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Property profile & analytics
FOR LEASE
Strip malls
222 W 21St St Norfolk, VA 23517
Entity Owned
21-yr Hold
~
Est. High Equity
Property ID
US87-3369104
For Lease
1 / 2
Contact for pricing
222 W 21St St, Norfolk, VA 23517
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1990
Total area
23,427 SF
Lot
1.63 ac (71,133 SF)
Zoning code
C-2
APN
44527500
UPID
US87-3369104
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
-
Amazon Hub Counter - Pak Mail Center US172 Courier Service Postal Service
-
ASPA Logistics Corporation Freight Service Logistics Company
-
Clayton Phillips Jiu Jitsu Training Center Sports School
-
Island Krave Restaurant
-
Hunt-Tek Equipment Clothing Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$740k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.33M
Blend (final)
Blend
$1.04M
Owner & transaction history
Twenty First St Development LLC · 21 yrs held
Twenty First St Development LLC
since 2005
1 recorded transaction
Zoning & alternative use
C-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Adopted Zoning Ordinance
Top alternative use upside
Commercial (general)
$1.7M
+67.7%
Retail stores
$1.5M
+49.8%
Industrial (general)
$1.5M
+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
$740,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$1,025,000
Current use
COMMERCIAL (GENERAL)
$1,720,000
Change: +68% · Conversion: Easy
RETAIL STORES
$1,540,000
Change: +50% · Conversion: Easy
INDUSTRIAL (GENERAL)
$1,535,000
Change: +49% · Conversion: Difficult
MEDICAL BUILDING
$1,470,000
Change: +43% · Conversion: Difficult
Blend value · Realmo final
$1.04M
Range $932k – $1.14M · ±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
$44 / 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
$39,804
Tax year 2024
Assessed value
$3,184,300
Assessed 2024
Previous assessed
$3,150,000
+1.1% YoY
Effective rate
1.25%
On assessed value
Assessed land
$1,816,100
Assessed improvement
$1,368,200
Land market value
$1,816,100
Improvement market value
$1,368,200
Total market value
$3,184,300
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
1990
Heating
FORCED AIR
Cooling
YES
Stories
1
Total area
23,427 SF
Lot
1.63 ac (71,133 SF)
Zoning code
C-2
APN
44527500
UPID
US87-3369104
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
$1.0M
COMMERCIAL (GENERAL)
Est. value
$1.7M
RETAIL STORES
Est. value
$1.5M
INDUSTRIAL (GENERAL)
Est. value
$1.5M
MEDICAL BUILDING
Est. value
$1.5M
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
1990
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
1.63 ac
Current owner
From public records · entity-resolved
Twenty First St Development LLC
Entity
Mailing address
222 W 21ST STF180, NORFOLK, VA 23517-2200
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 4, 2005
$2,100,000
Twenty First St Development LLC
21st High Properties LP
Deed
$2,100,000 · Gateway Bank & Trust Co
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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