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745 Granby St, Norfolk, VA 23510
One-acre site in Norfolk's NEON Arts District.
Property Size39,037 SF
Lot Size1.00 Acre
Price / SF$65.07
Days on Market150
Property Features for 745 Granby St
General Information
Standard status
Active
Size
39,037 SF
Lot size
1.00 Acre
Property subtype
Hospitality, Office, Retail
Zoning
D-AD (Downtown Arts and Cultural District)
Building Details
Year Built
1917
Stories
2
Listing Agency:
S.L. Nusbaum Realty Co
(757) 640-2272
Listed By:
Ben Leon · License #VA 0225061641
Source:
Crexi
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 11 at 6:26PM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$226,683
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.92%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,419
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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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.
