Office-Retail Building with
For Sale
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211 West Freemason Street, Norfolk, VA 23510
Downtown mixed-use property with office/retail space and a 2-bedroom, 2-bath apartment plus rooftop access.
Property Size4,925 SF
Price / SF$228.43
Days on Market134
Property Features for 211 West Freemason Street
General Information
Standard status
Active
Size
4,925 SF
Class
B
Property subtype
Retail, Office, Mixed Use
Zoning
D-3
Investment Type
Owner/User
Site & Location
Neighborhood
Downtown
Additional Details
Furnished
Yes
Multifamily Units
1
Amenities
rooftop deck
Building Details
Year Built
1955
Year Renovated
2016
Buildings
1
Listing Agency:
Creed Realty, LLC
Listed By:
Robert Waring · License #0225057267
(757) 502-4070
Source:
Crexi
Added: Jun 12
Changed: Oct 10
Last Checked: Oct 23 at 7:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Creed Realty, LLC
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Investment Insights
Based on property information with market context.
This unique mixed-use building offers a sizable office/retail space on the lower level with a reception area, large flex space, two private offices, a kitchenette, two restrooms, and a server/storage room. A mezzanine features a glassed-in executive office, an additional open work area, and a large conference facility. Office furnishings are included with the purchase.
The second level is a separate-entry, 2-bedroom, 2-bath apartment with an 18 x 45 great room, polished concrete floors, and a custom kitchen with Wolf and Electrolux appliances. Carrera Marble countertops and Zebrawood cabinets are included, with a staircase leading to a rooftop room and access to a rooftop deck with city views.
Located at 211 West Freemason Street in downtown Norfolk, approximately one block off Granby Street and adjacent to Freemason Abbey, the building supports on-street parking with apartment eligibility for two permits. Spaces may also be leased in the large adjacent lot from the law firm across the street, noted in the remarks as $85 per month. The prior tenant was paying $25/SF NNN and splitting utilities 65/35 with the upstairs apartment.
The second level is a separate-entry, 2-bedroom, 2-bath apartment with an 18 x 45 great room, polished concrete floors, and a custom kitchen with Wolf and Electrolux appliances. Carrera Marble countertops and Zebrawood cabinets are included, with a staircase leading to a rooftop room and access to a rooftop deck with city views.
Located at 211 West Freemason Street in downtown Norfolk, approximately one block off Granby Street and adjacent to Freemason Abbey, the building supports on-street parking with apartment eligibility for two permits. Spaces may also be leased in the large adjacent lot from the law firm across the street, noted in the remarks as $85 per month. The prior tenant was paying $25/SF NNN and splitting utilities 65/35 with the upstairs apartment.
Key Highlights
- 1955‑built downtown Norfolk mixed‑use building with office/retail space below a 2BR/2BA apartment and rooftop access.
- Office/retail level includes reception, large flex space, 2 private offices, kitchenette, 2 restrooms, and server/storage room.
- Mezzanine features a glassed‑in executive office, open work area, and a large conference facility; office furnishings included.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,101
Cap Rate
6.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,362,020
$1.4M
Cap Rate 7%
$972,871
$972.9K
Cap Rate 9%
$756,678
$756.7K
Market Conditions
NOI Build-Up for 4,925 SF
Gross rent
$98.7K $20.04/SF
− Vacancy
−$7.9K −$1.60/SF
EGI
$90.8K $18.44/SF
− OpEx
−$22.7K −$4.61/SF
NOI
$68.1K $13.83/SF
Area
Norfolk, VA
Vacancy
8.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,362,020
Cap Rate 7%
$972,871
Cap Rate 9%
$756,678
Alternative Uses
Best Use
Office B
$972.9K
$851.3K – $1.14M
NOI $68,101 @ 7.0% cap · market cap 6.05%
Second Best
Retail
$798.9K
$699.1K – $932.1K
NOI $55,926 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$1.04M
$914.2K – $1.22M
NOI $73,134 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,670
Businesses Nearby
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Business Placement
Demographics for 23510, VA
8,778
Population
4,948
Households
1.8
Avg Household Size
33
Median Age
52%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
7,980
Density / Sq Mi
$75,621
Median Household Income
$53,132
Median Earnings
$1,574
Median Rent
$349,700
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown mixed-use property with office/retail space and a 2-bedroom, 2-bath apartment plus rooftop access.
Where is this mixed-use property located?
The property is located at 211 West Freemason Street Norfolk, VA.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: 1955‑built downtown Norfolk mixed‑use building with office/retail space below a 2BR/2BA apartment and rooftop access.; Office/retail level includes reception, large flex space, 2 private offices, kitchenette, 2 restrooms, and server/storage room.; Mezzanine features a glassed‑in executive office, open work area, and a large conference facility; office furnishings included.
