Financial
Distress signals
Property profile

240 Corporate Blvd Norfolk, VA 23502

FOR SALE
Office buildings
Property ID
US87-3352052
94,027 SF 4.9 ac lot Built 1989
Last sale Sep 2019 · $12,970,000
Entity Owned Owner of record is a legal entity (LLC / corporation). 7-yr Hold Held for 7 years. ~ Est. High Equity Modeled equity is high. Estimate, not a fact.
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Property summary

AI-generated overview

Riverside Corporate Center offers exceptional Class A office space in the heart of Hampton Roads, Virginia. This single, four-story building boasts 94,027 square feet situated on 4.9 acres of land, providing ample parking and convenient access. Built in 1989, the property features a multiple tenancy structure with flexible suite sizes ranging from 1,000 to 20,000 square feet, catering to diverse business needs. Its prime location at the intersection of I-64 and I-264 ensures effortless

Ownership intelligence

Who controls the opportunity?

Owner of record from public deeds, plus portfolio, hold profile and investor signals where the data supports them. In the full report.

Owner contacts

Can we reach the decision maker?

Skip-traced phones and e-mails of the owner. Included with the full report.

Mortgages

What is owed, to whom, and when it comes due

Recorded lenders, amounts and estimated maturities of the owner's loan book — in the full report.

Property tax · 2024

What does the county charge?
$177k
Tax billed · 2024
Assessed value$14.17M
Assessed land$1.10M
Assessed improvement$13.07M
Effective rate1.25%

Value estimate

· Sep 2026
$19.40M
$17.46M – $21.34M
CAP approach$21.34M
Submarket $/SF estimate$25.45M
NOI build-up
Gross scheduled income$1.88M
Vacancy & credit loss−$151k
Operating expenses−$433k
NOI · 11.82% cap applied$1.30M

Realmo valuation models over county records.

Recently sold

What actually traded nearby?
$197/SF
Submarket average, outlier-cleaned · 57 recorded sales of this use type
Observed band · Q1–Q3$118 – $273

Cap rate analysis

How does the asset earn?
11.82%
$1.30M estimated NOI · market benchmarks for this use type

Price anchors at 6 / 6.5 / 7% — in the full report.

Zoning insight

What can be built here?
O-1
JurisdictionNORFOLK CITY

Location intelligence

Which uses thrive at this corner?
Best fit: Realty agency
Demand heat for this use is drawn on the map · LocInt grid
Demand index
Realty agency19.5
Law Firm18.5
Restaurant13.5

Location

240 Corporate Blvd Norfolk, VA 23502
County assessor Recorded deeds · 1 transfer Qualifying comp sales · not on file Zoning catalog

Every figure names its source: public record, benchmark, or modeled. Coverage varies by property — thin data is stated as missing, never invented.

Comparables

6 recorded sales · 16 properties nearby
Recent sales nearby
6 recorded sales in this ZIP, last 8 years
Address Sale price Sold Size
6160 Commander, Norfolk, VA 23502-5518 $9,023,640 May 2025 65,351 SF
5801 Lk Wright, Norfolk, VA 23502-1863 $5,400,000 Aug 2024 47,690 SF
824 Military, Norfolk, VA 23502-3652 $20,000,000 Jul 2020 210,252 SF
1151 Azalea Gdn, Norfolk, VA 23502-5601 $4,100,000 Dec 2019 54,516 SF
130 Corporate, Norfolk, VA 23502-4952 $7,100,000 Oct 2019 35,330 SF
5700 Lk Wright, Norfolk, VA 23502-1859 $24,900,000 Feb 2019 91,374 SF
Sale prices and dates as our records hold them, one row per building. A deed can cover more of a building than the size shown, so read the price against the size rather than dividing one by the other.
Comparable nearby
6 properties of the same type nearby
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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