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    Property profile & analytics

    160 Kingsley Ln Norfolk, VA 23501

    • Assisted living facilities
    • 43,511 SF
    • 0.34 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Last Sale
    Dec 08, 2023
    $5,700,000
    Value Estimations
    $7,700,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3353291
    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.

    Current Use by Public Records

    • Felix Tiongco / Gastroenterologist
    • Edison Electricians of Norfolk / Electrician
    • Dr. David L. Kreger, MD / Gastroenterologist
    • Makdisi Walid F MD / Gastroenterologist
    • Dr. Jun K. Chung, MD / Internist

    Property Details for 160 Kingsley Ln

    Year built
    1988
    Lot size
    0.34 lot acres
    Property size
    43,511 SF
    Zone code
    IN-2
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    60011500
    APU
    60011500

    Description

    This five-story, Class B medical office building, totaling 35,000 square feet, offers a unique opportunity in Norfolk, Virginia. Located at 160 Kingsley Ln, 23501, this property boasts nine suites, with a variety of sizes available to accommodate diverse business needs. The minimum divisible space is 881 square feet, while the maximum contiguous space available is 4,071 square feet. A significant 17,824 square feet is currently vacant, presenting a substantial opportunity for immediate occupancy. The building is situated on a 0.75-acre lot and benefits from convenient parking, with a ratio of 5.5 spaces per 1,000 square feet. The property is zoned IN-2 and is ideally located adjacent to Bon Secours DePaul Hospital, providing excellent visibility and accessibility. This location in Norfolk County offers a strategic advantage for medical practices and executive offices seeking a prominent presence in a thriving healthcare hub. The building's convenient size and flexible suite options make it suitable for a range of tenants, from small startups to established businesses. Inquire today to explore the possibilities of establishing your practice or business in this exceptional location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,700,000
      ML approach
      $7,625,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2824
    Latitude
    36.899
    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
    $3,271
    $146,000
    $115,700
    $261,700
    -
    $146,000
    $115,700
    $261,700

    Comparable in this City

    • Value Estimation
      $1,030,000
      207,440 SF

      6311 Granby St

      HOMES (RETIRED, NURSING) • 207,440 SF
      6311 Granby St, Norfolk, VA 23505-4454
      View Details
    • Value Estimation
      $865,000
      43,347 SF

      7211 Granby St

      HOMES (RETIRED, NURSING) • 43,347 SF
      7211 Granby St, Norfolk, VA 23505-4001
      View Details
    • Value Estimation
      $8,315,000
      39,849 SF

      6403 Granby St

      HOMES (RETIRED, NURSING) • 39,849 SF
      6403 Granby St, Norfolk, VA 23505-4447
      View Details
    • Value Estimation
      $315,000
      3,420 SF

      765 Little Crk Rd

      MEDICAL BUILDING • 3,420 SF
      765 Little Crk Rd, Norfolk, VA 23505-2061
      View Details
    • Value Estimation
      $475,000
      3,368 SF

      302 Little Crk Rd

      DENTAL BUILDING • 3,368 SF
      302 Little Crk Rd, Norfolk, VA 23505-2645
      View Details
    • Value Estimation
      $300,000
      2,852 SF

      924 Little Crk Rd

      MEDICAL BUILDING • 2,852 SF
      924 Little Crk Rd, Norfolk, VA 23505-2024
      View Details

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      Class A medical office suites available in Norfolk, VA.
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    160 Kingsley Ln
    Norfolk, VA 23501
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    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
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