Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2701 Saint Julian Ave Norfolk, VA 23504-2619
    Back to Search
    Property profile & analytics

    2701 Saint Julian Ave, Norfolk, VA 23504-2619

    View on Map
    • Warehouses
    • 24,455 SF
    • 1.51 lot acres
    Off-Market
    Last Sale Nov 17, 2022
    $2,000,000
    Property ID
    US87-3369388
    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.
    Value Estimations
    $2,480,000
    Show details
    Cap Rate Potential
    7.5%
    Warehouses
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 2701 Saint Julian Ave

    Year built
    1961
    Lot size
    1.51 lot acres
    Zone code
    I-2
    Property type
    Warehouses
    APN
    14946520
    APU
    14946520

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 17, 2022 $2,000,000 Julian Terrace LLC Smco LLC Special Warranty Deed $1.5M · 1st Advantage Federal Credit Union

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,600,000
      ML approach
      $2,605,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,245,000
      6.5%
      $2,995,000
      7%
      $2,780,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,249,000
      Market price range: $1.93M - $4.11M
      AI Estimate
      $1,906,000
      Market price range: $826k - $2.43M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $2,665,000
      Current use
      RETAIL STORES
      $4,025,000
      Change: +51% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $3,230,000
      Change: +21% Conversion: Easy
      COMMERCIAL (GENERAL)
      $2,835,000
      Change: +6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2575
    Latitude
    36.8596
    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
    $24,624
    $395,900
    $1,574,000
    $1,969,900
    -
    $395,900
    $1,574,000
    $1,969,900

    Comparable in this City

    • Value Estimation
      $5,990,000
      97,299 SF

      2235 Barraud Ave

      WAREHOUSE, STORAGE
      2235 Barraud Ave, Norfolk, VA 23504-2601
      View Details
    • Value Estimation by Request
      1,600 SF

      2132 Grandy Ave

      WAREHOUSE, STORAGE
      2132 Grandy Ave, Norfolk, VA 23504
      View Details
    • Value Estimation by Request
      3,990 SF

      311 24th St

      WAREHOUSE, STORAGE
      311 24th St, Norfolk, VA 23504-1625
      View Details
    • Value Estimation
      $2,000,000
      14,979 SF

      211 25th St

      WAREHOUSE, STORAGE
      211 25th St, Norfolk, VA 23504
      View Details
    • Value Estimation
      $505,000
      7,144 SF

      628 End Ave

      WAREHOUSE, STORAGE
      628 End Ave, Norfolk, VA 23504-4632
      View Details
    • Value Estimation
      $630,000
      9,064 SF

      3115 Beachmont Ave

      WAREHOUSE, STORAGE
      3115 Beachmont Ave, Norfolk, VA 23504-3815
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,825 SF

      Functional Warehouse and Service Property

      Warehouse and service property on 1.04 acres in Norfolk.
      3111 E Virginia Beach Blvd, Norfolk, VA 23504
      View Details
    • Contact for pricing
      17,910 SF

      Norfolk Brewery/Hospitality Opportunity

      Expansive 17,910 SF property ideal for breweries or hospitality ventures.
      723 E 23Rd St, Norfolk, VA 23504
      View Details
    • $339,000
      2,274 SF

      Well-Maintained Duplex in Norfolk, VA

      Well-maintained duplex with tenant, convenient to amenities and transportation.
      114 W 38Th St, Norfolk, VA 23504
      View Details
    • $1,200,000
      10,500 SF

      Multitenant Office Building Investment Opportunity

      10,500 SF multitenant office building in Norfolk, Virginia for sale.
      1761 Church St, Norfolk, VA 23504
      View Details
    • $422,000
      3,420 SF

      Norfolk Multifamily Investment Opportunity

      Multifamily property in Norfolk, VA with strong rental history.
      830 Fremont St, Norfolk, VA 23504
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      16,402 SF

      Retail Space Near Downtown Norfolk

      Retail space with ample parking, near downtown Norfolk.
      720 Church St, Norfolk, VA 23504
      View Details
    • Contact for pricing
      3,308 SF

      Turnkey Convenience Store with Upstairs Space

      Fully equipped convenience store with bonus upstairs space for rent.
      1500 Dungee St, Norfolk, VA 23504
      View Details
    • $48 SF/Yr
      150 SF

      Office Space in Norfolk HUBZone

      Small office space available in multi-tenant building, Norfolk, Virginia.
      1761 Church St, Norfolk, VA 23504
      View Details
    • $48 SF/Yr
      150 SF

      Office Space in HUB Zone

      Small office space available in multi-tenant building, Norfolk, VA.
      1761 Church St, Norfolk, VA 23504
      View Details
    • Contact for pricing

      Retail/Office Space Near Virginia Zoo

      Retail or office space in Norfolk's Riverview Historic District.
      3415 Granby St, Norfolk, VA 23504
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2701 Saint Julian Ave
    Norfolk, VA 23504-2619
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2701 Saint Julian Ave, Norfolk, VA, 23504
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!