400 Olney RdNorfolk, VA 23507

Property Details for 400 Olney Rd

Year built

1979

Lot size

0.43 AC

Property size (Sq ft)

9,433 SF

Zone code

PDMU-4

Property type

Office buildings

APN

2427200

APU

2427200

Description

This exceptional 2,500 square foot executive office space is ideally situated in the desirable ODU/Ghent submarket at 400 W. Olney Road. The entire building, totaling 2,500 square feet, is currently available for lease, presenting a unique opportunity for a single tenant to occupy the entire space. Built in 1999, the property sits on a substantial 16,695 square foot lot and includes ample parking with 15 spaces available. The building is comprised of seven rental units, indicating a well-established and potentially adaptable layout. The property's classification as both retail and office suggests versatile usage options, making it suitable for a variety of businesses. The large square footage and convenient parking make this an attractive option for companies seeking a prominent presence in a vibrant and established neighborhood. The entire 2,500 square feet is vacant and ready for immediate occupancy, allowing for quick and efficient setup. This is a rare opportunity to secure a substantial, well-located office space in a highly sought-after area. Interested parties are encouraged to inquire promptly.

• CAP approach

  CAP return

  Valuation

  6%

  $1,991,939

  6.5%

  $1,838,713

  7%

  $1,707,376

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,208,681

  Geo Method

  $1,575,405

• Alternative Use

  Use

  Valuation

  Residential

  $2,280,004

  Hospitality

  $2,088,471

  Educational

  $1,737,584

  Medical

  $1,797,342

  Retail

  $2,702,908

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.8589

Longitude

-76.296

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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