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Property profile & analytics
OFF-MARKET
Estimated value
$2,465,000
Distribution centers
2620 Horse Pasture Rd Virginia Beach, VA 23453-0001
Entity Owned
4-yr Hold
Absentee Owner
Free & Clear
Property ID
US87-0663718
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
2008
Total area
11,280 SF
Lot
2.52 ac (109,832 SF)
Zoning code
I1
APN
14956588040000
UPID
US87-0663718
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.38M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.16M
Blend (final)
Blend
$2.47M
Owner & transaction history
Flowers Baking Co Of Norfolk LLC · 4 yrs held
Flowers Baking Co Of Norfolk LLC
since 2022
Last sale
$2.7M
3 recorded transactions
Zoning & alternative use
I1 · Virginia Beach, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$4.0M
+146.6%
Commercial (general)
$3.9M
+139.7%
Retail stores
$3.3M
+102.0%
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 Virginia Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Virginia Beach 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
$2,435,000
ML approach
$2,375,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,615,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$3,980,000
Change: +147% · Conversion: Moderate
COMMERCIAL (GENERAL)
$3,870,000
Change: +140% · Conversion: Difficult
RETAIL STORES
$3,260,000
Change: +102% · Conversion: Moderate
MEDICAL BUILDING
$2,655,000
Change: +65% · Conversion: Difficult
OFFICE BUILDING
$2,080,000
Change: +29% · Conversion: Difficult
Blend value · Realmo final
$2.47M
Range $2.22M – $2.71M · ±10% · vs last sale $2.67M (Jan 7 2022)
Last sale anchor
$2.67M
Jan 7 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
$219 / 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
$14,569
Tax year 2024
Assessed value
$1,471,600
Assessed 2024
Previous assessed
$1,471,600
+0.0% YoY
Effective rate
0.99%
On assessed value
Assessed land
$504,300
Assessed improvement
$967,300
Land market value
$504,300
Improvement market value
$967,300
Total market value
$1,471,600
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
2008
Heating
YES
Stories
1
Total area
11,280 SF
Lot
2.52 ac (109,832 SF)
Zoning code
I1
APN
14956588040000
UPID
US87-0663718
Jurisdiction
VIRGINIA BEACH CITY
Zoning & alternative use
I1 · Virginia Beach, VA
Zoning I1 · permitted uses
I1 · Virginia Beach, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Virginia Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$1.6M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$4.0M
COMMERCIAL (GENERAL)
Est. value
$3.9M
RETAIL STORES
Est. value
$3.3M
MEDICAL BUILDING
Est. value
$2.7M
OFFICE BUILDING
Est. value
$2.1M
WAREHOUSE, STORAGE Current
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
RETAIL STORES
MEDICAL BUILDING
OFFICE BUILDING
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
2008
Heating
YES
Stories
1
Lot
2.52 ac
Current owner
From public records · entity-resolved
Flowers Baking Co Of Norfolk LLC
Entity
Free & Clear · 4 yrs held
Mailing address
1919 FLOWERS CIR, THOMASVILLE, GA 31757-1137
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 7, 2022
$2,672,560
Flowers Baking Co Of Norfolk LLC
Ff Landlord 2 Dst
Special Warranty Deed
—
Mar 28, 2008
—
Ff Landlord 2 LLC
Womack Chappell LLC
Grant Deed
related
—
—
—
Ff Landlord 2 LLC
—
Deed Of Trust
related
$24,035,895 · Wells Fargo Bank Northwest NA
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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