2241 Barraud AveNorfolk, VA 23504

Property Details for 2241 Barraud Ave

Year built

1905

Lot size

1.66 AC

Property size (Sq ft)

48,467 SF

Zone code

I-2

Property type

Industrial properties

Property subtype

Manufacturing properties

APN

26092603

APU

26092603

Description

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.

• Alternative Use

  Use

  Valuation

  Residential

  $11,714,719

  Hospitality

  $10,730,620

  Educational

  $8,927,750

  Medical

  $9,234,789

  Retail

  $13,887,611

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.8629

Longitude

-76.2684

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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