500 Main StNorfolk, VA 23510

Property Details for 500 Main St

Year built

1972

Lot size

0.52 AC

Property size (Sq ft)

285,792 SF

Zone code

D-2

Property type

Office buildings

APN

44737300

APU

44737300

Description

This exceptional four-story, 285,792 square foot traditional office building is located in Norfolk, Virginia's Central Business District at 500 E. Main Street. The property boasts a convenient, adjacent parking facility and an on-site café, offering unparalleled convenience for tenants and visitors. Its strategic location provides exceptional access to major transportation arteries, including I-264, the Midtown Tunnel, The Tide light rail, and the Elizabeth River Ferry, ensuring seamless commutes. The building's proximity to prestigious residential areas, diverse restaurants, hotels, and shopping centers enhances its appeal. Furthermore, its location just one block from the City of Norfolk Municipal Courts complex and within walking distance of the Federal Courthouse and the Virginia Port Authority offices provides significant advantages for businesses seeking proximity to government and maritime operations. Currently, there are three available office spaces ranging from 3,250 to 14,250 square feet, totaling 31,750 square feet of vacant space. This presents a unique opportunity for businesses seeking a prominent location in a thriving urban environment. The building's multiple tenancy structure offers flexibility for various business needs. This is a rare opportunity to secure office space in a highly desirable and well-connected location.

• CAP approach

  CAP return

  Valuation

  6%

  $68,396,500

  6.5%

  $63,135,200

  7%

  $58,625,600

• Comparable approach

  Method

  Valuation

  Relative Method

  $36,619,500

  Geo Method

  $47,730,100

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $125,298,000

  Retail / Commercial

  $64,056,500

  Mixed-Use / Specialty

  $63,674,000

  Hospitality / Lodging

  $46,515,000

  Institutional / Educational

  $66,140,200

  Residential Income

  $77,384,100

  Multifamily

  $93,664,600

  Automotive / Energy

  $56,691,600

  Parking / Income-Based Land

  $19,715,800

  Restaurant / Food Service

  $32,788,500

  Healthcare / Senior Housing

  $65,454,500

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.846

Longitude

-76.288

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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