Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1243 Norview Ave Norfolk, VA 23513-2048
    Back to Search
    Property profile & analytics

    1243 Norview Ave, Norfolk, VA 23513-2048

    View on Map
    • Grocery and convenience stores
    • 1,512 SF
    • 0.64 lot acres
    Off-Market
    Last Sale Sep 20, 2023
    $476,668
    Property ID
    US87-3355363
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Sentry Racecoast / Auto Repair Shop
    • Marathon / Gas Station
    • ATM / Atm
    • CITGO / Gas Station

    Property Details for 1243 Norview Ave

    Year built
    1964
    Lot size
    0.64 lot acres
    Zone code
    C-2
    Property type
    Grocery and convenience stores
    APN
    41701400
    APU
    41701400

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 20, 2023 $476,668 Anika Real Estate LLC Ashokkumar Patel Warranty Deed $477k · Party III
    May 2, 2013 $600,000 Navadurga LLC Ss Landco LLC Bargain And Sale Deed —
    Nov 30, 2012 $600,000 Swami LLC Ss Lando Lc Bargain And Sale Deed $640k · Citizens National Bank
    Jan 5, 2010 — Ss Landco LLC Racecoast LLC Deed $3.4M · Branch Banking And Trust Co
    Sep 12, 2005 $430,600 Racecoast LLC Angus I Hines Incorporated Quit Claim Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2355
    Latitude
    36.8903
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $6,666
    $167,000
    $366,300
    $533,300
    -
    $167,000
    $366,300
    $533,300

    Comparable in this City

    • Value Estimation by Request
      2,819 SF

      2327 Sewells Pt Rd

      CONVENIENCE STORE
      2327 Sewells Pt Rd, Norfolk, VA 23513-3914
      View Details
    • Value Estimation
      $1,585,000
      1,230 SF

      6135 Chesapeake Blvd

      CONVENIENCE STORE (W/FUEL PUMP)
      6135 Chesapeake Blvd, Norfolk, VA 23513-2056
      View Details
    • Value Estimation by Request
      4,241 SF

      2335 Azalea Gdn Rd

      CONVENIENCE STORE (W/FUEL PUMP)
      2335 Azalea Gdn Rd, Norfolk, VA 23513-3909
      View Details
    • Value Estimation
      $515,000
      2,520 SF

      3112 Azalea Gdn Rd

      CONVENIENCE STORE
      3112 Azalea Gdn Rd, Norfolk, VA 23513-2304
      View Details
    • Value Estimation by Request
      2,306 SF

      2863 Early St

      CONVENIENCE STORE
      2863 Early St, Norfolk, VA 23513-3832
      View Details
    • Value Estimation by Request
      3,384 SF

      2626 Florida Ave

      SHOW ROOM, WAREHOUSE
      2626 Florida Ave, Norfolk, VA 23513-4407
      View Details

    Similar Nearby for Sale

    • $1,500,000
      2,200 SF

      Turnkey Auto Repair Shop Norfolk

      Established auto repair shop with real estate in Norfolk, VA.
      1231 Norview Ave, Norfolk, VA 23513
      View Details
    • $270,000
      1,652 SF

      Norfolk Duplex with Good Tenants

      Brick duplex in a great location with reliable tenants.
      2411 Wyoming Ave, Norfolk, VA 23513
      View Details
    • Contact for pricing
      5,026 SF

      Two-Story Office Building For Sale

      Two-story office building with marquee signage and excellent access.
      5445 Henneman Dr, Norfolk, VA 23513
      View Details
    • Contact for pricing
      9,600 SF

      Norfolk Industrial Building For Sale

      9,600 SqFt industrial building available for purchase.
      2440 Alabama Ave, Norfolk, VA 23513
      View Details
    • Contact for pricing
      15,788 SF

      Versatile Industrial Building with Office Space

      15,788 SF building with office and warehouse space for sale.
      818 Widgeon Rd, Norfolk, VA 23513
      View Details
    • Contact for pricing

      Norfolk Land and Building For Sale

      2,000 SF building and land available for purchase.
      850 Norview Ave, Norfolk, VA 23513
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,500 SF

      Retail Space in Little Creek Marketplace

      Retail space available in Norfolk's Little Creek Marketplace.
      7870 Tidewater Dr, Norfolk, VA 23513
      View Details
    • Contact for pricing
      13,403 SF

      Norfolk Office Space For Rent

      Office space for rent with ample parking and loading.
      5301 Robin Hood Rd, Norfolk, VA 23513
      View Details
    • Contact for pricing
      8,500 SF

      Norfolk Commerce Park Office Space

      Office/flex space in Norfolk Commerce Park, near airport.
      2600 Eltham Ave, Norfolk, VA 23513
      View Details
    • Contact for pricing

      Industrial Single Tenant Space

      7,600 SqFt industrial space available for single tenant occupancy.
      2424 Alabama Ave, Norfolk, VA 23513
      View Details
    • Contact for pricing
      11,332 SF

      Norfolk Office/Flex Building For Rent

      Attractive office/flex building near Norfolk International Airport.
      5425 Robin Hood Rd, Norfolk, VA 23513
      View Details
    • Contact for pricing
      3,596 SF

      Norfolk Flex Space For Rent

      Single-story flex space with dock and grade loading access.
      2551 Eltham Ave, Norfolk, VA 23513
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1243 Norview Ave
    Norfolk, VA 23513-2048
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1243 Norview Ave, Norfolk, VA, 23513
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!