Current Use by Public Records
- Lifestyle centers
Property Details for 820-850 Church St
- Year built
- 1987
- Lot size
- 0.87 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 13,334 square foot shopping center in Norfolk, Virginia, presents a compelling investment opportunity. Located at 820-850 Church Street, this multi-tenant property boasts 95% occupancy and a strong 10% cap rate. Built in 1987, the four-building complex sits on a 0.873-acre lot zoned C-2 Commercial Corridor. The property benefits from its prime location within half a mile of Downtown Norfolk's Central Business District, offering easy access to I-264 and I-464, as well as the Tide Light-rail. Nearby amenities include numerous restaurants, hotels, and over 1,000 recently completed or under-construction residential units. Its proximity to popular attractions like the Norfolk Scope, Chrysler Hall, Waterside District, MacArthur Center, Town Point Park, Nauticus, and the Historic Freemason District further enhances its appeal. The area is undergoing significant revitalization as part of the St. Paul's Transformation Project, a multi-phased initiative including new residential and multi-family units, retail spaces, and a 22-acre recreational park. This project is expected to drive increased property values, making this a particularly attractive investment. The asking price is $1,270,000. This is a chance to capitalize on the growth and expansion of Downtown Norfolk and benefit from the ongoing redevelopment efforts in the area.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk
- State
- Virginia
- Longitude
- -76.2793
- Latitude
- 36.8552
