500 Main StNorfolk, VA 23510

  • Office properties
  • 285,792 SF
For Lease
$16/SF/YR View listing

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 properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $60,349,856
    6.5%
    $55,707,560
    7%
    $51,728,448
  • Comparable approach

    Method
    Valuation
    Relative Method
    $36,619,464
    Geo Method
    $47,730,120
  • Alternative Use

    Use
    Valuation
    Residential
    $69,077,376
    Hospitality
    $63,274,504
    Educational
    $52,643,644
    Medical
    $54,454,140
    Retail
    $81,890,112
500 Main St, Norfolk, Virginia

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$310,961
$1,690,500
$20,363,500
$22,054,000
-
$1,690,500
$20,363,500
$22,054,000

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