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Property profile & analytics
OFF-MARKET
Estimated value
$780,000
Manufacturing properties
1215 Boissevain Ave, Norfolk, VA 23507-1391
Entity Owned
12-yr Hold
~
Est. High Equity
Property ID
US87-3377991
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1965
Total area
5,598 SF
Lot
1.47 ac (63,946 SF)
Zoning code
I-2
APN
26887000
UPID
US87-3377991
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$565k
Comparable Approach
Comparable
$878k
Blend (final)
Blend
$780k
Owner & transaction history
R&b Real Estate Investment LLC · 12 yrs held
R&b Real Estate Investment LLC
since 2013
4 recorded transactions
Zoning & alternative use
I-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.1M
+49.2%
Auto repair, garage
$1.1M
+46.4%
Retail stores
$920,000
+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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$610,000
6.5%
$565,000
7%
$525,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$740,000
Current use
OFFICE BUILDING
$1,100,000
Change: +49% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,080,000
Change: +46% · Conversion: Easy
RETAIL STORES
$920,000
Change: +25% · Conversion: Moderate
COMMERCIAL (GENERAL)
$650,000
Change: -12% · Conversion: Difficult
WAREHOUSE, STORAGE
$610,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$780k
Range $702k – $858k · ±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
$139 / 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
$17,116
Tax year 2024
Assessed value
$1,369,300
Assessed 2024
Previous assessed
$1,358,300
+0.8% YoY
Effective rate
1.25%
On assessed value
Assessed land
$959,400
Assessed improvement
$409,900
Land market value
$959,400
Improvement market value
$409,900
Total market value
$1,369,300
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1965
Heating
FORCED AIR
Cooling
YES
Buildings
6
Stories
1
Total area
5,598 SF
Lot
1.47 ac (63,946 SF)
Zoning code
I-2
APN
26887000
UPID
US87-3377991
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
$740,000
OFFICE BUILDING
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$1.1M
RETAIL STORES
Est. value
$920,000
COMMERCIAL (GENERAL)
Est. value
$650,000
WAREHOUSE, STORAGE
Est. value
$610,000
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
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
1965
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
6
Lot
1.47 ac
Current owner
From public records · entity-resolved
R&b Real Estate Investment LLC
Entity
Mailing address
248 W BUTE ST STE #200, NORFOLK, VA 23510-1441
Ownership since
2013
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
Jul 1, 2022
—
R&b Real Estate Investment LLC
—
Deed
related
$1,794,973 · Farmers Bank
Feb 21, 2019
—
R&b Real Estate Investment LLC
—
Deed
related
$1,592,000 · Newport News Shipbuilding Employees Cred
Aug 24, 2017
—
R&b Real Estate Investment LLC A Vi
—
Deed
related
$180,000 · Citizens National Bank
Jul 17, 2013
$950,000
R&b Real Estate Investment LLC
Coopervision INC
Deed
$850,000 · Cooper Vision INC
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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