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Property profile & analytics
FOR LEASE
Medical Office Space
301 Riverview Ave Norfolk, VA 23510
Entity Owned
13-yr Hold
Free & Clear
Property ID
US87-3346671
For Lease
1 / 8
$29.50 SF/Yr
301 Riverview Ave, Norfolk, VA 23510
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Property summary
AI-generated overview
Sentara Fort Norfolk Plaza, a Class A, nine-story medical office building located at 301 Riverview Ave, Norfolk, VA 23510, offers exceptional opportunities for medical professionals. This multi-tenant building boasts a total of 196,205 square feet, with 25,619 square feet currently vacant. Spaces range from a minimum of 3,177 square feet to a maximum contiguous space of 12,965 square feet, providing flexibility for various practice sizes. The building's prime location in Norfolk, within Norfolk County, ensures high visibility and accessibility for patients. Its "A" class designation reflects its superior construction, amenities, and overall quality. This is an excellent opportunity to establish or expand your medical practice in a thriving and well-respected medical office complex. The building is situated in Norfolk, Virginia, offering convenient access to major transportation routes and a diverse patient population. Serious inquiries are encouraged to explore the available spaces and their potential to meet your specific needs. Contact us today to schedule a viewing and learn more about this exceptional medical office opportunity.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2009
Total area
210,897 SF
Lot
2.12 ac (92,434 SF)
Zoning code
IN-2
APN
911604
UPID
US87-3346671
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
-
Sentara Therapy Center - Fort Norfolk Medical Clinic
-
Beverly Roberts-Atwater Medical Clinic
-
Sentara Fort Norfolk Sleep Center Medical Clinic
-
Fort Norfolk Diagnostic Center Medical Clinic
-
Fort Norfolk Cardiology Associates Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$17.31M
Blend (final)
Blend
$18.43M
Owner & transaction history
Mpb INC · 13 yrs held
Mpb INC
since 2013
2 recorded transactions
Zoning & alternative use
IN-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Adopted Zoning Ordinance
Top alternative use upside
Restaurant
$30.4M
+129.7%
Auto repair, garage
$25.4M
+92.2%
Industrial (general)
$18.6M
+40.6%
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
MEDICAL BUILDING
$13,225,000
Current use
RESTAURANT
$30,380,000
Change: +130% · Conversion: Difficult
AUTO REPAIR, GARAGE
$25,425,000
Change: +92% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$18,595,000
Change: +41% · Conversion: Difficult
RETAIL STORES
$17,985,000
Change: +36% · Conversion: Difficult
COMMERCIAL (GENERAL)
$17,705,000
Change: +34% · Conversion: Easy
OFFICE BUILDING
$14,125,000
Change: +7% · Conversion: Easy
WAREHOUSE, STORAGE
$12,565,000
Change: -5% · Conversion: Difficult
Blend value · Realmo final
$18.43M
Range $16.59M – $20.27M · ±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
$87 / 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
$508,744
Tax year 2024
Assessed value
$40,699,500
Assessed 2024
Previous assessed
$40,699,500
+0.0% YoY
Effective rate
1.25%
On assessed value
Assessed land
$1,229,600
Assessed improvement
$39,469,900
Land market value
$1,229,600
Improvement market value
$39,469,900
Total market value
$40,699,500
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2009
Heating
YES
Cooling
YES
Buildings
2
Stories
9
Total area
210,897 SF
Lot
2.12 ac (92,434 SF)
Zoning code
IN-2
APN
911604
UPID
US87-3346671
Jurisdiction
NORFOLK CITY
Zoning & alternative use
IN-2 · Norfolk, VAZoning IN-2 · permitted uses
IN-2 · 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
MEDICAL BUILDING Current
Est. value
$13.2M
RESTAURANT
Est. value
$30.4M
AUTO REPAIR, GARAGE
Est. value
$25.4M
INDUSTRIAL (GENERAL)
Est. value
$18.6M
RETAIL STORES
Est. value
$18.0M
COMMERCIAL (GENERAL)
Est. value
$17.7M
OFFICE BUILDING
Est. value
$14.1M
WAREHOUSE, STORAGE
Est. value
$12.6M
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
INDUSTRIAL (GENERAL)
RETAIL STORES
COMMERCIAL (GENERAL)
OFFICE BUILDING
WAREHOUSE, STORAGE
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
2009
Heating
YES
Cooling
Yes
Stories
9
Buildings
2
Lot
2.12 ac
Current owner
From public records · entity-resolved
Mpb INC
Entity
Free & Clear · 13 yrs held
Mailing address
6015 POPLAR HALL DR #214, NORFOLK, VA 23502-3819
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 18, 2013
$38,384,400
Mpb INC
Sentara Enterprises
Deed In Lieu Of Foreclosure
related
—
Dec 1, 2008
$1,249,600
Fort Norfolk Plaza LLC
City Of Norfolk
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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