Art Moderne Theater with
New
For Sale
$2,750,000
3900 Granby St, Norfolk, VA 23504
The property combines a historic cinema building with an adjacent parcel and storefront retail space occupied by existing tenants.
Property Size16,062 SF
Lot Size1.68 Acres
Price / SF$171.21
Days on Market3
Property Features for 3900 Granby St
General Information
Standard status
Active
Size
16,062 SF
Lot size
1.68 Acres
Property subtype
Retail
Zoning
C-2
Site & Location
Neighborhood
Colonial Place
Mixed-Use Components
theater, retail
Additional Details
Land Use
theater, retail
Tenant in Place
Yes
Amenities
Art Deco marquee
Building Details
Building Size
16,062 SF
Year Built
1947
Buildings
1
Construction
Art Moderne
Tenancy
Multi
Listing Agency:
S.L. Nusbaum Realty Co - Corporate
Listed By:
Chris Zarpas
(757) 237-7500
Source:
Slnusbaum
Added: Oct 28
Last Checked: Oct 28 at 2:39PM
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 S.L. Nusbaum Realty Co - Corporate
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Investment Insights
Based on property information with market context.
The offering pairs a 1947 Art Moderne theater, marked by an Art Deco marquee, with an adjoining parcel. The theater occupies approximately ±0.35 acres and contains ±16,062 SF; the combined property totals approximately ±1.68 acres. The adjacent parcel at 3920 Granby Street is approximately ±1.33 acres and includes storefront retail with existing tenants. Zoning is C-2.
The property is at a signalized intersection on Granby Street, minutes from Downtown Norfolk, the Virginia Zoo, and the Lafayette River. Uses identified for consideration include entertainment, restaurant, retail, and residential, alongside adaptive reuse or redevelopment.
The property is at a signalized intersection on Granby Street, minutes from Downtown Norfolk, the Virginia Zoo, and the Lafayette River. Uses identified for consideration include entertainment, restaurant, retail, and residential, alongside adaptive reuse or redevelopment.
Key Highlights
- 1947 Art Moderne theater featuring an Art Deco marquee
- ±16,062 SF theater building on ±0.35 acres
- Adjacent ±1.33‑acre parcel at 3920 Granby Street
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$182,391
Cap Rate
6.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,647,820
$3.6M
Cap Rate 7%
$2,605,586
$2.6M
Cap Rate 9%
$2,026,567
$2.0M
Market Conditions
NOI Build-Up for 16,062 SF
Gross rent
$273.7K $17.04/SF
− Vacancy
−$13.1K −$0.82/SF
EGI
$260.6K $16.22/SF
− OpEx
−$78.2K −$4.87/SF
NOI
$182.4K $11.36/SF
Area
Norfolk, VA
Vacancy
4.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,647,820
Cap Rate 7%
$2,605,586
Cap Rate 9%
$2,026,567
Alternative Uses
Best Use
Retail
$2.61M
$2.28M – $3.04M
NOI $182,391 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.41M
$2.98M – $3.98M
NOI $238,512 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
25k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 65%
Shops & Services 35%
McDonald's
Dining
16,522 visits/mo
0.2 miles
7-Eleven
Shops & Services
5,615 visits/mo
0.1 miles
Shell
Shops & Services
3,303 visits/mo
0.1 miles
Demographics for 23504, VA
22,465
Population
9,462
Households
2.4
Avg Household Size
30
Median Age
24%
College-Educated
83%
High-School Grad
4.1 sq mi
ZIP Area
5,479
Density / Sq Mi
$43,156
Median Household Income
$26,707
Median Earnings
$872
Median Rent
$259,500
Median Home Value
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Market
Vacancy Rate% for Retail in Norfolk, VA
Frequently Asked Questions
What type of property is this?
Theater & concert hall - The property combines a historic cinema building with an adjacent parcel and storefront retail space occupied by existing tenants.
Where is this theater & concert hall located?
The property is located at 3900 Granby St Norfolk, VA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 1947 Art Moderne theater featuring an Art Deco marquee; ±16,062 SF theater building on ±0.35 acres; Adjacent ±1.33‑acre parcel at 3920 Granby Street
