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Auction Information
Auctioneer Tranzon Fox See Listing
Auction Date Mar 27 Auction
850-852 Tidewater Dr
& 1130 Tabb St
Norfolk, VA
Time 11:30AM
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AuctionZip Auctioneer ID# 6378
Cant attend auction in person? Contact Tranzon representative by March 22nd about remote bidding either via phone or online simulcast bidding. 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 faade 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 be sure to download the Property Information Package by clicking on the words under Documents to Download. By downloading this package you will alert Tranzon Fox to your interest in this property and you will receive emails with any updates on this auction. The package contains information needed to participate in bidding at auction. License Number: VAAF423

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