440 Granby St Norfolk, VA 23510

Property Details for 440 Granby St

Year built

1914

Lot size

0.05 lot acres

Property size

5,850 SF

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.

Location Insight

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