5900 Virginia Beach BlvdNorfolk, VA 23502

Property Details for 5900 Virginia Beach Blvd

Year built

1967

Lot size

0.29 AC

Property size (Sq ft)

48,246 SF

Zone code

C-3

Property type

Office properties

Property subtype

Office buildings

APN

44729707

APU

44729707

Description

Janaf Shopping Yard presents a prime retail investment opportunity in Norfolk County. This expansive center, boasting a total of 891,281 square feet, offers 13 available spaces ranging from 855 to 8,946 square feet, perfect for a variety of uses including retail, restaurants, salons, dental practices, physical therapy, beauty services, financial institutions, and communications businesses. The property sits on 92 acres of land and provides ample parking with 4170 spaces. Its strategic location at the intersection of Virginia Beach Boulevard and Military Highway ensures high visibility and accessibility, further enhanced by its proximity to I-64 and I-264 interstates. Currently, the center has 33,328 square feet of vacant space. Janaf Shopping Yard is a well-established center attracting a diverse clientele, evidenced by an impressive average of 4.72 visits per person. This high-traffic location, coupled with the available space, presents a unique opportunity for businesses seeking strong visibility and a loyal customer base. The property's size and established tenant mix make it an attractive investment for both established businesses and new ventures. The substantial parking capacity ensures convenient access for customers and employees. This is a rare opportunity to secure space in one of the largest centers in its portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $10,187,966

  6.5%

  $9,404,276

  7%

  $8,732,542

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,181,918

  Geo Method

  $8,057,564

• Alternative Use

  Use

  Valuation

  Residential

  $11,661,303

  Hospitality

  $10,681,690

  Educational

  $8,887,041

  Medical

  $9,192,680

  Retail

  $13,824,286

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.8605

Longitude

-76.2048

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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