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Property profile & analytics
OFF-MARKET
Estimated value
$715,000
Strip malls
2000 Colonial Ave Norfolk, VA 23517-1908
Entity Owned
18-yr Hold
Free & Clear
Property ID
US87-3366621
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1986
Total area
12,517 SF
Lot
1.34 ac (58,370 SF)
Zoning code
C-2
APN
43388200
UPID
US87-3366621
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
-
Kappo Nara Ramen Restaurant
-
Vy's Nail Spa Nail Salon
-
Great Clips Hair Salon
-
Raphael Haircutting Center Hair Salon Nail Salon
-
The Hair Gallery Hair Salon
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$635k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$797k
Blend (final)
Blend
$715k
Owner & transaction history
Corner Shops LLC · 18 yrs held
Corner Shops LLC
since 2008
3 recorded transactions
Zoning & alternative use
C-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Adopted Zoning Ordinance
Top alternative use upside
Commercial (general)
$920,000
+67.7%
Retail stores
$820,000
+49.8%
Industrial (general)
$820,000
+49.3%
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
$635,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$550,000
Current use
COMMERCIAL (GENERAL)
$920,000
Change: +68% · Conversion: Easy
RETAIL STORES
$820,000
Change: +50% · Conversion: Easy
INDUSTRIAL (GENERAL)
$820,000
Change: +49% · Conversion: Difficult
MEDICAL BUILDING
$785,000
Change: +43% · Conversion: Difficult
Blend value · Realmo final
$715k
Range $644k – $787k · ±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
$57 / 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
$27,361
Tax year 2024
Assessed value
$2,188,900
Assessed 2024
Previous assessed
$2,155,800
+1.5% YoY
Effective rate
1.25%
On assessed value
Assessed land
$1,022,200
Assessed improvement
$1,166,700
Land market value
$1,022,200
Improvement market value
$1,166,700
Total market value
$2,188,900
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1986
Heating
FORCED AIR
Cooling
YES
Buildings
3
Stories
1
Total area
12,517 SF
Lot
1.34 ac (58,370 SF)
Zoning code
C-2
APN
43388200
UPID
US87-3366621
Jurisdiction
NORFOLK CITY
Zoning & alternative use
C-2 · Norfolk, VAZoning C-2 · permitted uses
C-2 · Norfolk, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
Adopted Zoning Ordinance
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$550,000
COMMERCIAL (GENERAL)
Est. value
$920,000
RETAIL STORES
Est. value
$820,000
INDUSTRIAL (GENERAL)
Est. value
$820,000
MEDICAL BUILDING
Est. value
$785,000
NEIGHBORHOOD: SHOPPING CENTER Current
COMMERCIAL (GENERAL)
RETAIL STORES
INDUSTRIAL (GENERAL)
MEDICAL BUILDING
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
1986
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
3
Lot
1.34 ac
Current owner
From public records · entity-resolved
Corner Shops LLC
Entity
Free & Clear · 18 yrs held
Mailing address
222 CENTRAL PARK AVE STE #1820, VIRGINIA BEACH, VA 23462-3036
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 10, 2018
—
Corner Shops LLC
—
Deed
related
$3,100,000 · Wells Fargo Bank NA
Apr 7, 2008
—
Corner Shops LLC
Charles N Cooper LLC
Deed
—
Aug 24, 2006
$400,000
Cge Corp
Joel B Cooper LLC
Bargain And Sale 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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