Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    440 Granby St Norfolk, VA 23510

    For Sale
    $950,000

    Downtown Norfolk, VA - High ROI

    Property size:
    6,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional three-story, 6,000-square-foot mixed-use building in Norfolk, Virginia, presents a compelling investment opportunity. Located on Granby Street, this Class B property boasts a prime downtown location, adjacent to the Tide Light Rail and a city parking garage. The building is currently 100% occupied, generating a strong net operating income (NOI) of $75,600, resulting in a 7.96% capitalization rate. The property features 2,000 square feet of retail space on the first floor (currently a barber shop), 2,000 square feet of office space on the second floor, and a 2,000-square-foot residential apartment on the third floor. All units are currently under short-term leases, presenting significant upside potential for rental income increases. The property benefits from its proximity to key landmarks including the Federal Court Building, Wells Fargo Tower, Tidewater Community College, and the Scope Convention Center, as well as numerous restaurants. Norfolk's thriving downtown area, with ongoing revitalization projects and a growing workforce of approximately 30,000 employees, further enhances the investment potential of this property. The asking price is $950,000, offering a strong return on investment in a dynamic and desirable location. The property is zoned D-MU (Downtown Mixed Use) and is offered fee simple.

    Property Features for 440 Granby St

    General Information

    Property type
    Mixed-use properties
    Square Feet
    6,000 SF
    Class
    B

    Building Details

    Buildings
    1
    Stories
    3
    Units
    3

    HighLights

    • 6,000 SF mixed‑use building, three stories.
    • 2,000 SF ground floor retail space (currently a barber shop).
    • 2,000 SF second‑floor office space.
    • 2,000 SF third‑floor residential apartment.
    • Fully leased with strong in‑place NOI of $75,600.
    • Prime downtown location near Federal Court, Wells Fargo Tower, Tidewater Community College, Scope Convention Center, and numerous restaurants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The VIP Beauty Bar Beauty Salon The VIP Lounge Barbershop ... Barber Shop Cuts by John Barber Shop LockerRoom Kidz Youth Clothing Store Corporate Kutz Barber Shop

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Law Firm Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2890497
    Latitude
    36.8521477

    Nearby Similar for Sale

    • $647,400
      4,110 SF

      Versatile Commercial Space in Norfolk

      Flexible commercial space in Norfolk's active Camellia Acres corridor.
      2474 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • $1,600,000
      6,250 SF

      Versatile Commercial Office Building For Sale

      Stand-alone commercial building with office, flex, and storage space.
      6024 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • $1,395,000
      4,132 SF

      Turnkey Commercial Building in Norfolk

      Renovated commercial building with established tenants, a turnkey business opportunity.
      731 Granby St, Norfolk, VA 23510
      View Details
    • New
      $775,000
      2,000 SF

      Historic Norfolk Property with Restaurant

      Turn-key restaurant and bed & breakfast in historic Norfolk.
      1231 Boissevain Ave, Norfolk, VA 23507
      View Details
    • $800,000
      4,620 SF

      Turn-Key Church in Norfolk, Virginia

      Well-situated church with ample parking near downtown Norfolk.
      2733 Tidewater Dr, Norfolk, VA 23509
      View Details
    • $740,000
      2,750 SF

      Ocean View Quadplex Multi-Family Residential

      Fully furnished quadplex near the beach in Norfolk, Virginia.
      1427 W Ocean View Ave, Norfolk, VA 23503
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Downtown Norfolk, VA - High ROI
    Where is this mixed-use property located?
    The property is located at 440 Granby St Norfolk, VA.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: 6,000 SF mixed-use building, three stories.; 2,000 SF ground floor retail space (currently a barber shop).; 2,000 SF second-floor office space.
    (757) 404-0162
    Request Owner's contact information
    440 Granby St Norfolk, VA 23510
    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.
    440 Granby St
    Norfolk, VA 23510
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    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.

    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.

    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
    440 Granby St Norfolk, VA 23510
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.