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Property profile & analytics
OFF-MARKET
Estimated value
$3,090,000
Medical Office Space
241 Corporate Blvd Norfolk, VA 23502-4975
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US87-3352053
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2005
Total area
32,672 SF
Lot
5.9 ac (257,048 SF)
Zoning code
O-1
APN
36820245
UPID
US87-3352053
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
-
Virginia Eye Consultants Eye Care Center Ophthalmologist
-
Thomas J. Joly, M.D. Ophthalmologist
-
Usiwoma Abugo, M.D. Ophthalmologist
-
David M. Salib, M.D. Ophthalmologist
-
Stephen V. Scoper, M.D. Ophthalmologist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.78M
Blend (final)
Blend
$3.09M
Owner & transaction history
Mmac 150 Norfolk LLC A Delaware Lim · 8 yrs held
Mmac 150 Norfolk LLC A Delaware Lim
since 2018
3 recorded transactions
Zoning & alternative use
O-1 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Adopted Zoning Ordinance
Top alternative use upside
Industrial (general)
$3.9M
+89.1%
Restaurant
$3.9M
+88.7%
Retail stores
$2.9M
+42.8%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$2,050,000
Current use
INDUSTRIAL (GENERAL)
$3,875,000
Change: +89% · Conversion: Difficult
RESTAURANT
$3,865,000
Change: +89% · Conversion: Difficult
RETAIL STORES
$2,925,000
Change: +43% · Conversion: Difficult
OFFICE BUILDING
$2,885,000
Change: +41% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,625,000
Change: +28% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,895,000
Change: -8% · Conversion: Easy
Blend value · Realmo final
$3.09M
Range $2.78M – $3.40M · ±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
$95 / 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
$81,770
Tax year 2024
Assessed value
$6,541,600
Assessed 2024
Previous assessed
$6,425,100
+1.8% YoY
Effective rate
1.25%
On assessed value
Assessed land
$1,360,300
Assessed improvement
$5,181,300
Land market value
$1,360,300
Improvement market value
$5,181,300
Total market value
$6,541,600
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2005
Heating
FORCED AIR
Cooling
YES
Stories
2
Total area
32,672 SF
Lot
5.9 ac (257,048 SF)
Zoning code
O-1
APN
36820245
UPID
US87-3352053
Jurisdiction
NORFOLK CITY
Zoning & alternative use
O-1 · Norfolk, VAZoning O-1 · permitted uses
O-1 · 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
MEDICAL BUILDING Current
Est. value
$2.1M
INDUSTRIAL (GENERAL)
Est. value
$3.9M
RESTAURANT
Est. value
$3.9M
RETAIL STORES
Est. value
$2.9M
OFFICE BUILDING
Est. value
$2.9M
AUTO REPAIR, GARAGE
Est. value
$2.6M
COMMERCIAL (GENERAL)
Est. value
$1.9M
MEDICAL BUILDING Current
INDUSTRIAL (GENERAL)
RESTAURANT
RETAIL STORES
OFFICE BUILDING
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
2005
Heating
FORCED AIR
Cooling
Yes
Stories
2
Lot
5.9 ac
Current owner
From public records · entity-resolved
Mmac 150 Norfolk LLC A Delaware Lim
Entity
Mailing address
PO BOX 92129, SOUTHLAKE, TX 76092-0102
Ownership since
2018
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
Feb 25, 2026
—
Mmac 150 Norfolk LLC
—
Deed
related
$137,700,000 · Capital One NA
Jun 13, 2018
—
Mmac 150 Norfolk LLC A Delaware Lim
—
Deed
related
$11,850,000 · Bmo Harris Bank NA
Mar 20, 2018
$10,750,000
Mmac 150 Norfolk LLC A Delaware Lim
Virginia Eye Development LLC A Virg
Special Warranty Deed
—
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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