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    Property profile & analytics

    2241 Barraud Ave Norfolk, VA 23504

    • Manufacturing properties
    • 48,467 SF
    • 1.66 lot acres
    OFF-MARKET
    Value Estimation
    $410,000
    Last Sale
    May 14, 2021
    $330,000
    Location Intelligence
    Property ID
    US87-3372356
    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

    • EMS / Manufacturer
    • Tony Auto Repair / Auto Repair Shop
    • Direct Contracting & Staffing / Employment Agency

    Property Details for 2241 Barraud Ave

    Year built
    1905
    Lot size
    1.66 lot acres
    Property size
    48,467 SF
    Zone code
    I-2
    Property type
    Manufacturing properties
    APN
    26092603
    APU
    26092603

    Description

    This exceptional 2.439-acre industrial land parcel presents a compelling redevelopment opportunity in Norfolk, Virginia. Located at 2241 Barraud Ave, zip code 23504, the property is zoned I-L, offering significant flexibility for future development. Currently featuring a three-story warehouse requiring demolition (estimated demolition costs: $350,000), this site allows for the creation of a modern industrial facility. The existing structure's removal opens the door to constructing new flex space and leveraging the substantial yard area. Projections indicate a potential rental income of $4,000 per acre per month from leasing excess yard space. The property's strategic location within the West Norfolk Industrial Submarket, which boasts a low 3.1% vacancy rate, underscores its strong investment potential. This prime location offers easy access to major transportation arteries, making it an ideal site for a variety of industrial uses. The asking price for this significant redevelopment opportunity is $1,200,000. This represents a unique chance to capitalize on the growing demand for industrial space in a thriving market. Detailed site plans and further information are available upon request.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $400,000

    • CAP approach

      CAP return
      Estimation
      6%
      $370,000
      6.5%
      $400,000
      7%
      $400,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $445,000
      Geo Method
      $445,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $460,000
      Retail
      $435,000
      Mixed-Use
      $470,000
      Hospitality
      $415,000
      Educational
      $455,000
      Residential Income
      $385,000
      Energy
      $470,000
      Income-Based Land
      $390,000
      Food Service
      $435,000

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2684
    Latitude
    36.8629
    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
    2024
    $9,934
    $289,200
    $505,500
    $794,700
    -
    $289,200
    $505,500
    $794,700

    Comparable in this City

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      3460 Strathmore Ave

      MANUFACTURING (LIGHT) • 13,553 SF
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    • Value Estimation by Request
      50,500 SF

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      MANUFACTURING (LIGHT) • 50,500 SF
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      View Details

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    Similar Nearby for Lease

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      Retail space available for lease in Norfolk, Virginia.
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    2241 Barraud Ave
    Norfolk, VA 23504
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    Realmo Value Estimation

    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.

    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.

    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
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