PROPERTY SUMMARY

RENTAL INCOME (2023): $8,000 PER MONTH $96,000 PER YEAR

1st FLOOR BARBER SHOP $3000 PER MONTH
2nd FLOOR OFFICE SUITE $2500 PER MONTH
3rd FLOOR APARTMENT $2500 PER MONTH ($2000 RENT $500 UTILITIES)

EXPENSE SUMMARY (2023): $1700/MO $20,400/YR

TAXES $200/MO
INSURANCE $400/MO
UTILITIES/ WATER /SEWER $800/MO
MISC MAINT. $300/MO
IN PLACE NOI: $6,300/MO $75,600/ YR

PROPERTY SUMMARY:

• 6000 SF MIXED USE 3 STORY BUILDING
• FIRST FLOOR 2000 SF RETAIL/ BARBER SHOP
• SECOND FLOOR 2000 SF OFFICE SPACE
• THIRD FLOOR 2000 SF RESIDENTIAL APARTMENT
• FULLY LEASED PROPERTY
• PRIME LOCATION NEAR FEDERAL COURT BLDG, WELLS FARGO TOWER, TIDEWATER COMMUNITY COLLEGE, SCOPE CONVENTION CENTER, AND NUMEROUS RESTAURANTS
• ADJACENT TO TIDE LIGHT RAIL AND CITY PARKING GARAGE
• DOWNTOWN WORK FORCE APPRO. 30,000 EMPLOYEES
• IN PLACE NOI $75,600

Norfolk continues to undergo a successful renewal with new office, retail, entertainment, and hotel construction downtown, new residential development along the rivers and bay front, and revitalization projects in many of its neighborhoods. Norfolk is home to Virginia’s first and only light rail system and the Commonwealth’s only cruise terminal. Recent nearby completed construction projects include a downtown hotel and conference center, a new outlet mall, and a revitalized Waterside District entertainment complex.

CITY FACTS
Total square miles: 66; Total square miles of land: 54, Population estimate (2020): 245,775 Median household income (2020 5-year estimate): $47,137 Average sales price of homes sold (2020): $244,700 Median sales price of homes sold (2020): $230,000 This information is deemed accurate, but not guaranteed, please check all available sources.