Norfolk Office Building For
For Sale
Contact for pricing
839 Poplar Hall Dr, Norfolk, VA 23502
8,620 SF office building on 1.87 acres in Norfolk.
Property Size8,620 SF
Lot Size1.87 Acres
Price / SF$226.22
Days on Market759
Property Features for 839 Poplar Hall Dr
General Information
Standard status
Active
Size
8,620 SF
Class
C
Lot size
1.87 Acres
Property subtype
Office
Zoning
C2
Lease Type
Modified Gross
Investment Type
Owner/User
Building Details
Year Built
1984
Stories
1
Listing Agency:
NAI Dominion Hampton Roads
Listed By:
Matt Wilbricht · License #VA 0225075527
(757) 216-8438
Source:
Crexi
Added: Sep 18, 2024
Changed: Oct 10
Last Checked: Oct 16 at 8:33AM
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 NAI Dominion Hampton Roads
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Investment Insights
Based on property information with market context.
This single-story office building offers 8,620 square feet of versatile space on 1.87 acres. Zoned C2, the property is centrally located in Norfolk, providing access to major interstates and highways. It is situated less than 2 miles from Sentara Leigh and the Tide light rail. The property offers abundant parking and great visibility. This property presents a solid foundation for a range of office ventures with potential for growth and development.
Key Highlights
- 8,620 SF single story office building on 1.87 acres.
- Coveted C2 zoning allows for a range of office ventures.
- Abundant parking and great visibility.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$119,194
Cap Rate
6.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,383,880
$2.4M
Cap Rate 7%
$1,702,771
$1.7M
Cap Rate 9%
$1,324,378
$1.3M
Market Conditions
NOI Build-Up for 8,620 SF
Gross rent
$172.7K $20.04/SF
− Vacancy
−$13.8K −$1.60/SF
EGI
$158.9K $18.44/SF
− OpEx
−$39.7K −$4.61/SF
NOI
$119.2K $13.83/SF
Area
Norfolk, VA
Vacancy
8.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,383,880
Cap Rate 7%
$1,702,771
Cap Rate 9%
$1,324,378
Alternative Uses
Best Use
Office B
$1.70M
$1.49M – $1.99M
NOI $119,194 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $128,002 @ 7.0% cap · market cap 6.56%
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
2,091
Businesses Nearby
Explore this area
Business Placement
Demographics for 23502, VA
20,547
Population
8,839
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
89%
High-School Grad
9.9 sq mi
ZIP Area
2,075
Density / Sq Mi
$66,467
Median Household Income
$37,213
Median Earnings
$1,335
Median Rent
$244,800
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 - 8,620 SF office building on 1.87 acres in Norfolk.
Where is this office building located?
The property is located at 839 Poplar Hall Dr Norfolk, VA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 8,620 SF single story office building on 1.87 acres.; Coveted C2 zoning allows for a range of office ventures.; Abundant parking and great visibility.
