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Property profile & analytics
OFF-MARKET
Estimated value
$580,000
Warehouses
1150 Olney Rd Norfolk, VA 23504-3437
Entity Owned
Absentee Owner
Free & Clear
Property ID
US87-3370603
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1966
Total area
4,952 SF
Lot
1.84 ac (80,063 SF)
Zoning code
I-2
APN
15568400
UPID
US87-3370603
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
masters towing Auto Repair Shop Auto Parts Store
-
Absolute Furniture Solutions Furniture & Home Goods Home Decor Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$395k
CAP Approach
CAP
$605k
Comparable Approach
Comparable
$492k
Blend (final)
Blend
$580k
Owner & transaction history
TS PROPERTIES 65 LLC
TS PROPERTIES 65 LLC
Zoning & alternative use
I-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Adopted Zoning Ordinance
Top alternative use upside
Auto repair, garage
$955,000
+77.5%
Retail stores
$815,000
+51.1%
Commercial (general)
$575,000
+6.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Norfolk submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Norfolk submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$395,000
CAP Approach
CAP Return
Estimation
6%
$655,000
6.5%
$605,000
7%
$565,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$540,000
Current use
AUTO REPAIR, GARAGE
$955,000
Change: +77% · Conversion: Easy
RETAIL STORES
$815,000
Change: +51% · Conversion: Moderate
COMMERCIAL (GENERAL)
$575,000
Change: +6% · Conversion: Difficult
Blend value · Realmo final
$580k
Range $522k – $638k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$117 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$14,414
Tax year 2024
Assessed value
$1,153,100
Assessed 2024
Previous assessed
$1,135,500
+1.5% YoY
Effective rate
1.25%
On assessed value
Assessed land
$480,400
Assessed improvement
$672,700
Land market value
$480,400
Improvement market value
$672,700
Total market value
$1,153,100
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1966
Heating
SPACE
Cooling
YES
Buildings
3
Stories
1
Total area
4,952 SF
Lot
1.84 ac (80,063 SF)
Zoning code
I-2
APN
15568400
UPID
US87-3370603
Jurisdiction
NORFOLK CITY
Zoning & alternative use
I-2 · Norfolk, VAZoning I-2 · permitted uses
I-2 · Norfolk, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Adopted Zoning Ordinance
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$540,000
AUTO REPAIR, GARAGE
Est. value
$955,000
RETAIL STORES
Est. value
$815,000
COMMERCIAL (GENERAL)
Est. value
$575,000
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1966
Heating
SPACE
Cooling
Yes
Stories
1
Buildings
3
Lot
1.84 ac
Current owner
From public records · entity-resolved
TS PROPERTIES 65 LLC
Entity
Free & Clear · 0 yrs held
Mailing address
839 PNE FRST TRL W APT A, PORT ORANGE, FL 32127-7793
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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