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Property profile & analytics
OFF-MARKET
Estimated value
$6,100,000
Office buildings
2550 Ellsmere Ave Norfolk, VA 23513-2413
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US87-3389286
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1983
Total area
44,093 SF
Lot
4.16 ac (181,427 SF)
Zoning code
BC-1
APN
20527969
UPID
US87-3389286
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
-
Expeditors Freight Service Logistics Company
-
Home Builders Institute HBI High School
-
ADT Security Services Security Service
-
Everon - ADT Commercial Corporate Office
-
LeafFilter Gutter Protection Hardware & Home Improvement General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.76M
Blend (final)
Blend
$6.10M
Owner & transaction history
Norfolk Commerce Owner III LLC · 4 yrs held
Norfolk Commerce Owner III LLC
since 2022
4 recorded transactions
Zoning & alternative use
BC-1 · Norfolk, VA
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
OFFICE BUILDING
$8,685,000
Current use
AUTO REPAIR, GARAGE
$8,525,000
Change: -2% · Conversion: Difficult
RETAIL STORES
$7,260,000
Change: -16% · Conversion: Moderate
Blend value · Realmo final
$6.10M
Range $5.49M – $6.71M · ±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
$138 / 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
$59,336
Tax year 2024
Assessed value
$4,746,900
Assessed 2024
Previous assessed
$4,746,900
+0.0% YoY
Effective rate
1.25%
On assessed value
Assessed land
$1,270,100
Assessed improvement
$3,476,800
Land market value
$1,270,100
Improvement market value
$3,476,800
Total market value
$4,746,900
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
Status
Off-Market
Year built
1983
Heating
YES
Cooling
YES
Stories
1
Total area
44,093 SF
Lot
4.16 ac (181,427 SF)
Zoning code
BC-1
APN
20527969
UPID
US87-3389286
Jurisdiction
NORFOLK CITY
Zoning & alternative use
BC-1 · Norfolk, VAZoning BC-1 · permitted uses
BC-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
OFFICE BUILDING Current
Est. value
$8.7M
AUTO REPAIR, GARAGE
Est. value
$8.5M
RETAIL STORES
Est. value
$7.3M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
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
1983
Heating
YES
Cooling
Yes
Stories
1
Lot
4.16 ac
Current owner
From public records · entity-resolved
Norfolk Commerce Owner III LLC
Entity
Mailing address
123 PROSPECT ST, RIDGEWOOD, NJ 07450-4435
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 22, 2025
—
Norfolk Commerce Owner LLC
—
Deed
related
$24,000,000 · Rga Reinsurance Company
Apr 14, 2022
$5,005,157
Norfolk Commerce Owner III LLC
Ip Dsc Norfolk 250 LLC
Special Warranty Deed
$22,912,000 · Eaglebank
Dec 17, 2018
$4,000,000
Ip Dsc Norfolk 2550 LLC
Fp 2550 Ellsmere Avenue LLC
Special Warranty Deed
—
Nov 2, 2006
$3,850,000
Fp 2550 Ellsmere Avenue LLC
Tr Koll Ellsmere Corp
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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