850 Tidewater Dr
Norfolk, VA 23504
High Occupancy, Income Producing Office Bldg · Flex Property For Sale

Bankruptcy Auction - High Occupancy, Income Producing Office Bldg, Norfolk, VA Attention Investors and Owner/Occupants: Income producing, multi-tenant office/flex property on high traffic artery, Norfolk, VA. Property is comprised of three buildings: 1130 Tabb St, constructed in 1999; 852 Tidewater Dr, constructed in 2001 and 850 Tidewater Dr, constructed in 2003 (850 Tidewater Dr and 1130 Tabb St are joined). Current occupancy is 90% and January, 2018 gross income $26,992. With only one lease scheduled to expire in 2018 and extension negotiations ongoing, occupancy should remain consistantly strong for some time. 2017 Average monthly rental income was $24,065 for an annualized total of $288,777. Adjusted 2017 expenses were $105,436* for an adjusted NOI of $183,314. 2018 NOI is estimated to be in the $218,440 range.** Features Include: Parcel: +/-1.69 acres Gross Building Area: +/-26,400 s/f Net Leasable Area: +/-25,000 s/f; +/-90% office; 10% warehouse HVAC: Individual heat pumps Zoning: I-2 Diverse tenant mix Stately brick colonial façade Immaculate condition Central, high traffic Tidewater Dr location; 35,000 VPD Address: 850-852 Tidewater Dr & 1130 Tabb St Parcel ID#: 1437470772 2017 Tax Assessment: $1,725,700 2017 Annual Taxes: $19,846 All income and expense information was taken from the Monthly Operating Reports that the Debtor is required to file with the United States Bankruptcy Court. *After deducting debt service, delinquent tax payments and bankruptcy-related expenses then adding a 5% management fee. **January rent amount annualized, assuming no changes throughout the year and also assuming expenses similar to 2017. Please see Auction FX1890 on our website for more information. Tranzon Fox, VAAF423