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Property profile & analytics
OFF-MARKET
Estimated value
$615,000
Grocery and convenience stores
1159 Ocean Vw Ave Norfolk, VA 23503-1224
Entity Owned
8-yr Hold
Free & Clear
Property ID
US87-3352271
Property profile
Verified
Property type
Grocery and convenience stores
Use group
CONVENIENCE STORE
Year built
1966
Total area
4,808 SF
Lot
0.37 ac (16,178 SF)
Zoning code
C-1
APN
37742555
UPID
US87-3352271
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
-
Swell Charcoal Grill and Raw Bar Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$606k
Blend (final)
Blend
$615k
Owner & transaction history
Petrakis Family Properties LLC A Ne · 8 yrs held
Petrakis Family Properties LLC A Ne
since 2018
2 recorded transactions
Zoning & alternative use
C-1 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Adopted Zoning Ordinance
Top alternative use upside
Auto repair, garage
$580,000
+175.0%
Office building
$455,000
+116.1%
Retail stores
$455,000
+115.1%
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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$580,000
Change: +175% · Conversion: Difficult
OFFICE BUILDING
$455,000
Change: +116% · Conversion: Moderate
RETAIL STORES
$455,000
Change: +115% · Conversion: Easy
COMMERCIAL (GENERAL)
$385,000
Change: +83% · Conversion: Easy
Blend value · Realmo final
$615k
Range $554k – $677k · ±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
$128 / 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
$9,050
Tax year 2024
Assessed value
$724,000
Assessed 2024
Previous assessed
$706,300
+2.5% YoY
Effective rate
1.25%
On assessed value
Assessed land
$313,300
Assessed improvement
$410,700
Land market value
$313,300
Improvement market value
$410,700
Total market value
$724,000
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
Grocery and convenience stores
Use group
CONVENIENCE STORE
Status
Off-Market
Year built
1966
Heating
FORCED AIR
Cooling
YES
Stories
1
Total area
4,808 SF
Lot
0.37 ac (16,178 SF)
Zoning code
C-1
APN
37742555
UPID
US87-3352271
Jurisdiction
NORFOLK CITY
Zoning & alternative use
C-1 · Norfolk, VAZoning C-1 · permitted uses
C-1 · 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
AUTO REPAIR, GARAGE
Est. value
$580,000
OFFICE BUILDING
Est. value
$455,000
RETAIL STORES
Est. value
$455,000
COMMERCIAL (GENERAL)
Est. value
$385,000
AUTO REPAIR, GARAGE
OFFICE BUILDING
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
FORCED AIR
Cooling
Yes
Stories
1
Lot
0.37 ac
Current owner
From public records · entity-resolved
Petrakis Family Properties LLC A Ne
Entity
Free & Clear · 8 yrs held
Mailing address
4007 MERRICK RD, SEAFORD, NY 11783-2831
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 16, 2018
—
Petrakis Family Properties LLC
—
Deed
related
$487,500 · Branch Banking & Trust Company
Jun 4, 2018
$650,000
Petrakis Family Properties LLC A Ne
Louis B Fine Family LLC A Virginia
Warranty Deed
—
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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