5215 Colley AveNorfolk, VA 23508

Property Details for 5215 Colley Ave

Year built

1946

Lot size

0.84 AC

Property size (Sq ft)

9,119 SF

Zone code

C-2

Property type

Office properties

Property subtype

Office buildings

APN

11321400

APU

11321400

Description

This exceptional Class A office building, located at 5215 Colley Ave in Norfolk, VA (zip code 23508), offers 9,000 square feet of executive and creative office space. Built in 1946 and extensively renovated in 2015, the single-story building features 38 suites, with a minimum divisible space of 85 square feet. The property boasts a 14-foot ceiling height and ample parking with 90 spaces. Amenities include complimentary ergonomic furniture, private phone lines with voicemail and call forwarding, 24/7 video surveillance and secure key-fob access, and free access to conference rooms. High-speed wired internet is available in each office, and USPS certified mailboxes are provided. Flexible lease terms are available, with a minimum of three months, allowing for growth and customization within the building. Tenants enjoy access to exclusive discounts at local businesses. The property sits on 84 acres of land and is situated in the Colley Avenue submarket of Norfolk. This is a truly all-inclusive office solution designed to foster growth and prosperity.

• CAP approach

  CAP return

  Valuation

  6%

  $1,925,632

  6.5%

  $1,777,507

  7%

  $1,650,542

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,168,447

  Geo Method

  $1,522,964

• Alternative Use

  Use

  Valuation

  Residential

  $2,204,108

  Hospitality

  $2,018,952

  Educational

  $1,679,744

  Medical

  $1,737,513

  Retail

  $2,612,935

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.8905

Longitude

-76.2958

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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