1007 Bayview BlvdNorfolk, VA 23503

Property Details for 1007 Bayview Blvd

Year built

1960

Lot size

0.56 AC

Property size (Sq ft)

7,750 SF

Zone code

C-2

Property type

Strip malls

Property subtype

Neighborhood centers

APN

26960600

APU

26960600

Description

This 7,750 square foot restaurant and bar property, located at 1007 E Bayview Blvd in Norfolk, Virginia (zip code 23503), presents a unique investment opportunity. Currently zoned C-C, the property sits on a 0.56-acre lot (24,542 sq ft) and includes 10 parking spaces. The building offers 7,750 total square feet, with 4,750 square feet currently vacant. The property features 220V power and is conveniently located near Chesapeake Blvd in the Bayview Ocean View submarket. The property's APN is 2696060600. Please note that the property owner is awaiting resolution of back taxes from the previous business before access and availability can be confirmed. A city tax auction of the former restaurant's equipment is scheduled for December 9th and 10th. Details can be found at the provided link in the original listing. This property is ideal for a variety of food service concepts and offers significant potential for a new owner. The high visibility location and ample space make it an attractive proposition for entrepreneurs seeking a well-situated establishment in a thriving Norfolk neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $2,405,721

  6.5%

  $2,220,665

  7%

  $2,062,046

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,502,443

  Geo Method

  $3,261,705

• Alternative Use

  Use

  Valuation

  Residential

  $1,873,214

  Hospitality

  $1,715,854

  Educational

  $1,427,570

  Medical

  $1,476,667

  Retail

  $2,220,665

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.9335

Longitude

-76.2438

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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