs

    What type of property is this?
    Bank - Downtown Norton former bank building with redevelopment potential.
    Where is this bank located?
    The property is located at 702 Park Ave Norton, VA.
    What is the asking price?
    The asking price for this property is $420,000.
    What are key features of this property?
    This property features: - Expansive 19,000+ sq ft finished space in downtown Norton.; - Zoned B-2, allowing for commercial and residential conversion (lofts/apartments).; - Located on 4 downtown lots, including a drive-through with 20 parking spaces.
    (276) 393-3241
    Request Owner's contact information
    702 Park Ave 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.
    702 Park Ave
    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
    702 Park Ave 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
    Amy Hubbard
    Amy Hubbard
    Real Estate License ID: 0225229270
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!