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.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
CAP approach
CAP return
Valuation
6%
$5,217,938
6.5%
$4,816,558
7%
$4,472,518
Comparable approach
Method
Valuation
Relative Method
$3,166,173
Geo Method
$4,126,817
Alternative Use
Use
Valuation
Residential
$5,972,532
Hospitality
$5,470,808
Educational
$4,551,648
Medical
$4,708,186
Retail
$7,080,340
Location Insight
City
Norfolk
County
Norfolk City
State
Virginia
Latitude
36.8518
Longitude
-76.2878
CBSA code
47260
CBSA name
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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