New search
Property profile & analytics
OFF-MARKET
Estimated value
$1,180,000
Community centers
1600 Premium Outlets Blvd, Norfolk, VA 23502-5521
Entity Owned
4-yr Hold
Free & Clear
Property ID
US87-3371395
Property profile
Verified
Property type
Community centers
Use group
MINI-MALL
Year built
2017
Total area
30,036 SF
Lot
50.39 ac (2,194,901 SF)
APN
80997620
UPID
US87-3371395
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
$970k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.39M
Blend (final)
Blend
$1.18M
Owner & transaction history
Norfolk Premium Outlets LLC · 4 yrs held
Norfolk Premium Outlets LLC
since 2022
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.9M
+82.0%
Commercial (general)
$1.7M
+68.1%
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
by Request
ML approach
$970,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$1,035,000
Current use
MEDICAL BUILDING
$1,885,000
Change: +82% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,740,000
Change: +68% · Conversion: Easy
Blend value · Realmo final
$1.18M
Range $1.06M – $1.30M · ±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
$39 / 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
$1,115,676
Tax year 2024
Assessed value
$89,254,100
Assessed 2024
Previous assessed
$72,255,300
+23.5% YoY
Effective rate
1.25%
On assessed value
Assessed land
$14,485,600
Assessed improvement
$74,768,500
Land market value
$14,485,600
Improvement market value
$74,768,500
Total market value
$89,254,100
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
Community centers
Use group
MINI-MALL
Status
Off-Market
Year built
2017
Heating
FORCED AIR
Cooling
YES
Buildings
7
Stories
1
Total area
30,036 SF
Lot
50.39 ac (2,194,901 SF)
APN
80997620
UPID
US87-3371395
Jurisdiction
NORFOLK CITY
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$1.0M
MEDICAL BUILDING
Est. value
$1.9M
COMMERCIAL (GENERAL)
Est. value
$1.7M
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
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
2017
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
7
Lot
50.39 ac
Current owner
From public records · entity-resolved
Norfolk Premium Outlets LLC
Entity
Free & Clear · 4 yrs held
Mailing address
PO BOX 7033, INDIANAPOLIS, IN 46207-7033
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 14, 2022
—
Norfolk Premium Outlets LLC
Norfolk Outlets LLC
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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