Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    735 Granby St Norfolk, VA 23510-2001

    • Investment properties
    • 6,200 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    May 16, 2024
    $625,000
    Value Estimations
    $665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3358686
    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.

    Current Use by Public Records

    • The C Suite / Photography Studio

    Property Details for 735 Granby St

    Year built
    1917
    Lot size
    0.07 lot acres
    Property size
    6,200 SF
    Zone code
    D-4
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    14493900
    APU
    14493900

    Description

    This exceptional 6,200 square foot storefront property, located at 735 Granby Street in the heart of downtown Norfolk, Virginia, presents a compelling investment opportunity. The two-story brick building offers a substantial amount of retail space, perfect for a variety of businesses. With a total square footage of 6,200 square feet, all of which is net rentable, this property boasts ample room for operations and potential expansion. The asking price is $800,000, translating to a price per square foot of $129.03. Situated in Norfolk's vibrant Arts and Design district, this location offers high visibility and foot traffic, making it an ideal spot for a thriving business. The property's solid brick construction ensures durability and longevity, representing a sound investment for the future. The address is 735 Granby Street, Norfolk, VA 23510. This prime location offers excellent access to major transportation routes and is surrounded by a thriving community. The property's size and location make it an attractive option for businesses seeking a prominent presence in a dynamic urban setting. This is a rare opportunity to acquire a substantial retail space in a highly desirable area. Don't miss out on this chance to own a piece of Norfolk's vibrant downtown.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $625,000
      ML approach
      $625,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,095,000
      6.5%
      $1,010,000
      7%
      $935,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $550,000
      Market price range: $420k - $986k
      AI Estimate
      $398,000
      Market price range: $207k - $818k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $720,000
      Current use
      RETAIL STORES
      $1,020,000
      Change: +42% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $820,000
      Change: +14% Conversion: Moderate
      WAREHOUSE, STORAGE
      $675,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2888
    Latitude
    36.8554
    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
    $8,031
    $76,200
    $493,400
    $569,600
    -
    $76,200
    $493,400
    $569,600

    Comparable in this City

    • Value Estimation
      $335,000
      4,788 SF

      109 College Pl

      OFFICE/RESIDENTIAL (MIXED USE) • 4,788 SF
      109 College Pl, Norfolk, VA 23510-1907
      View Details
    • Value Estimation
      $1,780,000
      12,150 SF

      434 Granby St

      OFFICE/RESIDENTIAL (MIXED USE) • 12,150 SF
      434 Granby St, Norfolk, VA 23510
      View Details
    • Value Estimation
      $660,000
      14,332 SF

      130 Plume St

      OFFICE/RESIDENTIAL (MIXED USE) • 14,332 SF
      130 Plume St, Norfolk, VA 23510-1659
      View Details
    • Value Estimation
      $840,000
      5,758 SF

      358 Freemason St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,758 SF
      358 Freemason St, Norfolk, VA 23510-1296
      View Details
    • Value Estimation
      $1,975,000
      11,910 SF

      151 Granby St

      OFFICE/RESIDENTIAL (MIXED USE) • 11,910 SF
      151 Granby St, Norfolk, VA 23510-1611
      View Details
    • Value Estimation
      $395,000
      8,164 SF

      452 Granby St

      OFFICE/RESIDENTIAL (MIXED USE) • 8,164 SF
      452 Granby St, Norfolk, VA 23510-1914
      View Details

    Similar Nearby for Sale

    • $950,000
      6,000 SF

      Granby Street Mixed-Use Investment

      Downtown Norfolk, VA - High ROI
      440 Granby St, Norfolk, VA 23510
      View Details
    • $950,000
      6,000 SF

      Mixed-Use Property Near Federal Court

      Fully leased mixed-use property in a prime downtown location.
      440 Granby St, Norfolk, VA 23510
      View Details
    • $750,000

      Downtown Norfolk Land Opportunity

      Land for sale in the heart of Downtown Norfolk.
      430 Granby St, Norfolk, VA 23510
      View Details
    • Contact for pricing

      Land in Arts Neon District

      Located in Arts Neon District, close to Downtown and Ghent.
      225 W Olney Rd, Norfolk, VA 23510
      View Details
    • Contact for pricing
      16,200 SF

      Retail Property Near Wards Corner

      Fully leased retail property near Norfolk's Wards Corner district.
      7635 Granby St, Norfolk, VA 23510
      View Details
    • $1,395,000
      4,132 SF

      Turnkey Commercial Building in Norfolk

      Renovated commercial building with established tenants, a turnkey business opportunity.
      731 Granby St, Norfolk, VA 23510
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr
      255,000 SF

      Downtown Norfolk Office Tower

      Class A Office Space, 70,000+ SF Available
      440 Monticello Ave, Norfolk, VA 23510
      View Details
    • $16 SF/Yr
      285,792 SF

      Downtown Norfolk Restaurant Space

      Prime Restaurant Space, Downtown Norfolk
      500 Main St, Norfolk, VA 23510
      View Details
    • Contact for pricing
      12,950 SF

      Norfolk Medical Office Space

      Modern medical office suite, 295-2950 sqft
      1001 Monticello Ave, Norfolk, VA 23510
      View Details
    • $28 SF/Yr
      196,205 SF

      Sentara Fort Norfolk Plaza: Medical Office Space

      Prime Norfolk Medical Office Suites Available
      301 Riverview Ave, Norfolk, VA 23510
      View Details
    • $28 SF/Yr
      6,400 SF

      Downtown Norfolk Restaurant/Bar Space

      6,400 SF restaurant/bar with commercial kitchen for lease.
      241 Granby St, Norfolk, VA 23510
      View Details
    • $1,400 /Mo
      562 SF

      Downtown Corner Retail Space Available

      Prime downtown corner retail space with street frontage.
      401 Granby St, Norfolk, VA 23510
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    735 Granby St
    Norfolk, VA 23510-2001
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.