863 Glenrock RdNorfolk, VA 23502

Property Details for 863 Glenrock Rd

Year built

1973

Lot size

2.92 AC

Property size (Sq ft)

51,520 SF

Zone code

C-3

Property type

Office properties

Property subtype

Office buildings

APN

13279507

APU

13279507

Description

Circle West, located at 863 Glenrock Rd, Norfolk, VA 23502, presents a unique opportunity for businesses seeking Class A office space in the Hampton Roads, Central Norfolk submarket. This single, two-story building, totaling 50,000 square feet, underwent a complete renovation in 2024. The property sits on 3.08 acres of land and offers flexible space options, with a minimum divisible unit of 10,000 square feet and a maximum contiguous space of 25,000 square feet. Currently, the entire 50,000 square feet is available for lease. The building boasts 140 parking spaces and elevators for convenient access. Its strategic location at the crossroads of I-264 and I-64 provides exceptional accessibility, placing it in close proximity to Sentara Leigh Hospital and the Brock Center. The C-R zoning allows for a variety of uses, making it particularly attractive to medical tenants. Built in 1975, this property offers a blend of classic architecture and modern amenities, resulting in a highly desirable workspace. Interested parties should note the property's traditional office and medical office subtypes.

• CAP approach

  CAP return

  Valuation

  6%

  $10,879,327

  6.5%

  $10,042,456

  7%

  $9,325,137

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,601,426

  Geo Method

  $8,604,355

• Alternative Use

  Use

  Valuation

  Residential

  $12,452,645

  Hospitality

  $11,406,556

  Educational

  $9,490,121

  Medical

  $9,816,500

  Retail

  $14,762,410

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.8518

Longitude

-76.2024

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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