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    702 NW Park Ave Norton, VA 24273
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    702 NW Park Ave Norton, VA 24273

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    • Banks
    • 19,345 SF
    For Sale
    $420,000
    View Listing →
    Former Bank Building in Norton For Sale
    $420,000
    19,345 SF

    Former Bank Building in Norton

    Downtown Norton former bank building with redevelopment potential.

    702 Park Avenue, Norton, VA 24273
    View Listing
    Property ID
    US87-2674131
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Old Virginia Hemp Company / Pharmacy

    Property Details for 702 NW Park Ave

    Year built
    1926
    Property size
    19,345 SF
    Property type
    Banks
    Property subtype
    Commercial land

    Description

    Now Available, the former Bank Of America Building in downtown Norton!! Over 19,000 finished sf. Located on 4 downtown lots, one lot is drive through with 20 parking spaces. Property is Zoned B-2, which can have commercial space downstairs and convert both upper floors to lofts, apartments, or use ... your own imagination to create anything you want. Multiple spaces on main floor to lease out with separate entrances. Original safes with all safety deposit boxes and all keys still in place! Come take a look at this amazing opportunity. Buyers and buyers agents to verify all information, subject to errors and omissions.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norton
    County
    Norton
    State
    Virginia
    Longitude
    -82.6285648
    Latitude
    36.9343777

    Comparable in this City

    • $60,000
      5,860 SF

      Norton Apartment Building For Sale

      18-unit apartment building with income potential in Norton, Virginia.
      730 NE Virginia Ave, Norton, VA 24273
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    • $420,000
      19,345 SF

      Former Bank Building in Norton

      Downtown Norton former bank building with redevelopment potential.
      702 Park Ave, Norton, VA 24273
      View Details
    • $395,000
      19,345 SF

      Former Bank Building in Norton

      Former Bank of America building with redevelopment potential in downtown Norton.
      702 NW Park Ave, Norton, VA 24273
      View Details
    • Contact for pricing

      Norton Commercial Development Site

      4.644 acre commercial development site in Norton, Virginia.
      Lot 1 Hwy 58, Norton, VA 24273
      View Details
    • $495,000
      5.80 Acres

      Commercial Land in Norton, VA

      5.799 acre commercial development site with high traffic exposure.
      Highway 58, Norton, VA 24273
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    • Contact for pricing

      Norton Commercial Development Opportunity

      5.799-acre commercial development site with high traffic exposure.
      Lot 2 Hwy 58, Norton, VA 24273
      View Details

    Similar Nearby for Sale

    • $60,000
      5,860 SF

      Norton Apartment Building For Sale

      18-unit apartment building with income potential in Norton, Virginia.
      730 NE Virginia Ave, Norton, VA 24273
      View Details
    • $420,000
      19,345 SF

      Former Bank Building in Norton

      Downtown Norton former bank building with redevelopment potential.
      702 Park Ave, Norton, VA 24273
      View Details
    • $395,000
      19,345 SF

      Former Bank Building in Norton

      Former Bank of America building with redevelopment potential in downtown Norton.
      702 NW Park Ave, Norton, VA 24273
      View Details
    • Contact for pricing

      Norton Commercial Development Site

      4.644 acre commercial development site in Norton, Virginia.
      Lot 1 Hwy 58, Norton, VA 24273
      View Details
    • $495,000
      5.80 Acres

      Commercial Land in Norton, VA

      5.799 acre commercial development site with high traffic exposure.
      Highway 58, Norton, VA 24273
      View Details
    • Contact for pricing

      Norton Commercial Development Opportunity

      5.799-acre commercial development site with high traffic exposure.
      Lot 2 Hwy 58, Norton, VA 24273
      View Details

    Similar Nearby for Lease

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      Mixed-Use Investment Property in Norton

      Income property with apartments, home, and commercial space.
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      4,003 SF

      Norton Commons Retail Space Available

      Retail space for lease in a Walmart shadow-anchored center.
      708-780 Commonwealth Dr, Norton, VA 24273
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      Regional Shopping Center Space Available

      23,145 SF retail space in Norton, Virginia.
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    View Listing
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    Norton, VA 24273
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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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