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Property profile & analytics
FOR LEASE
Office buildings
223 City Hall Ave Norfolk, VA 23510
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US87-3358675
For Lease
1 / 9
$4,800,000
223 City Hall Ave, Norfolk, VA 23510
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1987
Total area
68,198 SF
Lot
0.54 ac (23,692 SF)
Zoning code
D-2
APN
72650100
UPID
US87-3358675
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
-
WebFX Advertising Agency Marketing & Advertising
-
Ciniva Digital, Inc Marketing & Advertising
-
Emily Munn PC Law Firm
-
Zemanian Law Group Law Firm
-
Strategic Intel Llc Business Management Consultant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.80M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.80M
Owner & transaction history
223 City Hall Ave LLC · 2 yrs held
223 City Hall Ave LLC
since 2024
Last sale
$4.8M
5 recorded transactions
Zoning & alternative use
D-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$4,800,000
ML approach
$4,800,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$4.80M
Range $4.32M – $5.28M · ±10% · vs last sale $4.80M (Jul 2 2024)
Last sale anchor
$4.80M
Jul 2 2024
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
$70 / 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
$65,707
Tax year 2024
Assessed value
$4,660,100
Assessed 2024
Previous assessed
$4,660,100
+0.0% YoY
Effective rate
1.41%
On assessed value
Assessed land
$1,777,000
Assessed improvement
$2,883,100
Land market value
$1,777,000
Improvement market value
$2,883,100
Total market value
$4,660,100
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Lease
Year built
1987
Heating
FORCED AIR
Cooling
YES
Stories
4
Total area
68,198 SF
Lot
0.54 ac (23,692 SF)
Zoning code
D-2
APN
72650100
UPID
US87-3358675
Jurisdiction
NORFOLK CITY
Zoning & alternative use
D-2 · Norfolk, VA
Zoning D-2 · permitted uses
D-2 · Norfolk, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Norfolk. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1987
Heating
FORCED AIR
Cooling
Yes
Stories
4
Lot
0.54 ac
Current owner
From public records · entity-resolved
223 City Hall Ave LLC
Entity
Mailing address
2916 GAINES LNDG, VIRGINIA BEACH, VA 23454-1045
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 2, 2024
$4,800,000
223 City Hall Ave LLC
Ac 36 Norfolk LLC
Special Warranty Deed
$3,700,000 · Servisfirst Bank
May 31, 2024
—
Ac 36 Norfolk LLC
City Center Novel Coworking LLC
Deed
—
Jul 18, 2019
—
City Center Novel Coworking LLC
—
Deed
related
$5,900,000 · Wintrust Bank
May 1, 2019
$4,000,000
City Center Novel Coworking LLC
Gecmc 2006-c1 East City Hall Avenue
Special Warranty Deed
—
Sep 23, 2016
$4,237,500
Gecmc 2006-c1 East City Hall Avenue
Brendan J Mccann As Substitute
Trustees Deed
related
—
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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