Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Norfolk Mixed-Use Development Title is generated by Realmo AI

    440 Monticello Ave, Norfolk, VA 23510

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Mixed-use development in downtown Norfolk, built in 2010.

    Type:Office
    Added:
    Mar 6, 2024
    Days on Market:
    819
    Last Refresh:
    May 12 at 9:12 pm

    Property Features for 440 Monticello Ave

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    2010

    Spaces For Lease

    at 440 Monticello Ave Contact us

    15th Floor $25/Mo

    Size
    24,500 SF
    Type
    Office
    Comprised of the entire 15th floor. Plug and play.
    Contact us

    20th Floor $25/Mo

    Size
    1,760 SF
    Type
    Office
    Contact us

    19th Floor $25/Mo

    Size
    10,747 SF
    Type
    Office
    Comprised of the entire 19th floor.
    Contact us

    Suite 1225 $25/Mo

    Size
    7,412 SF
    Type
    Office
    Contact us

    11th Floor $25/Mo

    Size
    24,500 SF
    Type
    Office
    Contact us

    16th Floor $25/Mo

    Size
    1,398 SF
    Type
    Office
    Contact us

    18th Floor $25/Mo

    Size
    8,470 SF
    Type
    Office
    Contact us

    Suite 1250 $25/Mo

    Size
    10,754 SF
    Type
    Office
    Contact us

    14th Floor $25/Mo

    Size
    24,500 SF
    Type
    Office
    Comprised of the entire 14th floor.
    Contact us
    Show more

    We can help!

    Listing Contact
    Stephanie Sanker CCIM SIOR

    Listing agent Stephanie Sanker CCIM SIOR License #VA 0225054336

    Listing office S.L. Nusbaum Realty Co

    Listing date Mar 6, 2024

    Source Crexi

    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

    HighLights

    • Located in downtown Norfolk
    • Part of the Wells Fargo Center mixed‑use development
    • Built in 2010
    • LEED Gold Certified
    • Situated on a five‑acre block
    • Located at the intersection of Monticello Avenue and Charlotte Street

    Overview

    The Wells Fargo Center is a mixed-use development constructed in 2010. It occupies a five-acre block in downtown Norfolk, bordered by Monticello Avenue, Freemason Street, Charlotte Street, and Bank Street. The development includes an office tower, situated at the northwest corner at the intersection of Monticello Avenue and Charlotte Street. The office tower is LEED Gold Certified.
    Property Profile Location Intelligence

    Current Use by Public Records

    RecoveryTrek (Bike/Boat/Book/etc) Store in8 chiropractic - Norfolk Alternative Medicine Practice Tidewater Media Solutions Marketing & Advertising Willcox & Savage, P.C. Law Firm Wiley Law Offices, ... Law Firm

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2879105
    Latitude
    36.8518509

    Nearby Similar for Lease

    • $2,000/Mo
      2,118 SF

      Furnished Dry Cleaning Space Available

      Fully furnished dry cleaning space for lease in Norfolk, VA.
      331 E Bayview Boulevard, Norfolk, VA 23503
      View Details
    • $3,747/Mo
      2,997 SF

      Restaurant Space on Princess Anne

      Fully equipped restaurant space available for rent in Norfolk.
      5018 E Princess Anne Road, Norfolk, VA 23502
      View Details
    • $3 SF/Yr
      660 SF

      Turnkey Office Suite in Norfolk

      Professional office suite with shared amenities and convenient location.
      1547 E Little Creek Road, Norfolk, VA 23518
      View Details
    • $48 SF/Yr
      150 SF

      Office Space in Norfolk HUBZone

      Small office space available in multi-tenant building, Norfolk, Virginia.
      1761 Church Street, Norfolk, VA 23504
      View Details
    • $48 SF/Yr
      150 SF

      Office Space in HUB Zone

      Small office space available in multi-tenant building, Norfolk, VA.
      1761 Church Street, Norfolk, VA 23504
      View Details
    • Sponsored
      $129-$5,416/Mo
      11-1,292 SF

      VA, Norfolk - 25th St.

      1225 25Th St, Norfolk, VA 23508
      View Details
    • $129-$3,976/Mo
      11-1,292 SF

      VA, Norfolk - Monticello Ave

      253 Monticello Ave, Unit 2ND, Norfolk, VA 23510
      View Details
    • $19 SF/Yr
      2,400 SF

      Retail Spaces in Bromley Center

      Retail spaces for lease in Food Lion anchored shopping center.
      6200-6206 N Military Hwy, Norfolk, VA 23518
      View Details
    • $29 SF/Yr
      12,965 SF

      Class A Office/Medical Space

      Office/medical space near medical hub with waterfront views.
      301 Riverview Avenue, Norfolk, VA 23510
      View Details
    • $26 SF/Yr
      7,936 SF

      Medical Office Space Sublease

      Class 'A' medical office space near Sentara Leigh Hospital.
      885 Kempsville Rd, Norfolk, VA 23502
      View Details
    • $21 SF/Yr
      3,916 SF

      Downtown Norfolk Office Space Available

      Move-in ready office space in the heart of Downtown Norfolk.
      500 East Main Street, Norfolk, VA, 23510
      View Details
    • $1,400/Mo
      10,000 SF

      Retail Space Near Naval Station

      Retail spaces available near Interstate 64 and Naval Station.
      230 E Little Creek Rd, Norfolk, VA 23505
      View Details

    FAQs

    What type of property is this?
    Office building - Mixed-use development in downtown Norfolk, built in 2010.
    Where is this office building located?
    The property is located at 440 Monticello Ave Norfolk, VA.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: Located in downtown Norfolk; Part of the Wells Fargo Center mixed‑use development; Built in 2010
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Stephanie Sanker CCIM SIOR
    Real Estate License ID: VA 0225054336
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    440 Monticello Ave, Norfolk, VA 23510
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!