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    240 Corporate Blvd Norfolk, VA 23502

    Sponsored
    For Sale
    $13,500,000

    Prime Norfolk Office, 94,027 SF, $13.5M

    Property size:
    94,027 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    The Riverside Corporate Center, located at 240 Corporate Blvd, Norfolk, VA 23502, presents a compelling investment opportunity. This four-story, 94,027 square foot office building, constructed in 1989, sits on a 4.9-acre lot and offers both executive and traditional office spaces. The property is situated in a highly desirable location within the Hampton Roads area, benefiting from excellent access to major transportation arteries including I-64 and I-264. Public transportation is readily available via The Tide Light Rail (Military Highway Station) and an HRT bus stop directly at the intersection of Corporate and Military Boulevards. The building operates under an Absolute NNN lease type with multiple tenants. The asking price is $13,500,000, translating to a price per square foot of $143.58. The property's strategic location provides easy access to a variety of amenities, including numerous restaurants and retail establishments. Furthermore, its proximity to the Military Circle Mall, slated for a significant mixed-use redevelopment, promises future growth and increased value. This presents a rare opportunity to acquire a substantial, well-located office building in a thriving market.

    Property Features for 240 Corporate Blvd

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    94,027 SF
    Lot Size
    213,444 SF

    Building Details

    Year Built
    1989
    Buildings
    1
    Stories
    4

    HighLights

    • Excellent walkability to diverse restaurants and retail options.
    • Proximity to Military Circle Mall, undergoing a significant mixed‑use redevelopment.
    Property Profile Location Intelligence

    Current Use by Public Records

    AtWork Personnel Temp Agency First Lab Medical Laboratory FHC Health Systems Mental Health Service J L Marshall ... Business Management Consultant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.212333357652
    Latitude
    36.837020325565

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    FAQs

    What type of property is this?
    Office Property / Space - Prime Norfolk Office, 94,027 SF, $13.5M
    Where is this office property / space located?
    The property is located at 240 Corporate Blvd Norfolk, VA.
    What is the asking price?
    The asking price for this property is $13,500,000.
    What are key features of this property?
    This property features: Excellent walkability to diverse restaurants and retail options.; Proximity to Military Circle Mall, undergoing a significant mixed-use redevelopment.;
    (757) 640-9290
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    240 Corporate Blvd Norfolk, VA 23502
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    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
    240 Corporate Blvd Norfolk, VA 23502
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