520 21St StNorfolk, VA 23517

Property Details for 520 21St St

Year built

2004

Lot size

1.24 AC

Property size (Sq ft)

35,625 SF

Zone code

C-2

Property type

Strip malls

Property subtype

Neighborhood centers

APN

13720910

APU

13720910

Description

This exceptional executive office space, totaling 2,517 square feet, is situated within the prestigious 21 West Shopping Center in Norfolk, Virginia's vibrant Ghent commercial district. Located at 520 W 21st St, zip code 23517, this Class C office building offers a single-tenant occupancy opportunity within a larger 35,625 square foot complex. Built in 2004, the property boasts excellent visibility and accessibility, benefiting from its location on 21st Street, a thoroughfare experiencing a high volume of vehicular traffic (14,000 vehicles per day). The building's strategic placement ensures prominent exposure to Norfolk's thriving community. This presents a unique chance to establish a presence in a highly desirable area. The available space is part of a larger office building, providing potential for expansion or synergy with other businesses within the center. The property is located in Norfolk County and offers a convenient and well-connected location for businesses seeking a prime address in a bustling commercial hub. This is an ideal opportunity for businesses seeking a high-profile location with excellent visibility and accessibility in a well-established commercial district. The property's size and location make it suitable for a variety of executive office uses.

• CAP approach

  CAP return

  Valuation

  6%

  $11,058,555

  6.5%

  $10,207,897

  7%

  $9,478,761

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,503,165

  Geo Method

  $14,993,323

• Alternative Use

  Use

  Valuation

  Residential

  $8,610,743

  Hospitality

  $7,887,394

  Educational

  $6,562,220

  Medical

  $6,787,904

  Retail

  $10,207,897

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.8699

Longitude

-76.2929

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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