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Property profile & analytics
OFF-MARKET
Estimated value
$40,370,000
Office buildings
2 Commercial Pl Norfolk, VA 23510-2107
Entity Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US87-3358670
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1974
Total area
356,598 SF
Lot
1.84 ac (80,107 SF)
Zoning code
D-2
APN
45198592
UPID
US87-3358670
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
-
ADP Norfolk Accounting Firm
-
EV Connect Charging Station Electric Vehicle Charging Station
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$30.62M
Blend (final)
Blend
$40.37M
Owner & transaction history
Sir Holdings Corp · 2 yrs held
Sir Holdings Corp
since 2024
4 recorded transactions
Zoning & alternative use
D-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$58,710,000
Change: -16% · Conversion: Moderate
Blend value · Realmo final
$40.37M
Range $36.33M – $44.41M · ±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
$113 / 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
$828,718
Tax year 2024
Assessed value
$58,774,300
Assessed 2024
Previous assessed
$60,595,000
-3.0% YoY
Effective rate
1.41%
On assessed value
Assessed land
$6,744,700
Assessed improvement
$52,029,600
Land market value
$6,744,700
Improvement market value
$52,029,600
Total market value
$58,774,300
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1974
Heating
FORCED AIR
Cooling
YES
Stories
9
Total area
356,598 SF
Lot
1.84 ac (80,107 SF)
Zoning code
D-2
APN
45198592
UPID
US87-3358670
Jurisdiction
NORFOLK CITY
Zoning & alternative use
D-2 · Norfolk, VA
Zoning D-2 · permitted uses
D-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
RETAIL STORES
Est. value
$58.7M
RETAIL STORES
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
1974
Heating
FORCED AIR
Cooling
Yes
Stories
9
Lot
1.84 ac
Current owner
From public records · entity-resolved
Sir Holdings Corp
Entity
Free & Clear · 2 yrs held
Mailing address
255 WASHINGTON ST STE #300, NEWTON, MA 02458-1634
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
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
Feb 6, 2025
—
Opi Notex Properties LLC
—
Deed
related
$444,992 · U S Bank Trust Company NA
Jun 20, 2024
—
Sir Holdings Corp
Sir Properties Trust
Special Warranty Deed
—
Jan 7, 2016
$7,000,000
City Walk Two LLC A Virginia Limite
At Two Commerce Norfolk LLC A Delaw
Special Warranty Deed
$12,000,000 · Union Bank & Trust
Aug 10, 2011
$5,467,000
At Two Commerce Norfolk LLC
Us Bank National Association
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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