Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    1124 Harmony Rd Norfolk, VA 23502

    • Industrial properties
    • 861 SF
    • 0.85 lot acres
    OFF-MARKET
    Last Sale
    Jul 18, 2024
    Value Estimations
    $350,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3396076
    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

    • Industrial properties

    Property Details for 1124 Harmony Rd

    Year built
    1979
    Lot size
    0.85 lot acres
    Property size
    861 SF
    Zone code
    I-2
    Property type
    Industrial properties
    APN
    13158905
    APU
    13158905

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $350,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2173
    Latitude
    36.8605
    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
    2024
    $4,981
    $301,100
    $97,400
    $398,500
    -
    $301,100
    $97,400
    $398,500

    Comparable in this City

    • Value Estimation
      $435,000
      1,379 SF

      5820 Adderley St

      INDUSTRIAL (GENERAL) • 1,379 SF
      5820 Adderley St, Norfolk, VA 23502-4602
      View Details
    • Value Estimation
      $285,000
      1,152 SF

      5815 Hargrove St

      INDUSTRIAL (GENERAL) • 1,152 SF
      5815 Hargrove St, Norfolk, VA 23502-4636
      View Details
    • Value Estimation
      $310,000
      0.37 Acres

      1150 Es Harmony Rd

      INDUSTRIAL (GENERAL) • 0.37 Acres
      1150 Es Harmony Rd, Norfolk, VA 23502-2357
      View Details
    • Value Estimation
      $365,000
      6,212 SF

      1524 Juniper St

      INDUSTRIAL (GENERAL) • 6,212 SF
      1524 Juniper St, Norfolk, VA 23502-1606
      View Details
    • Value Estimation
      $265,000
      2,552 SF

      5839 Adderley St

      INDUSTRIAL (GENERAL) • 2,552 SF
      5839 Adderley St, Norfolk, VA 23502-4601
      View Details
    • Value Estimation
      $350,000
      1,034 SF

      1150 Harmony Rd

      INDUSTRIAL (GENERAL) • 1,034 SF
      1150 Harmony Rd, Norfolk, VA 23502-2357
      View Details

    Similar Nearby for Sale

    • $1,600,000
      6,250 SF

      Versatile Commercial Office Building For Sale

      Stand-alone commercial building with office, flex, and storage space.
      6024 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • $650,000
      4.69 Acres

      Norfolk Land and Buildings Package

      Three-parcel package with commercial and residential potential in Norfolk.
      5516 Typo Ave, Norfolk, VA 23502
      View Details
    • $5,500,000
      37,128 SF

      Norfolk Industrial Investment Opportunity

      Centrally located Hampton Roads industrial property with immediate highway access.
      5803 Curlew Dr, Norfolk, VA 23502
      View Details
    • $960,000

      Norfolk Flex/Industrial Property For Sale

      Flex/Industrial property available for purchase in Norfolk, Virginia.
      953 Norfolk Sq, Norfolk, VA 23502
      View Details
    • $10,900,000
      80,730 SF

      Silver Oak Medical Office Building

      Class A Medical Office Space in Norfolk, VA
      5900 Lake Wright Dr, Norfolk, VA 23502
      View Details
    • $425,000
      0.30 Acres

      Prime Norfolk Tire Business Opportunity

      Established Tire Store - Turnkey Operation
      6100 Virginia Beach Blvd, Norfolk, VA 23502
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      11,648 SF

      Norfolk Industrial Flex Space

      11,648 SF Flex Space, Newly Renovated
      1554 Juniper St, Norfolk, VA 23502
      View Details
    • $126 SF/Yr
      18,300 SF

      981 Scott Street: Flex Space Available

      18,300 SF Flex Space, Norfolk County
      981 Scott St, Norfolk, VA 23502
      View Details
    • $13 SF/Yr
      36,000 SF

      Norfolk Warehouse Space Available

      36,000 SF warehouse space for lease in Norfolk.
      1129 Production Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      294,657 SF

      Norfolk Industrial Warehouse Space

      Large warehouse, multiple spaces available, prime location.
      3321 Princess Anne Rd, Norfolk, VA 23502
      View Details
    • $9 SF/Yr
      27,488 SF

      Norfolk Flex Space: 27,488 SF

      Prime Norfolk industrial flex space for lease. Ideal for diverse businesses.
      5301 Princess Anne Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      2,740 SF

      Fleet Service Shop For Rent

      2740 SF shop/service building with two grade-level doors.
      3440 Trant Ave, Norfolk, VA 23502
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1124 Harmony Rd
    Norfolk, VA 23502
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.