Prime Norfolk Acreage For
745 Granby St, Norfolk, VA 23510
For Sale
Contact for pricing
One-acre site in Norfolk's NEON Arts District.
Property Size39,037 SF
Lot Size1.00 Acre
Price / SF$65.07
Days on Market244
Property Features for 745 Granby St
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Site & Location
Neighborhood
Building Details
Year Built
Stories
Listing Agency:
S.L. Nusbaum Realty Co
Listed By:
Ben Leon · License VA #0225061641
(757) 469-2365
Source:
Crexi
Added: Mar 16
Changed: Nov 12
Last Checked: Nov 12 at 7:43AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This property, situated in the heart of Norfolk’s NEON Arts District and near Downtown Norfolk, offers an opportunity for an owner-occupant, investor, or for redevelopment. The site features over one acre of land and visibility to Granby Street. It has potential for various uses, including office, retail, hospitality, or multifamily. The property is in one of Norfolk’s most sought after districts.
Key Highlights
- Prime location in the heart of Norfolk's NEON Arts District, seconds from Downtown Norfolk.
- Over one acre of land with high visibility to Granby Street.
- Significant redevelopment potential for office, retail, hospitality, or multifamily use.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$226,683
Cap Rate
8.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,533,660
$4.5M
Cap Rate 7%
$3,238,329
$3.2M
Cap Rate 9%
$2,518,700
$2.5M
Market Conditions
NOI Build-Up for 39,037 SF
Gross rent
$585.6K $15.00/SF
− Vacancy
−$108.3K −$2.78/SF
EGI
$477.2K $12.23/SF
− OpEx
−$250.5K −$6.42/SF
NOI
$226.7K $5.81/SF
Area
Norfolk, VA
Vacancy
18.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,533,660
Cap Rate 7%
$3,238,329
Cap Rate 9%
$2,518,700
Alternative Uses
Best Use
Office B
$7.71M
$6.75M – $9.00M
NOI $539,788 @ 7.0% cap · market cap 21.25%
Second Best
Retail
$6.33M
$5.54M – $7.39M
NOI $443,283 @ 7.0% cap · market cap 17.45%
Theoretical Best
Office A
$8.28M
$7.25M – $9.66M
NOI $579,679 @ 7.0% cap · market cap 22.82%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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See the owner, sales and loan history
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Current Use
Location Intelligence
Trade Area within ½ mile
2,419
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?
Commercial land - One-acre site in Norfolk's NEON Arts District.
Where is this commercial land located?
The property is located at 745 Granby St Norfolk, VA.
What is the asking price?
The asking price for this property is $2,540,000.
What are key features of this property?
This property features: Prime location in the heart of Norfolk's NEON Arts District, seconds from Downtown Norfolk.; Over one acre of land with high visibility to Granby Street.; Significant redevelopment potential for office, retail, hospitality, or multifamily use.
