FOR SALE FULLY-LEASED OFFICE INVESTMENT
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F OR S A LE
FU LLY-LEA SED O FFIC E INVESTMENT
500 W. 21ST STREET
NORFOLK, VA 23517
FOR MORE INFORMATION, PLEASE CONTACT:
JOHN M. PROFILET, SIOR STEPHANIE SANKER, CCIM, SIOR
JPROFILET@SLNUSBAUM.COM SSANKER@SLNUSBAUM.COM
757.640.2278 757.640.2290
S.L NUSBAUM REALTY CO. | 1700 WELLS FARGO CENTER, 440 MONTICELLO AVENUE, NORFOLK, VA 23510 | 757.627.8611 | SLNUSBAUM.COM
TA B L E O F C O N T E N T S
CONFIDENTIALITY & DISCLAIMER TABLE OF CONTENTS
All materials and information received or derived from S.L. Nusbaum Realty Co. its directors,
EXECUTIVE SUMMARY 3
officers, agents, advisors, affiliates and/or any third party sources are provided without
representation or warranty as to completeness , veracity, or accuracy, condition of the
property, compliance or lack of compliance with applicable governmental requirements, PROPERTY OVERVIEW 4
developability or suitability, financial performance of the property, projected financial
performance of the property for any party’s intended use or any and all other matters. TENANT PROFILES 5
Neither S.L. Nusbaum Realty Co. its directors, officers, agents, advisors, or affiliates makes AERIAL 6
any representation or warranty, express or implied, as to accuracy or completeness of the
any materials or information provided, derived, or received. Materials and information from AERIAL 7
any source, whether written or verbal, that may be furnished for review are not a substitute
for a party’s active conduct of its own due diligence to determine these and other matters of PROPERTY PHOTOS 8
significance to such party. S.L. Nusbaum Realty Co. will not investigate or verify any such
matters or conduct due diligence for a party unless otherwise agreed in writing. REGIONAL MAP 9
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
AERIAL MAP 10
Any party contemplating or under contract or in escrow for a transaction is urged to verify all
information and to conduct their own inspections and investigations including through
AERIAL MAP 11
appropriate third party independent professionals selected by such party. All financial data
should be verified by the party including by obtaining and reading applicable documents and FLOOR PLAN - FIRST FLOOR 12
reports and consulting appropriate independent professionals. S.L. Nusbaum Realty Co.
makes no warranties and/or representations regarding the veracity, completeness, or FLOOR PLAN - THIRD FLOOR 13
relevance of any financial data or assumptions. S.L. Nusbaum Realty Co. does not serve as a
financial advisor to any party regarding any proposed transaction. All data and assumptions MARKET OVERVIEW 14
regarding financial performance, including that used for financial modeling purposes, may
differ from actual data or performance. Any estimates of market rents and/or projected rents DEMOGRAPHICS MAP & REPORT 15
that may be provided to a party do not necessarily mean that rents can be established at or
increased to that level. Parties must evaluate any applicable contractual and governmental BACK PAGE 16
limitations as well as market conditions,vacancy factors and other issues in order to
determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be
discussed by the party with a certified public accountant or tax attorney. Title questions
should be discussed by the party with a title officer or attorney. Questions regarding the
condition of the property and whether the property complies with applicable governmental
requirements should be discussed by the party with appropriate engineers, architects,
contractors, other consultants and governmental agencies. All properties and services are
marketed by S.L. Nusbaum Realty Co. in compliance with all applicable fair housing and equal
opportunity laws.
S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Table of Contents | 2
CONFIDENTIAL OFFERING MEMORANDUM
June 10, 2021
EXECUTIVE SUMMARY
OFFERING SUMMARY PROPERTY OVERVIEW
Sale Price: $3,900,000 S.L. Nusbaum Realty Co. is pleased to present for sale a fully leased, three (3)-story office building located in the
Building Size: 17,306 SF Ghent neighborhood of Norfolk. The 17,306 RSF building sits on 0.922 acres, offering an abundance of parking.
