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    Property profile & analytics

    2551 Eltham Ave Norfolk, VA 23513

    • Office buildings
    • 89,350 SF
    • 7.66 lot acres
    For Lease
    View listing
    Last Sale
    Apr 14, 2022
    $11,885,941
    Value Estimations
    $11,625,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3386441
    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

    • 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

    Property Details for 2551 Eltham Ave

    Year built
    1988
    Lot size
    7.66 lot acres
    Property size
    89,350 SF
    Zone code
    BC-1
    Property type
    Office buildings
    APN
    13179816
    APU
    13179816

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $15,445,000
      ML approach
      $10,490,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $8,419,000
      Market price range: $2.21M - $10.5M

    • 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

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2221
    Latitude
    36.8773
    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
    $132,856
    $2,335,600
    $8,292,900
    $10,628,500
    -
    $2,335,600
    $8,292,900
    $10,628,500

    Comparable in this City

    • Value Estimation
      $2,475,000
      19,566 SF

      2428 Almeda Ave, Unit 1B

      OFFICE BUILDING • 19,566 SF
      2428 Almeda Ave, Norfolk, VA 23513-2448
      View Details
    • Value Estimation
      $12,940,000
      105,229 SF

      5300 Robin Hood Rd

      OFFICE BUILDING • 105,229 SF
      5300 Robin Hood Rd, Norfolk, VA 23513-2430
      View Details
    • Value Estimation
      $19,705,000
      188,074 SF

      5425 Robin Hood Rd

      OFFICE BUILDING • 188,074 SF
      5425 Robin Hood Rd, Norfolk, VA 23513-2441
      View Details
    • Value Estimation
      $8,790,000
      75,076 SF

      7421 Central Business Park Dr

      OFFICE BUILDING • 75,076 SF
      7421 Central Business Park Dr, Norfolk, VA 23513-2800
      View Details
    • Value Estimation
      $6,100,000
      44,093 SF

      2550 Ellsmere Ave

      OFFICE BUILDING • 44,093 SF
      2550 Ellsmere Ave, Norfolk, VA 23513-2413
      View Details
    • Value Estimation
      $6,610,000
      57,542 SF

      2600 Eltham Ave

      OFFICE BUILDING • 57,542 SF
      2600 Eltham Ave, Norfolk, VA 23513-2504
      View Details

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    Similar Nearby for Lease

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      7,600 SF

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      6,880 square foot office space available for lease.
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    • $10 SF/Yr

      Industrial Flex Space Available

      39,769 SF industrial flex space for lease in Norfolk.
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      Attractive office/flex building near Norfolk International Airport.
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      13,403 SF

      Norfolk Office Space For Rent

      Office space for rent with ample parking and loading.
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      3,064 SF

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      Flex space in Norfolk with dock and grade loading.
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    • Contact for pricing
      8,500 SF

      Norfolk Commerce Park Office Space

      Office/flex space in Norfolk Commerce Park, near airport.
      2600 Eltham Ave, Norfolk, VA 23513
      View Details
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    Norfolk, VA 23513
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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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