440 Granby St Norfolk, VA 23510-1914
Property profile & analytics
440 Granby St, Norfolk, VA 23510-1914
- Retail space
- 5,850 SF
- 0.05 lot acres
Property ID
US87-3349719
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- The VIP Beauty Bar / Hair Salon / Nail Salon
- The VIP Lounge Barbershop and Spa / Barber Shop
- Cuts by John / Barber Shop
- LockerRoom Kidz / Clothing & Fashion Store
- Corporate Kutz / Barber Shop
Property Details for 440 Granby St
- Year built
- 1914
- Lot size
- 0.05 lot acres
- Zone code
- D-3
- Property type
- Retail space
- APN
- 34803324
- APU
- 34803324
Description
This exceptional three-story, 6,000-square-foot mixed-use building in Norfolk, Virginia, presents a compelling investment opportunity. Located on Granby Street, this Class B property boasts a prime downtown location, adjacent to the Tide Light Rail and a city parking garage. The building is currently 100% occupied, generating a strong net operating income (NOI) of $75,600, resulting in a 7.96% capitalization rate. The property features 2,000 square feet of retail space on the first floor (currently a barber shop), 2,000 square feet of office space on the second floor, and a 2,000-square-foot residential apartment on the third floor. All units are currently under short-term leases, presenting significant upside potential for rental income increases. The property benefits from its proximity to key landmarks including the Federal Court Building, Wells Fargo Tower, Tidewater Community College, and the Scope Convention Center, as well as numerous restaurants. Norfolk's thriving downtown area, with ongoing revitalization projects and a growing workforce of approximately 30,000 employees, further enhances the investment potential of this property. The asking price is $950,000, offering a strong return on investment in a dynamic and desirable location. The property is zoned D-MU (Downtown Mixed Use) and is offered fee simple.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,105,000
- 6.5%
- $1,020,000
- 7%
- $950,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,183,000
- AI Estimate
- $612,000
Market price range: $619k - $1.52MMarket price range: $261k - $637k -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $965,000 Current use
- OFFICE BUILDING
- $1,150,000 Change: +20% Conversion: Easy
- AUTO REPAIR, GARAGE
- $1,130,000 Change: +17% Conversion: Difficult
- INDUSTRIAL (GENERAL)
- $770,000 Change: -20% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk City
- State
- Virginia
- Longitude
- -76.289
- Latitude
- 36.8521
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$9,663
$145,300
$540,000
$685,300
-
$145,300
$540,000
$685,300
