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Property profile & analytics
OFF-MARKET
Estimated value
$960,000
Showrooms
2043 Church St Norfolk, VA 23504-2332
Entity Owned
10-yr Hold
~
Est. High Equity
Property ID
US87-3369567
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1969
Total area
6,120 SF
Lot
2.21 ac (96,093 SF)
Zoning code
I-2
APN
616
UPID
US87-3369567
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
-
Excel Paving Corporation General Contractor Construction Company
-
Axis Utility Construction Inc General Contractor
-
Norfolk Sealcoat, Inc. Distribution Center Logistics Company
-
Trinity Construction Services Inc Construction Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$995k
Comparable Approach
Comparable
$973k
Blend (final)
Blend
$960k
Owner & transaction history
Jay Bay LLC A Virginia Limited Liab · 10 yrs held
Jay Bay LLC A Virginia Limited Liab
since 2015
4 recorded transactions
Zoning & alternative use
I-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Adopted Zoning Ordinance
Top alternative use upside
Office building
$1.2M
+69.8%
Auto repair, garage
$1.2M
+66.7%
Retail stores
$1.0M
+42.0%
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%
$1,080,000
6.5%
$995,000
7%
$925,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$710,000
Current use
OFFICE BUILDING
$1,205,000
Change: +70% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,185,000
Change: +67% · Conversion: Difficult
RETAIL STORES
$1,010,000
Change: +42% · Conversion: Easy
INDUSTRIAL (GENERAL)
$810,000
Change: +14% · Conversion: Moderate
WAREHOUSE, STORAGE
$665,000
Change: -6% · Conversion: Difficult
Blend value · Realmo final
$960k
Range $864k – $1.06M · ±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
$157 / 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
$18,646
Tax year 2024
Assessed value
$1,491,700
Assessed 2024
Previous assessed
$1,464,400
+1.9% YoY
Effective rate
1.25%
On assessed value
Assessed land
$759,700
Assessed improvement
$732,000
Land market value
$759,700
Improvement market value
$732,000
Total market value
$1,491,700
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
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1969
Heating
SPACE
Cooling
YES
Buildings
3
Stories
1
Total area
6,120 SF
Lot
2.21 ac (96,093 SF)
Zoning code
I-2
APN
616
UPID
US87-3369567
Jurisdiction
NORFOLK CITY
Zoning & alternative use
I-2 · Norfolk, VAZoning I-2 · permitted uses
I-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
COMMERCIAL (GENERAL) Current
Est. value
$710,000
OFFICE BUILDING
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$1.2M
RETAIL STORES
Est. value
$1.0M
INDUSTRIAL (GENERAL)
Est. value
$810,000
WAREHOUSE, STORAGE
Est. value
$665,000
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
INDUSTRIAL (GENERAL)
WAREHOUSE, STORAGE
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
1969
Heating
SPACE
Cooling
Yes
Stories
1
Buildings
3
Lot
2.21 ac
Current owner
From public records · entity-resolved
Jay Bay LLC A Virginia Limited Liab
Entity
Mailing address
248 W BUTE ST STE #200, NORFOLK, VA 23510-1441
Ownership since
2015
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
Mar 11, 2024
—
Jay Bay LLC
—
Deed
related
$760,000 · Southstate Bank National Association
Aug 24, 2018
—
Jay Bay LLC
—
Deed
related
$1,000,000 · Farmers Bank
Dec 3, 2015
$1,350,000
Jay Bay LLC A Virginia Limited Liab
Baker & Hitchings Norfolk LLC A Vir
Warranty Deed
$350,000 · Baker & Hitchings Norfolk LLC
Aug 16, 2005
—
Baker & Hitchings Norfolk LLC
Angel Wings 8 LLC
Deed
$700,000 · Bank Of The Commonwealth
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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