Office Building with Available
For Sale
$2,595,000
951-957 W 21st Street, Norfolk, VA 23518
Commercial property offers flexible suites, dedicated signage opportunities, and additional parking along a busy commercial corridor.
Property Size12,834 SF
Price / SF$202.20
Days on Market49
Property Features for 951-957 W 21st Street
General Information
Standard status
Active
Size
12,834 SF
Total Parking Spaces
50
Amenities
dedicated signage opportunities
on-street parking
nearby parking
Two
yes
2
no
Zoned
Multi-Tenant, No Elevators
Flat
Public Sewer
Level
Public
50
Acres
City Street
Block
Building Details
Year Built
1947
Buildings
1
Stories
2
Building Size
12,834 SF
Listed By:
804 Real Estate, LLC
(804) 477-8700
Source:
804realestate.idxbroker
Added: Aug 20
Changed: Oct 2
Last Checked: Oct 5 at 3:03PM
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 804 Real Estate, LLC
Investment Insights
Based on property information with market context.
This 12,834 SF office building, constructed in 1947, includes 633–2,283 SF available for lease, with additional space potentially available. The property supports owner occupancy, income-producing leasing, or a combination of both. Dedicated signage opportunities and the owner's planned exterior repainting provide further physical features for occupants and ownership.
Located at 951–957 W 21st St in Norfolk, the building fronts West 21st Street within the Ghent commercial corridor. The surrounding area includes retail boutiques, restaurants and cafés, grocers, schools, higher education institutions, and high-density residential neighborhoods. On-street and nearby parking are available, and the sale includes an adjacent parking lot at 950 Woodrow Ave with potential for further development if combined with the property.
Available suites range from 633 to 2,283 SF, supporting office, medical, retail, and mixed-use occupancy as identified for the property.
Located at 951–957 W 21st St in Norfolk, the building fronts West 21st Street within the Ghent commercial corridor. The surrounding area includes retail boutiques, restaurants and cafés, grocers, schools, higher education institutions, and high-density residential neighborhoods. On-street and nearby parking are available, and the sale includes an adjacent parking lot at 950 Woodrow Ave with potential for further development if combined with the property.
Available suites range from 633 to 2,283 SF, supporting office, medical, retail, and mixed-use occupancy as identified for the property.
Key Highlights
- 12,834 SF office building constructed in 1947
- 633–2,283 SF currently available for lease
- Situated on West 21st Street in Norfolk’s Ghent commercial corridor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$177,463
Cap Rate
6.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,549,260
$3.5M
Cap Rate 7%
$2,535,186
$2.5M
Cap Rate 9%
$1,971,811
$2.0M
Market Conditions
NOI Build-Up for 12,834 SF
Gross rent
$257.2K $20.04/SF
− Vacancy
−$20.6K −$1.60/SF
EGI
$236.6K $18.44/SF
− OpEx
−$59.2K −$4.61/SF
NOI
$177.5K $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%
$3,549,260
Cap Rate 7%
$2,535,186
Cap Rate 9%
$1,971,811
Alternative Uses
Best Use
Office B
$2.54M
$2.22M – $2.96M
NOI $177,463 @ 7.0% cap · market cap 6.84%
Second Best
Retail
$2.08M
$1.82M – $2.43M
NOI $145,736 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$2.72M
$2.38M – $3.18M
NOI $190,578 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,520
Businesses Nearby
Explore this area
Business Placement
Demographics for 23518, VA
30,278
Population
13,911
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,964
Density / Sq Mi
$73,899
Median Household Income
$47,605
Median Earnings
$1,348
Median Rent
$280,200
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?
Office building - Commercial property offers flexible suites, dedicated signage opportunities, and additional parking along a busy commercial corridor.
Where is this office building located?
The property is located at 951-957 W 21st Street Norfolk, VA.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: 12,834 SF office building constructed in 1947; 633–2,283 SF currently available for lease; Situated on West 21st Street in Norfolk’s Ghent commercial corridor
