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251 Granby St, Norfolk, VA 23510
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Property summary
AI-generated overview
This exceptional Class A office building, constructed in 1902 and boasting 11,000 square feet, offers a prime location in the heart of Downtown Norfolk. Currently featuring four suites, two are immediately available, totaling 2,782 square feet. The building's recent renovations include a completely updated lobby and common areas, creating a sophisticated and modern atmosphere perfect for discerning tenants. The property's zoning is D-MU (Downtown - Mixed Use), allowing for a variety of business uses. Its prominent position on Granby Street ensures excellent visibility and accessibility, while its proximity to numerous restaurants adds convenience. Tenants enjoy easy access to major highways and benefit from individual key-coded security access for enhanced safety and peace of mind. The building's architectural heritage blends seamlessly with contemporary upgrades, providing a unique and desirable workspace. This is an unparalleled opportunity to secure prestigious office space in a thriving downtown location. The building's multiple suite configuration offers flexibility for businesses of various sizes, from small executive offices to larger traditional office setups, even catering to creative office needs. The building's A-class designation reflects its high-quality construction, modern amenities, and prime location.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1902
Total area
10,440 SF
Lot
0.07 ac (3,215 SF)
Zoning code
D-3
APN
38036600
UPID
US87-3349701
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Physician
-
Spiritual Center
-
General Contractor
-
General Contractor
-
Vacation Rental Real Estate Agency
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.17M
CAP Approach
CAP
$2.37M
Comparable Approach
Comparable
$1.96M
Blend (final)
Blend
$4.32M
Owner & transaction history
since 2023
Last sale
$3.2M
7 recorded transactions
Zoning & alternative use
D-3 · Norfolk, VA
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 3 comparables with addresses
2 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$4.32M
Value range
$3.89M – $4.75M
±10% around blend
Estimated value / SF
$414 / SF
Confidence
Low
3 county-verified comps
Property data
100
Market benchmarks
67
Comparable evidence
30
Income certainty
100
$3.89M
blend $4.32M
$4.75M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
10,440 SF
Lot area
0.07 ac
Year built
1902
Stories
4
APN
38036600
Zoning
D-3
Assessed value
$1,282,000
Annual tax
$18,076
3
Income approach: direct capitalization
Partial preview
Income approach indication
$2.37M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$2.57M
@ 6.5% CAP return
$2.37M
@ 7% CAP return
$2.20M
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$18,076
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$2.09M
Weighted, 3 comps · low confidence
Evidence
3 found · 3 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
4.5 mi away · 7,930 SF
4.9 mi away · 11,700 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$4.32M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 57 sales
$197
+110%
County 57 sales
$197
+110%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $414/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 3 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
from $99/month
Overview
Selected market yield
3.60%
Selected cap rate for this office buildings
Derived from the Norfolk market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 3.60%
9.0%
NOI (est.)
$38k *
Last sale · Sep 2023
$3.20M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.07M
Move the market yield to see immediate price impact.
Value / SF
$102
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
3.10%3.60%4.10%
$35k
$1.12M
$962k
$844k
$38k
$1.24M
$1.07M
$938k
$42k
$1.37M
$1.18M
$1.03M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
3 found
Low confidence · county-verified
Closest comparable
$2.20M
0.3 mi · Nov 2025 · $270/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$18,076
Tax year 2024
Assessed value
$1,282,000
Assessed 2024
Previous assessed
$1,282,000
+0.0% YoY
Effective rate
1.41%
On assessed value
Assessed land
$208,800
Assessed improvement
$1,073,200
Land market value
$208,800
Improvement market value
$1,073,200
Total market value
$1,282,000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
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
1902
Heating
FORCED AIR
Cooling
YES
Stories
4
Total area
10,440 SF
Lot
0.07 ac (3,215 SF)
Zoning code
D-3
APN
38036600
UPID
US87-3349701
Jurisdiction
NORFOLK CITY
Zoning & alternative use
D-3 · Norfolk, VAZoning D-3 · permitted uses
D-3 · Norfolk, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1902
Heating
FORCED AIR
Cooling
Yes
Stories
4
Lot
0.07 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
D-3
Jurisdiction
Norfolk, VA
Recorded code
D-3
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for D-3 in Norfolk, VA.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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