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Property profile & analytics
FOR LEASE
Manufacturing properties
211 West 24Th St Norfolk, VA 23517
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US87-3368282
For Lease
1 / 14
$9.75 SF/Yr
211 West 24Th St, Norfolk, VA 23517
View Listing →
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1956
Total area
26,265 SF
Lot
1.21 ac (52,490 SF)
APN
49334110
UPID
US87-3368282
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
-
Bar Bays Golf @ Armed Forces Brewing Company Golf Course
-
Bar Bays Family Recreation Center
-
Armed Forces Brewing Company Production Facility Brewery & Distillery
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.65M
Comparable Approach
Comparable
$2.59M
Blend (final)
Blend
$2.84M
Owner & transaction history
Ironbound Afbc Properties LLC · 3 yrs held
Ironbound Afbc Properties LLC
since 2023
Last sale
$3.1M
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$4.3M
+24.7%
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%
$2,870,000
6.5%
$2,650,000
7%
$2,460,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$3,470,000
Current use
RETAIL STORES
$4,325,000
Change: +25% · Conversion: Moderate
COMMERCIAL (GENERAL)
$3,045,000
Change: -12% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,860,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$2.84M
Range $2.55M – $3.12M · ±10% · vs last sale $3.05M (Jul 13 2023)
Last sale anchor
$3.05M
Jul 13 2023
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
$108 / 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
$23,753
Tax year 2024
Assessed value
$1,900,200
Assessed 2024
Previous assessed
$1,858,800
+2.2% YoY
Effective rate
1.25%
On assessed value
Assessed land
$630,000
Assessed improvement
$1,270,200
Land market value
$630,000
Improvement market value
$1,270,200
Total market value
$1,900,200
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
For Lease
Year built
1956
Heating
FORCED AIR
Cooling
YES
Stories
1
Total area
26,265 SF
Lot
1.21 ac (52,490 SF)
APN
49334110
UPID
US87-3368282
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
INDUSTRIAL (GENERAL) Current
Est. value
$3.5M
RETAIL STORES
Est. value
$4.3M
COMMERCIAL (GENERAL)
Est. value
$3.0M
WAREHOUSE, STORAGE
Est. value
$2.9M
INDUSTRIAL (GENERAL) Current
RETAIL STORES
COMMERCIAL (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
1956
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
1.21 ac
Current owner
From public records · entity-resolved
Ironbound Afbc Properties LLC
Entity
Mailing address
36 CHRISTOPHER COLUMBUS BLVD, JACKSON, NJ 08527-2215
Ownership since
2023
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
Jul 13, 2023
$3,050,000
Ironbound Afbc Properties LLC
Oconnor Brewing Company LLC
Special Warranty Deed
$2,932,025 · Atlantic Union Bank
Jul 13, 2023
—
Ironbound Afbc Properties LLC
—
Deed
related
$400,000 · Atlantic Union Bank
Jan 10, 2018
—
O'connor Brewing Company LLC
—
Deed
related
$854,345 · Townebank
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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