Lot Size: 0.922 Acres Norfolk’s historic Ghent Neighborhood is a vibrant community filled to the brim with character, culture, and
Price / SF: $225.36 delicious cuisine. The neighborhood’s main thoroughfare, Colley Avenue, and adjacent 21st and 22nd Streets are
Year Built: 2011 lined with eclectic eateries, unique shops, art galleries, and antique stores. The neighborhood hosts Hampton
Zoning: C-C (Community Commercial) Road's largest medical complex, and only Level 1 trauma center, containing Sentara Norfolk General Hospital,
Sentara Heart Hospital, Children's Hospital of The King's Daughters, and Eastern Virginia Medical School. The first
open-heart surgery in Virginia was performed at Sentara Norfolk General Hospital in 1967, and the first baby in
the United States conceived by in vitro fertilization was born there in 1981.
S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Executive Summary | 3
CONFIDENTIAL OFFERING MEMORANDUM
June 10, 2021
PROPERTY OVERVIEW
LOCATION INFORMATION
Street Address 500 W. 21st Street
City, State, Zip Norfolk, VA 23517
Signalized Intersection Yes
BUILDING INFORMATION
Sale Price $3,900,000
Building Size 17,306 SF
Lot Size 0.922 Acres
Price / SF $225.36
Year Built 2011
Zoning C-C (Community Commercial)
Building Class A
Number Of Floors 3
Year Built 2011
Occupancy 100.0%
Roof TPO Single Ply
Sprinkler Fully Sprinklered
Parking 62 spaces on site
S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Property Overview | 4
CONFIDENTIAL OFFERING MEMORANDUM
June 10, 2021
TENANT PROFILES
ABNB FEDERAL CREDIT UNION
For over sixty years, ABNB Federal Credit Union has grown to over 70,000 members,
has nearly $700 million in assets, and is a regional financial institution serving
members in the Greater Hampton Roads and Northeastern North Carolina areas. As
a member owned financial institution, ABNB has continued its commitment to
provide comprehensive financial services along with professional and personal
service to its members. ABNB Federal Credit Union was recently recognized by
Forbes as "Best-In-State" credit union.
ABNB Federal Credit Union occupies 2,300 square feet and has been a tenant since
ROSE & WOMBLE REALTY COMPANY
With over seventy-five years of combined experience in the local real estate market
among its principals, Rose & Womble Realty Company offers resale, property
management, relocation, new homes, and marketing services divisions. Its affiliated
partnerships include mortgage, title settlement, market research, land planning, and
development.
Rose & Womble Realty Company occupies 7,136 square feet and has been a tenant
since 2017.
S.L. NUSBAUM INSURANCE AGENCY, INC.
For sixty years, S.L. Nusbaum Insurance Agency, Inc. has been one of Virginia's most
respected independent insurance agencies, though its roots stretch back to the
beginning of the 20th century when it was a division of S.L. Nusbaum & Co., Inc. The
agency has experience in offering all types of commercial insurance by working
closely with its clients and the various insurance companies' underwriters, claims
representatives, auditors, and safety engineers.
S.L. Nusbaum Insurance Agency, Inc. occupies 5,325 square feet and has been a
tenant since 2017.
