9650 Shore DrNorfolk, VA 23518

Property Details for 9650 Shore Dr

Year built

2018

Lot size

0.18 AC

Property size (Sq ft)

10,235 SF

Property type

Specialty properties

APN

50001702

APU

50001702

Description

This exceptional mixed-use property in Norfolk, VA, presents a compelling investment opportunity. The 10,235 square foot building, constructed in 2018, features a thriving veterinary clinic occupying the majority of the space, currently under a triple-net (NNN) lease with 11.3 years remaining, including two five-year renewal options. The lease boasts a 2% annual rent increase, providing a hedge against inflation. Above the clinic are three fully occupied apartments offering additional income and commanding market rents. The property sits on a 0.18-acre lot, enjoys excellent visibility from Shore Drive, and provides ample parking. The clinic's tenant, a leading national veterinary group, has a strong track record and significant market presence. The property's location benefits from a high-income demographic, with an average household income exceeding $78,033 within a five-mile radius. The asking price is $3,200,000, representing a price per square foot of $312.65, and the current Net Operating Income (NOI) is $177,931. This investment offers a blend of stable income and future growth potential within a resilient industry. The two-story building is 100% occupied.

• Alternative Use

  Use

  Valuation

  Residential

  $2,473,851

  Hospitality

  $2,266,034

  Educational

  $1,885,314

  Medical

  $1,950,153

  Retail

  $2,932,711

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.9295

Longitude

-76.1916

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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