1074 47Th StNorfolk, VA 23508

Property Details for 1074 47Th St

Year built

1965

Lot size

0.24 AC

Property size (Sq ft)

4,860 SF

Zone code

C-2

Property type

Retail properties

Property subtype

Retail space

APN

17106100

APU

17106100

Description

This exceptional retail opportunity presents 4,260 square feet of versatile space in the Old Dominion Shopping Center, located at 1074-1076 W. 47th Street, Norfolk, VA 23508, within Norfolk County. Currently entirely vacant, this property offers significant potential for a single tenant or can be subdivided to accommodate multiple businesses. Flexible space options include a 2,500 square foot unit and a 1,760 square foot unit, allowing for customization to suit diverse business needs. The property's prime location in Norfolk provides excellent visibility and accessibility, ensuring high foot traffic and strong potential for customer engagement. The "Old Dominion Shopping Center" designation offers established brand recognition and a pre-existing customer base. This is an ideal location for businesses seeking a high-traffic area with ample space for growth and expansion. The property is classified as a retail shopping center with multiple tenancy potential. This presents a unique chance to establish a strong presence in a thriving Norfolk community. The entire 4,260 square feet is available for immediate occupancy. Serious inquiries are encouraged to explore this exciting retail investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $1,508,620

  6.5%

  $1,392,572

  7%

  $1,293,103

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,569,274

  Geo Method

  $2,045,405

• Alternative Use

  Use

  Valuation

  Residential

  $1,174,687

  Hospitality

  $1,076,007

  Educational

  $895,225

  Medical

  $926,013

  Retail

  $1,392,572

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.8865

Longitude

-76.3018

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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