Norfolk Commercial Lot

Position your next commercial development at one of the primary gateways into Norfolk. This 5.36+/- acre corner property is strategically located along South Victory Road, immediately south of East Omaha Avenue/U.S. Highway 275, the principal eastern access corridor serving Norfolk and the surrounding region. The level, unimproved site offers outstanding visibility to traffic entering Norfolk from the east, together with convenient access from both eastbound and westbound U.S. Highway 275. Its corner location, usable configuration, and proximity to a major highway create excellent potential for retail, hospitality, professional services, medical, office, restaurant, automotive, distribution, or other commercial development, subject to governmental approval. Represented as shovel-ready, the property is outside the designated flood zone, with municipal utilities available at or near the property boundary. These attributes may help reduce many of the preliminary challenges and expenses commonly associated with development sites. The property is situated within an area targeted by the City of Norfolk for continued commercial and industrial growth. Norfolk’s planning materials identify the southern Opportunity Zone tract as containing two major highways and oversized water and sewer infrastructure, with future land-use plans calling for expansion of the commercial and industrial corridors along U.S. Highways 81 and 275. The City describes the tract as offering significant development potential. Norfolk Area Economic Development Additional investment potential may be available through Opportunity Zone benefits and Tax Increment Financing, subject to the proposed project, current program requirements, governmental approval, and consultation with the buyer’s legal and tax advisers. The parcel was also included in the City’s East Omaha redevelopment study area, further supporting its position within a corridor identified for reinvestment and development. City of Norfolk redevelopment study Offered at just $2.98 +/- per square foot, or $725,000.00 this property is priced substantially below the cited Norfolk-area commercial land comparables of approximately $6.71 to $11.00 per square foot. Nearby commercial lots along the Victory Road corridor are currently marketed at considerably higher per-acre pricing, reinforcing the value presented by this offering. Nearby Victory Road commercial listings For a developer, owner-user, or investor seeking visibility, accessibility, infrastructure, and long-term positioning, this property presents a compelling opportunity to secure more than five acres along one of Norfolk’s most important commercial corridors. Buyers should independently verify zoning, permitted uses, utility locations and capacities, access, flood-zone status, environmental conditions, Opportunity Zone qualification, and TIF eligibility with the appropriate governmental agencies.