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Property profile & analytics
OFF-MARKET Estimated value $910,000
Manufacturing properties

941 Norfolk Sq Norfolk, VA 23502-3211

4,704 SF 0.44 ac lot Built 1967
Entity Owned 1-yr Hold ~ Est. High Equity
Property ID
US87-3417872
Property summary
AI-generated overview

This exceptional 4,704 square foot building, situated on a fenced .44-acre lot in Norfolk, Virginia (zip code 23502), presents a unique investment opportunity. The property boasts a strategic location offering easy access to Interstates 264 and 64, ensuring seamless transportation and logistics. The building is zoned BC-I (Business & Commerce Park-Industrial), allowing for a variety of uses including business, research, light industrial, and manufacturing activities. The versatile layout includes 1,800 square feet of well-appointed office space, complete with a convenient kitchenette, perfect for administrative functions or executive suites. The remaining 2,904 square feet comprises a spacious shop area, ideal for storage, production, or workshop activities. Access to the shop area is facilitated by a 10' x 10' grade-level loading door, streamlining loading and unloading operations. This property's combination of office and warehouse space, coupled with its prime location and flexible zoning, makes it an attractive option for a wide range of businesses seeking a functional and strategically located facility. The asking price for this exceptional property is $825,000.

Property profile
Verified
Property type Manufacturing properties
Use group MANUFACTURING (LIGHT)
Year built 1967
Total area 4,704 SF
Lot 0.44 ac (19,127 SF)
Zoning code BC-1
APN 31048200
UPID US87-3417872
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$1.04M
CAP Approach CAP
by Request
Comparable Approach Comparable
$956k
Blend (final) Blend
$910k
Owner & transaction history
941 Norfolk Square LLC · 1 yrs held
941 Norfolk Square LLC
since 2024
Last sale
$775,000
4 recorded transactions
2024
$800,000
2023
$775,000
2023
$625,000
2014
$350,000
Zoning & alternative use
BC-1 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building $925,000 +49.2%
Auto repair, garage $910,000 +46.4%
Retail stores $775,000 +24.7%
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