850 Norview AveNorfolk, VA 23513

Property Details for 850 Norview Ave

Year built

1950

Lot size

3.41 AC

Property size (Sq ft)

3,200 SF

Zone code

I-1

Property type

Other commercial real estate

Property subtype

Showrooms

APN

16523200

APU

16523200

Description

This exceptional Norfolk, Virginia property offers a unique investment opportunity encompassing a 2,000 square foot building and accompanying land. Situated at 850 Norview Ave, Norfolk, VA 23513, this versatile property is classified as industrial, with flex and warehouse subtypes, making it suitable for a variety of uses. The building itself provides 2,000 square feet of usable space, ideal for businesses requiring both office and storage capabilities. The inclusion of land presents significant potential for expansion or future development. The property's location in Norfolk County, Virginia offers convenient access to major transportation routes and a thriving business community. This combination of building and land provides a rare opportunity to acquire a well-positioned property in a desirable area. The property's versatility and potential for growth make it an attractive investment for both established businesses and entrepreneurs seeking a strategic location to expand their operations. The precise details of zoning and permitted uses should be verified independently. This property is being offered for sale and presents a compelling opportunity for those seeking a flexible and strategically located industrial space. The latitude and longitude coordinates are 36.891183, -76.254263.

• CAP approach

  CAP return

  Valuation

  6%

  $993,330

  6.5%

  $916,920

  7%

  $851,426

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,033,267

  Geo Method

  $1,346,769

• Alternative Use

  Use

  Valuation

  Residential

  $773,456

  Hospitality

  $708,482

  Educational

  $589,448

  Medical

  $609,720

  Retail

  $916,920

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.8912

Longitude

-76.2543

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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