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Property profile & analytics
OFF-MARKET
Estimated value
$1,190,000
Flex space
1185 Harmony Rd Norfolk, VA 23502-2356
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US87-3363312
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1980
Total area
7,908 SF
Lot
0.99 ac (43,242 SF)
Zoning code
I-2
APN
23578000
UPID
US87-3363312
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
-
Princess Anne Paving Corporation General Contractor Construction Company
-
Aristocrat Towing Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.36M
CAP Approach
CAP
$795k
Comparable Approach
Comparable
$1.26M
Blend (final)
Blend
$1.19M
Owner & transaction history
1185 Harmony LLC · 3 yrs held
1185 Harmony LLC
since 2023
Last sale
$1.1M
2 recorded transactions
Zoning & alternative use
I-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.6M
+49.2%
Auto repair, garage
$1.5M
+46.4%
Retail stores
$1.3M
+24.7%
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
$1,485,000
ML approach
$1,360,000
CAP Approach
CAP Return
Estimation
6%
$865,000
6.5%
$795,000
7%
$740,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,045,000
Current use
OFFICE BUILDING
$1,555,000
Change: +49% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,530,000
Change: +46% · Conversion: Easy
RETAIL STORES
$1,300,000
Change: +25% · Conversion: Moderate
WAREHOUSE, STORAGE
$860,000
Change: -18% · Conversion: Easy
COMMERCIAL (GENERAL)
$845,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$1.19M
Range $1.07M – $1.31M · ±10% · vs last sale $1.10M (May 24 2023)
Last sale anchor
$1.10M
May 24 2023
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
$150 / 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
$11,690
Tax year 2024
Assessed value
$935,200
Assessed 2024
Previous assessed
$651,100
+43.6% YoY
Effective rate
1.25%
On assessed value
Assessed land
$341,900
Assessed improvement
$593,300
Land market value
$341,900
Improvement market value
$593,300
Total market value
$935,200
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1980
Heating
SPACE
Cooling
YES
Stories
2
Total area
7,908 SF
Lot
0.99 ac (43,242 SF)
Zoning code
I-2
APN
23578000
UPID
US87-3363312
Jurisdiction
NORFOLK CITY
Zoning & alternative use
I-2 · Norfolk, VA
Zoning 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
Norfolk. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$1.0M
OFFICE BUILDING
Est. value
$1.6M
AUTO REPAIR, GARAGE
Est. value
$1.5M
RETAIL STORES
Est. value
$1.3M
WAREHOUSE, STORAGE
Est. value
$860,000
COMMERCIAL (GENERAL)
Est. value
$845,000
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
WAREHOUSE, STORAGE
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
1980
Heating
SPACE
Cooling
Yes
Stories
2
Lot
0.99 ac
Current owner
From public records · entity-resolved
1185 Harmony LLC
Entity
Mailing address
1185 HARMONY RD, NORFOLK, VA 23502-2356
Ownership since
2023
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
May 24, 2023
$1,100,000
1185 Harmony LLC
Eft Properties LLC
Warranty Deed
$1,000,000 · Eft Properties LLC
Apr 15, 2016
—
Eft Properties LLC A Virginia Limit
The Stuart R Jones Revocable Trust
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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