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    440 Monticello Ave, Unit 2A Norfolk, VA 23510-2571
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    440 Monticello Ave, Unit 2A Norfolk, VA 23510-2571

    View on Map
    • Office buildings
    • 24,710 SF
    • 0.44 lot acres
    Off-Market
    Property ID
    US87-3358649
    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.
    Value Estimations
    $3,955,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • RecoveryTrek / (Bike/Boat/Book/etc) Store / Corporate Office
    • in8 chiropractic - Norfolk / Alternative Medicine Practice
    • Tidewater Media Solutions / Marketing & Advertising / (Bike/Boat/Book/etc) Store
    • Willcox & Savage, P.C. / Law Firm
    • Wiley Law Offices, PLLC / Law Firm

    Property Details for 440 Monticello Ave

    Year built
    2010
    Lot size
    0.44 lot acres
    Property size
    24,710 SF
    Property type
    Office buildings
    APN
    10911002
    APU
    10911002

    Description

    The Wells Fargo Center, a prestigious Class A office building in downtown Norfolk, Virginia, offers a unique opportunity for businesses seeking prime office space. This 22-story tower, constructed in 2010 and boasting LEED Gold certification, provides 255,000 square feet of total space, with 70,317 square feet currently vacant and available for lease. The building is situated on a five-acre block in the heart of the city, at the intersection of Monticello Avenue and Charlotte Street, within the D-MU (Downtown - Mixed Use) zoning district. Multiple tenancy options are available, ranging from a minimum of 1,398 square feet to a maximum contiguous space of 24,500 square feet, catering to a variety of business needs. The building features ample parking with 1,859 spaces distributed across two convenient garages, ensuring easy access for employees and clients. High-speed elevators efficiently service all floors. The property's address is 440 Monticello Ave, Norfolk, VA 23510, and its location within the Downtown Norfolk submarket provides excellent access to amenities, transportation, and a vibrant urban environment. The APN is 1437071138, and the building is categorized as both Executive and Medical Office space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,583,000
      Market price range: $727k - $2.58M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,865,000
      Current use
      AUTO REPAIR, GARAGE
      $4,775,000
      Change: -2% Conversion: Difficult
      RETAIL STORES
      $4,070,000
      Change: -16% Conversion: Moderate

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2878
    Latitude
    36.8518
    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
    $773,367
    $0.00
    $54,848,700
    $54,848,700
    -
    $0.00
    $54,848,700
    $54,848,700

    Comparable in this City

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    • Value Estimation
      $2,030,000
      9,712 SF

      118 Bute St

      OFFICE BUILDING • 9,712 SF
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    • Value Estimation
      $1,275,000
      12,138 SF

      101 Granby St

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      101 Granby St, Norfolk, VA 23510-1636
      View Details
    • Value Estimation
      $3,430,000
      34,750 SF

      900 Granby St

      OFFICE BUILDING • 34,750 SF
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    • Value Estimation by Request
      3,210 SF

      1100 Granby St

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      1100 Granby St, Norfolk, VA 23510-2692
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    • Value Estimation
      $525,000
      4,608 SF

      130 Olney Rd

      OFFICE BUILDING • 4,608 SF
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      View Details

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      Downtown Norfolk Mixed-Use Development

      LEED Gold certified office tower with mixed-use amenities.
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      Mixed-Use Development in Downtown Norfolk

      Vibrant mixed-use property with retail, apartments, and parking.
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      11,000 SF

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      39,037 SF

      Prime Norfolk Acreage For Sale

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    Similar Nearby for Lease

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      Downtown Norfolk Mixed-Use Development

      Mixed-use development in downtown Norfolk, built in 2010.
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      26,203 SF

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      Class A office space with exceptional views and amenities.
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      6,132 SF

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      World Trade Center Office Space

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      Downtown Norfolk Office Space Available

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      Class A Office Building

      Downtown Norfolk Class A office building for rent.
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      View Details
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    Norfolk, VA 23510-2571
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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