Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    221 Forrest St Suffolk, VA 23434-4710

    • Commercial land
    • 0.22 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2279965
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial land

    Property Details for 221 Forrest St

    Lot size
    0.22 lot acres
    Zone code
    HEAVY INDUSTRIAL
    Property type
    Commercial land
    APN
    34G24(3)K*8*9
    APU
    34G243K89

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Suffolk
    County
    Suffolk City
    State
    Virginia
    Longitude
    -76.5825
    Latitude
    36.7217
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $60
    $5,500
    $0.00
    $5,500
    -
    $5,500
    $0.00
    $5,500

    Comparable in this City

    • Value Estimation by Request
      0.14 Acres

      248 Carolina Ave

      VACANT COMMERCIAL LAND • 0.14 Acres
      248 Carolina Ave, Suffolk, VA 23434-5812
      View Details
    • Value Estimation by Request
      0.27 Acres

      Carolina Ave

      VACANT COMMERCIAL LAND • 0.27 Acres
      Carolina Ave, Suffolk, VA 23434
      View Details
    • Value Estimation by Request
      11.66 Acres

      Carolina Rd

      VACANT COMMERCIAL LAND • 11.66 Acres
      Carolina Rd, Suffolk, VA 23434
      View Details
    • Value Estimation by Request
      0.06 Acres

      Carolina Rd

      VACANT COMMERCIAL LAND • 0.06 Acres
      Carolina Rd, Suffolk, VA 23434
      View Details
    • Value Estimation by Request
      1.22 Acres

      855 Carolina Rd

      VACANT COMMERCIAL LAND • 1.22 Acres
      855 Carolina Rd, Suffolk, VA 23434-6039
      View Details
    • Value Estimation by Request
      0.16 Acres

      221 County St

      VACANT COMMERCIAL LAND • 0.16 Acres
      221 County St, Suffolk, VA 23434-4604
      View Details

    Similar Nearby for Sale

    • $200,000
      0.40 Acres

      Suffolk, VA Land For Sale

      0.40 acres near Centerpoint Intermodal Truck Terminal.
      40-AC Holland Rd, Suffolk, VA 23434
      View Details
    • $200,000
      0.40 Acres

      Suffolk, VA Land For Sale

      0.40 acre land parcel near Centerpoint Intermodal Truck Terminal.
      40-AC Holland Rd, Suffolk, VA 23434
      View Details
    • $550,000
      5.32 Acres

      Suffolk Land with Development Potential

      Expansive land parcel in growing corridor, ideal for redevelopment.
      768 Carolina Rd, Suffolk, VA 23434
      View Details
    • Contact for pricing

      5.23 Acre Commercial Land Parcel

      5.23 acre parcel on Route 58 business corridor.
      2810 Holland Rd, Suffolk, VA 23434
      View Details
    • $250,000
      0.50 Acres

      Suffolk, VA Land Opportunity

      0.50 AC land near Centerpoint Intermodal Truck Terminal.
      3320 Holland Rd, Suffolk, VA 23434
      View Details
    • $166,051

      Development Site on 2.71 Acres

      2.71 acres of commercial land suitable for development.
      333 Suburban Dr, Suffolk, VA 23434
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land For Rent Near Publix

      Commercial land for rent near Publix and residential area.
      3169 Godwin Blvd, Suffolk, VA 23434
      View Details
    • Contact for pricing
      2,500,000 SF

      Sizeable Land Parcel For Lease

      Large land parcel suitable for industrial development and commercial use.
      Holland Rd, Suffolk, VA 23434
      View Details
    • $2,750 /Mo

      Industrial Land Available For Lease

      3.6 acres of M-2 zoned land for lease.
      520 Finney Ave, Suffolk, VA 23434
      View Details
    • $12,500 /Mo

      Graded Site for Outdoor Storage

      Recently graded site suitable for industrial outdoor storage.
      117 Philhower Dr, Suffolk, VA 23434
      View Details
    • Contact for pricing

      13 Acre Stabilized Wareyard

      13-acre stabilized wareyard with shop, office trailer, and security.
      1326 Portsmouth Blvd, Suffolk, VA 23434
      View Details
    • Contact for pricing
      908,448 SF

      Cubework Suffolk

      Coworking space • 908,448 SF
      271 Benton Rd, Suffolk, VA 23434
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    221 Forrest St
    Suffolk, VA 23434-4710
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.