Downtown Norfolk Mixed-Use
For Sale
Contact for pricing
440 Monticello Avenue, Norfolk, VA 23510
LEED Gold certified office tower with mixed-use amenities.
Property Size255,000 SF
Lot Size5.00 Acres
Price / SF$0.00
Days on Market238
Property Features for 440 Monticello Avenue
General Information
Standard status
Active
Size
255,000 SF
Class
A
Lot size
5.00 Acres
Property subtype
Office
Lease Term
Full Service
Site & Location
Neighborhood
Downtown
Building Details
Building Size
255,000 SF
Year Built
2010
Properties For Sale
at 440 Monticello Avenue Contact us11th Floor
Size
24,500 SF
Type
Office Building
Term
Negotiable
14th Floor
Size
24,500 SF
Type
Office Building
Term
Negotiable
15th Floor
Size
24,500 SF
Type
Office Building
Term
Negotiable
18th Floor
Size
8,470 SF
Type
Office Building
Term
Negotiable
19th Floor
Size
10,747 SF
Type
Office Building
Term
Negotiable
20th Floor
Size
1,760 SF
Type
Office Building
Term
Negotiable
Suite 1225
Size
7,412 SF
Type
Office Building
Term
Negotiable
Suite 1250
Size
10,754 SF
Type
Office Building
Term
Negotiable
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Listed By:
Stephanie Sanker, CCIM, SIOR
(757) 640-2290
Source:
Slnusbaum
Added: Mar 6
Changed: Oct 26
Last Checked: Oct 28 at 6:44AM
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 Stephanie Sanker, CCIM, SIOR
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Investment Insights
Based on property information with market context.
Located in downtown Norfolk, 440 Monticello is a mixed-use development constructed in 2010. Situated on a five-acre block bordered by Monticello Avenue, Freemason Street, Charlotte Street, and Bank Street, the development includes a LEED Gold Certified office tower at the northwest corner, specifically at the intersection of Monticello Avenue and Charlotte Street. The property features 255,000 square feet of office space within a 22-story tower, along with 121 luxury apartments and 50,000 square feet of retail space. Parking is accommodated by 1,859 spaces in two garages. The location provides walking distance access to MacArthur Center Mall, the Neon District, Chrysler Hall, SCOPE, and various restaurants and apartments, with immediate access to I-264 and I-464. The parking garage is designed for efficiency with limited columns. The building is serviced by two separate electrical power circuits for continuous power supply. A building conference facility with seating for up to 50 people is available to all office tenants. Complimentary private shuttle service is provided for all tenants. The 15th floor is move-in ready.
Key Highlights
- LEED Gold Certified office tower in Downtown Norfolk.
- Located in a mixed‑use development with luxury apartments and retail space.
- Walking distance to key attractions (MacArthur Center Mall, Neon District, Chrysler Hall, SCOPE).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$2,696,625
Suggested Prices Based on Cap Rates
Cap Rate 5%
$53,932,500
$53.9M
Cap Rate 7%
$38,523,214
$38.5M
Cap Rate 9%
$29,962,500
$30.0M
Market Conditions
NOI Build-Up for 255,000 SF
Gross rent
$4.59M $18.00/SF
− Vacancy
−$275.4K −$1.08/SF
EGI
$4.31M $16.92/SF
− OpEx
−$1.62M −$6.34/SF
NOI
$2.70M $10.58/SF
Area
Norfolk, VA
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$53,932,500
Cap Rate 7%
$38,523,214
Cap Rate 9%
$29,962,500
Alternative Uses
Best Use
Office B
$50.37M
$44.08M – $58.77M
NOI $3,526,038 @ 7.0% cap · market cap 14,104,152.00%
Second Best
Mixed Use
$38.52M
$33.71M – $44.94M
NOI $2,696,625 @ 7.0% cap · market cap 10,786,500.00%
Theoretical Best
Office A
$54.09M
$47.33M – $63.11M
NOI $3,786,615 @ 7.0% cap · market cap 15,146,460.00%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,730
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - LEED Gold certified office tower with mixed-use amenities.
Where is this office building located?
The property is located at 440 Monticello Avenue Norfolk, VA.
What are key features of this property?
This property features: LEED Gold Certified office tower in Downtown Norfolk.; Located in a mixed‑use development with luxury apartments and retail space.; Walking distance to key attractions (MacArthur Center Mall, Neon District, Chrysler Hall, SCOPE).
