500 Main StNorfolk, VA 23510
- Office properties
- 285,792 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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- Please email our support team at [email protected] and they will add the team member.
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