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Property profile & analytics
OFF-MARKET
Estimated value
$16,465,000
Warehouses
1187 Azalea Gdn Rd Norfolk, VA 23502-5601
Entity Owned
4-yr Hold
Free & Clear
Property ID
US87-3353805
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1962
Total area
138,480 SF
Lot
12.08 ac (526,031 SF)
Zoning code
BC-2
APN
37511902
UPID
US87-3353805
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
-
MDV SpartanNash Warehouse & Storage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$12.16M
CAP Approach
CAP
$16.95M
Comparable Approach
Comparable
$14.43M
Blend (final)
Blend
$16.47M
Owner & transaction history
Coleman Logigstics Assets LLC · 4 yrs held
Coleman Logigstics Assets LLC
since 2021
Last sale
$17.2M
4 recorded transactions
Zoning & alternative use
BC-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$27.3M
+80.8%
Auto repair, garage
$26.8M
+77.5%
Retail stores
$22.8M
+51.1%
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
$20,925,000
ML approach
$12,155,000
CAP Approach
CAP Return
Estimation
6%
$18,365,000
6.5%
$16,950,000
7%
$15,740,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$15,085,000
Current use
OFFICE BUILDING
$27,270,000
Change: +81% · Conversion: Difficult
AUTO REPAIR, GARAGE
$26,770,000
Change: +77% · Conversion: Easy
RETAIL STORES
$22,800,000
Change: +51% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$18,285,000
Change: +21% · Conversion: Easy
COMMERCIAL (GENERAL)
$14,765,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$16.47M
Range $14.82M – $18.11M · ±10% · vs last sale $17.17M (Oct 15 2021)
Last sale anchor
$17.17M
Oct 15 2021
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
$119 / 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
$115,626
Tax year 2024
Assessed value
$9,250,100
Assessed 2024
Previous assessed
$9,069,600
+2.0% YoY
Effective rate
1.25%
On assessed value
Assessed land
$4,209,300
Assessed improvement
$5,040,800
Land market value
$4,209,300
Improvement market value
$5,040,800
Total market value
$9,250,100
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
1962
Heating
SPACE
Cooling
YES
Buildings
2
Stories
2
Total area
138,480 SF
Lot
12.08 ac (526,031 SF)
Zoning code
BC-2
APN
37511902
UPID
US87-3353805
Jurisdiction
NORFOLK CITY
Zoning & alternative use
BC-2 · Norfolk, VA
Zoning BC-2 · permitted uses
BC-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
WAREHOUSE, STORAGE Current
Est. value
$15.1M
OFFICE BUILDING
Est. value
$27.3M
AUTO REPAIR, GARAGE
Est. value
$26.8M
RETAIL STORES
Est. value
$22.8M
INDUSTRIAL (GENERAL)
Est. value
$18.3M
COMMERCIAL (GENERAL)
Est. value
$14.8M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
INDUSTRIAL (GENERAL)
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
1962
Heating
SPACE
Cooling
Yes
Stories
2
Buildings
2
Lot
12.08 ac
Current owner
From public records · entity-resolved
Coleman Logigstics Assets LLC
Entity
Free & Clear · 4 yrs held
Mailing address
5 BRYANT PARK FL, NEW YORK, NY 10018-1878
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 15, 2021
$17,167,600
Coleman Logigstics Assets LLC
Bre Foxtrot 1187 Azalea Garden Road
Special Warranty Deed
—
Dec 3, 2020
—
Bre Foxtrot 1187 Azalea Garden Road
—
Deed
related
$67,150,314 · Jpmorgan Chase Bank NA
Jul 13, 2018
—
Bre Foxtrot 1187 Azalea Garden Road
—
Deed
related
$298,180,000 · Suntrust Bank
Jun 6, 2018
$9,400,000
Bre Foxtrot 1187 Azalea Garden Road
Frp Azalea LLC A Maryland Limited L
Special 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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