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    1368 Progress Rd Suffolk, VA 23434

    • Commercial real estate
    • 27,857 SF
    • 20.26 lot acres
    For Sale
    View listing
    $8,900,000
    Value Estimation
    Last Sale
    Jun 01, 2022
    $3,859,000
    Location Intelligence
    Property ID
    US87-2326445
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • J.M. Smucker Company / Distribution Service

    Property Details for 1368 Progress Rd

    Year built
    2003
    Lot size
    20.26 lot acres
    Property size
    27,857 SF
    Zone code
    HEAVY INDUSTRIAL
    Property type
    Commercial real estate
    APN
    27*63Q
    APU
    2763Q

    Description

    This exceptional Class A industrial property, located at 1368 Progress Road in Suffolk, Virginia, presents a significant investment opportunity. The 126,733 square foot facility, built in 2004 and renovated in 2014, comprises four buildings situated on a 21.44-acre lot. The property boasts 160 parking spaces and six dock-high doors, catering to efficient logistics. Zoned M-2, it allows for a wide range of heavy industrial uses. The existing infrastructure includes 38,000 square feet dedicated to extraction equipment (spray dryer and silo tower), a 40,000 square foot packaging area, a blast freezer, and substantial cold storage space, along with shipping and receiving areas. The property features a 5,000-amp service and a 4-inch water line with filtration and chlorine treatment. Its strategic location in Suffolk, VA offers proximity to major transportation routes and the Port of Virginia, enhancing its logistical advantages. The asking price is $8,900,000. This well-maintained property is ready for immediate occupancy and offers significant potential for expansion and customization. The property's existing infrastructure and flexible layout make it ideal for various industrial and manufacturing operations, including food and beverage processing.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $4,610,000

    • CAP approach

      CAP return
      Estimation
      6%
      $3,735,000
      6.5%
      $4,285,000
      7%
      $4,180,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $4,545,000
      Geo Method
      $3,705,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $4,120,000
      Retail
      $3,125,000
      Mixed-Use
      $3,140,000
      Hospitality
      $3,430,000
      Educational
      $3,350,000
      Residential Income
      $3,185,000
      Energy
      $3,560,000
      Income-Based Land
      $3,905,000
      Food Service
      $3,860,000

    Location Insight

    • Map
    • Local Demand
    City
    Suffolk
    County
    Suffolk City
    State
    Virginia
    Longitude
    -76.536
    Latitude
    36.7734
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $116,313
    $1,067,800
    $9,603,100
    $10,670,900
    -
    $1,067,800
    $9,603,100
    $10,670,900

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    1368 Progress Rd
    Suffolk, VA 23434
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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