Overview

Description

RI Marketplace Online Auction May 13-15, 2024
Register to Bid on Marketplace:

https://rimarketplace.com/auction/1922/former-suntrust-bank-36k-vpd-1.6-ac-redevelopment?utm_source=brevitas&utm_medium=listing&utm_campaign=retail_1922

Marcus & Millichap and RI Marketplace are pleased to present a redevelopment opportunity including a vacant, free-standing, retail/bank building located at 3351 East Princess Anne Road in Norfolk, Virginia (the “Property”). Positioned in a heavily trafficked area, the Property is offered significantly below replacement cost and offers an exceptional owner/user or investment opportunity with significant value enhancement potential at a significant discount. FIRST BID MEETS RESERVE!

Built in 1990, the Property is comprised of a one-story, free-standing retail building containing ±3,038 square feet and four drive-thru lanes. Positioned on an expansive ±1.627 acres of land, the Property offers a high parking ratio with 34 total surface parking spaces (10 Spaces/1,000 SF) and is easily accessible via two curb cuts. The Property was formerly occupied by SunTrust Bank on a net lease and offers potential investors the ability to acquire a large 1.627 Acre parcel at a great location with high traffic, and the structure will most likely need to be demolished due to extensive mold damage. Bidders will not be allowed to tour the interior of the building prior to auction or closing. CoStar estimated market rents are $17-20/SF. This former SunTrust bank is strategically located on a major area thoroughfare and is positioned across from daily needs retailers, Walmart Neighborhood market and Wawa. The Property is zoned BC-2, Business and Commerce Park District 2, allowing for a variety of potential retail and commercial uses via redevelopment.

The Property is located in the city of Norfolk which is a portion of the Virginia Beach-Norfolk-Hampton Roads Metropolitan Statistical Area. The Property has frontage along the south side of East Princess Anne Road (±21,330 VPD) right-of-way, the west side of Ingleside Road (±14,956 VPD) and the north side of Enterprise Road. The Property is easily accessible and has a WalkScore® of 64, Somewhat Walkable with a Transit Score® of Some Transit (43). The Property benefits from its proximity to many area shopping destinations, restaurants, and hospitality options within the Military Submarket, less than 10-minutes from Norfolk International Airport. This former SunTrust is positioned at the entrance to Norfolk Industrial Park one of the region’s largest business parks with ±350 acres fully developed with more than 300 businesses. Additionally, the Property is positioned near a number of other employment drivers including Lake Wright Executive Center, NAB Little Creek, Virginia Wesleyan, Northrop Grumman, Lockheed Martin, USAA, and General Dynamics. The Property is also located within ±15-minutes of a plethora of leisure demand drivers including Downtown Norfolk, Harbor Park Stadium, Norfolk Zoo, Chrysler Hall and the Chrysler Museum. Top military destinations such as NAS Oceana, Naval Station Norfolk, Nauticus, the Battleship Wisconsin, and Little Creek Naval Amphibious Base are also nearby. The Property benefits from area density including a population of over 300k within a 5-mi radius and over 765k people within a 10-mi radius, including 15 military installations with a total of 140k military/federal civilian personnel deployed on bases or supporting the military.

Lamar P. Fisher, Auctioneer
License: 2907003627
Co:2908000783

Highlights

• 1.627 AC, Value Add Retail Redevelopment Opportunity (Former SunTrust Bank) Available Significantly Below Market Value
• Current Building/Structure Will Most Likely Need to Be Demolished, Allowing for Significant Value Add Via Redevelopment
• ±36,286 VPD Combined Traffic Counts via E Princess Anne Rd right-of-way (±21,330 VPD) as well as Direct Frontage on Ingleside Rd (±14,956 VPD) and Enterprise Rd
• Neighboring Retailers include Walmart, Wawa, Waffle House, Hardee’s, Family Dollar, Piggly Wiggly, and more
• Strategic Positioning Adjacent to Norfolk Industrial Park (One of Region’s Largest) with ±350 Acres and ±300 Businesses
• Attractive Demographics with ±112,506 People and Annual Household Income of ±$81,611 within a 5-Mile Radius
• Absolute $1 Auction – NO RESERVE

Documents

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