2241 Barraud AveNorfolk, VA 23504

This exceptional 2.439-acre industrial land parcel presents a compelling redevelopment opportunity in Norfolk, Virginia. Located at 2241 Barraud Ave, zip code 23504, the property is zoned I-L, offering significant flexibility for future development. Currently featuring a three-story warehouse requiring demolition (estimated demolition costs: $350,000), this site allows for the creation of a modern industrial facility. The existing structure's removal opens the door to constructing new flex space and leveraging the substantial yard area. Projections indicate a potential rental income of $4,000 per acre per month from leasing excess yard space. The property's strategic location within the West Norfolk Industrial Submarket, which boasts a low 3.1% vacancy rate, underscores its strong investment potential. This prime location offers easy access to major transportation arteries, making it an ideal site for a variety of industrial uses. The asking price for this significant redevelopment opportunity is $1,200,000. This represents a unique chance to capitalize on the growing demand for industrial space in a thriving market. Detailed site plans and further information are available upon request.