S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Tenant Profiles | 5
CONFIDENTIAL OFFERING MEMORANDUM
June 10, 2021
AERIAL S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Aerial | 6 CONFIDENTIAL OFFERING MEMORANDUM June 10, 2021
AERIAL S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Aerial | 7 CONFIDENTIAL OFFERING MEMORANDUM June 10, 2021
PROPERTY PHOTOS S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Property Photos | 8 CONFIDENTIAL OFFERING MEMORANDUM June 10, 2021
REGIONAL MAP
500 W. 21st Street
S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Regional Map | 9
CONFIDENTIAL OFFERING MEMORANDUM
June 10, 2021
AERIAL MAP S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Aerial Map | 10 CONFIDENTIAL OFFERING MEMORANDUM June 10, 2021
AERIAL MAP S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Aerial Map | 11 CONFIDENTIAL OFFERING MEMORANDUM June 10, 2021
FLOOR PLAN - FIRST FLOOR S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Floor Plan - First Floor | 12 CONFIDENTIAL OFFERING MEMORANDUM June 10, 2021
FLOOR PLAN - THIRD FLOOR S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Floor Plan - Third Floor | 13 CONFIDENTIAL OFFERING MEMORANDUM June 10, 2021
MARKET OVERVIEW Hampton Roads – officially referred to as the Virginia Beach-Norfolk-Newport News MSA – is located in southeastern Virginia, approximately 200 miles south of Washington, D.C. It has one of the world’s greatest natural harbors, with ports capable of accommodating the largest cargo ships in the world. Hampton Roads is known around the world for its distinguished military presence. With a total of 15 installations, including Naval Station Norfolk, the world’s largest naval base, and over 80,000 active-duty military personnel, the region is one of the largest concentrations of armed forces in the Unites States. The Hampton Roads region has 33 local universities, colleges and trade schools. The institutions cover a wide knowledge base and include William & Mary, Old Dominion University, Virginia Wesleyan, Tidewater Community College as well as the Apprentice School, which trains hundreds of shipbuilders each year. Some of the major corporations that recognize the benefits of a presence in Hampton Roads include, ADP, Anthem, Inc., Atlantic Bay Mortgage Group, Bank of America, Capital One, Dollar Tree, Ferguson Enterprises, Geico, PRA Group, and New York Times Shared Services. The Hampton Roads office market throughout the years has been a steady market and has been safe from the major highs and lows seen by larger markets such as Washington, D.C. and Atlanta. Our major economic drivers including the Port, the military, and tourism help to keep the office market from volatile drops in vacancy. 2020 was a challenging year for office markets throughout the U.S. but strong demand in early 2020 diminished the effect seen in larger markets. The office vacancy rate hovered below 8% and some significant leases and sales took place in 2020. LEASES ADDRESS SIZE SALES SIZE PRICE PRICE/SF Movement Mortgage 1434 Crossways Boulevard 30,000 SF Norfolk Southern Tower 310,000 SF $30,000,000 $96.54 PSF City Of Virginia Beach 2809 S. Lynnhaven Road 29,000 SF DCS Crossways Portfolio 206,504 SF $41,150,000 $199.27 PSF Orbis Education 6320 Center Drive 16,000 SF 824 N. Military Highway 184,081 SF $20,000,000 $108.65 PSF NVR/Ryan Homes 4525 South Boulevard 16,000 SF Volvo Office Park 74,210 SF $8,400,000 $133.19 PSF Eplus 447 Viking Drive 15,257 SF S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Market Overview | 14 CONFIDENTIAL OFFERING MEMORANDUM June 10, 2021
DEMOGRAPHICS MAP & REPORT POPULATION 1 MILE 2 MILES 3 MILES Total Population 20,094 63,942 114,106 Average Age 30.5 29.8 31.0 Average Age (Male) 30.1 28.4 29.5 Average Age (Female) 30.6 31.5 33.1 HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILES Total Households 8,291 23,725 41,908 # Of Persons Per HH 2.4 2.7 2.7 Average HH Income $71,479 $64,793 $64,276 Average House Value $314,726 $325,526 $329,174 * Demographic data derived from 2010 US Census S.L. Nusbaum Realty Co. | 1700 Wells Fargo Center, 440 Monticello Avenue, Norfolk, VA 23510 | 757.627.8611 | slnusbaum.com Demographics Map & Report | 15 CONFIDENTIAL OFFERING MEMORANDUM June 10, 2021
C O N TA C T U S JOHN M. PROFILET, SIOR SENIOR VICE PRESIDENT 757.640.2278 JPROFILET@SLNUSBAUM.COM STEPHANIE SANKER, CCIM, SIOR VICE PRESIDENT 757.640.2290 SSANKER@SLNUSBAUM.COM S.L. NUSBAUM REALTY CO. 1700 WELLS FARGO CENTER, 440 MONTICELLO AVENUE, NORFOLK, VA 23510 757.627.8611 SLNUSBAUM.COM DISCLAIMER: No warranty or representation, expressed or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
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