Back to Search
Property profile & analytics
FOR LEASE
Office buildings
2551 Eltham Ave Norfolk, VA 23513
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US87-3386441
For Lease
1 / 2
Contact for pricing
2551 Eltham Ave, Norfolk, VA 23513
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1988
Total area
89,350 SF
Lot
7.66 ac (333,670 SF)
Zoning code
BC-1
APN
13179816
UPID
US87-3386441
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
-
Fulcrum I T (Bike/Boat/Book/etc) Store Corporate Office
-
U.S. Department of Veterans Affairs Veterans Affairs Department
-
The Planning Council Social Service Agency Charitable Organization
-
Securis Recycling Center Waste Management Facility
-
Project: Life's Journey Charitable Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$10.49M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$8.42M
Blend (final)
Blend
$11.63M
Owner & transaction history
Norfolk Commerce Owner II LLC · 4 yrs held
Norfolk Commerce Owner II LLC
since 2022
Last sale
$11.9M
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
$15,445,000
ML approach
$10,490,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$17,595,000
Current use
AUTO REPAIR, GARAGE
$17,270,000
Change: -2% · Conversion: Difficult
RETAIL STORES
$14,710,000
Change: -16% · Conversion: Moderate
Blend value · Realmo final
$11.63M
Range $10.46M – $12.79M · ±10% · vs last sale $11.89M (Apr 14 2022)
Last sale anchor
$11.89M
Apr 14 2022
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
$130 / 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
$132,856
Tax year 2024
Assessed value
$10,628,500
Assessed 2024
Previous assessed
$11,034,700
-3.7% YoY
Effective rate
1.25%
On assessed value
Assessed land
$2,335,600
Assessed improvement
$8,292,900
Land market value
$2,335,600
Improvement market value
$8,292,900
Total market value
$10,628,500
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
For Lease
Year built
1988
Heating
FORCED AIR
Cooling
YES
Stories
1
Total area
89,350 SF
Lot
7.66 ac (333,670 SF)
Zoning code
BC-1
APN
13179816
UPID
US87-3386441
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
$17.6M
AUTO REPAIR, GARAGE
Est. value
$17.3M
RETAIL STORES
Est. value
$14.7M
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
1988
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
7.66 ac
Current owner
From public records · entity-resolved
Norfolk Commerce Owner II LLC
Entity
Mailing address
123 PROSPECT ST, RIDGEWOOD, NJ 07450-4435
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
$11,885,941
Norfolk Commerce Owner II LLC
Ip Dsc Norfolk 2551 LLC
Special Warranty Deed
—
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
$8,900,000
Ip Dsc Norfolk 2551 LLC
Norfolk First LLC
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
