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Property profile & analytics
OFF-MARKET Estimated value $1,065,000
Retail space

2618 Colley Ave Norfolk, VA 23517-1132

6,408 SF 0.46 ac lot Built 1945
Individually Owned 1-yr Hold ~ Est. High Equity
Property ID
US87-3376907
Property summary
AI-generated overview

This exceptional free-standing flex building, totaling approximately 7,000 square feet, sits on a 0.46-acre lot and presents a unique investment opportunity. Built in 1945, the property features a single-tenant occupancy and offers a versatile layout ideal for a variety of businesses. The building comprises approximately 6,408 square feet of usable space, including approximately 3,468 square feet of conditioned office space. A notable feature is the approximately 1,000 square feet of bonus space located on the second floor of the office area, providing additional flexibility and potential for expansion. The warehouse space encompasses approximately 1,690 square feet of conditioned area and an additional 1,250 square feet of unconditioned space. Loading and unloading are facilitated by three overhead doors – one measuring 8' x 8' and two powered doors sized 9'H x 12'W, allowing for convenient drive-through access. The warehouse boasts an impressive 11-foot clear height. Security is enhanced by Hercules fencing with keypad access, ensuring peace of mind for the tenant. This property offers a blend of office and warehouse space, making it suitable for a wide range of industrial and commercial uses. Its convenient location and functional design make it an attractive option for businesses seeking a well-maintained and versatile space. The property's size and features make it a compelling investment opportunity in a desirable market.

Property profile
Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Year built 1945
Total area 6,408 SF
Lot 0.46 ac (20,016 SF)
Zoning code C-2
APN 809534
UPID US87-3376907
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Osage of Virginia General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
$1.12M
Comparable Approach Comparable
$989k
Blend (final) Blend
$1.07M
Owner & transaction history
Carlton Hewitt · 1 yrs held
Carlton Hewitt
since 2025
Last sale
$1.1M
4 recorded transactions
2025
$1.1M
2022
$575,000
2020
$450,000
2005
$450,000
Zoning & alternative use
C-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building $1.3M +19.6%
Auto repair, garage $1.2M +17.4%
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