3022 Cromwell Rd Norfolk, VA 23509
Entity Owned
6-yr Hold
Free & Clear
Estimated value (blended)
$990k
Range $891k – $1.09M (±10%)
Implied cap rate
4.00%
In-place · NOI ÷ last sale
Property ID
US87-3396084
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1949
Total area
4,940 SF
Lot
0.14 ac (6,011 SF)
Zoning code
I-3
APN
35142950
UPID
US87-3396084
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$970k
CAP Approach
CAP
$605k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$990k
Owner & transaction history
since 2020
Last sale
$795,000
1 recorded transaction
Zoning & alternative use
I-3 · Norfolk, VA
Top alternative use upside
Office building
$975,000
+80.8%
Auto repair, garage
$955,000
+77.5%
Retail stores
$815,000
+51.1%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
5 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$990k
Value range
$891k – $1.09M
±10% around blend
Estimated value / SF
$200 / SF
Confidence
None
1 county-verified comps
Property data
88
Market benchmarks
67
Comparable evidence
10
$891k
blend $990k
$1.09M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
4,940 SF
Lot area
0.14 ac
Year built
1949
Stories
1
APN
35142950
Assessed value
$97,100
Annual tax
$1,214
3
Income approach: direct capitalization
Partial preview
Income approach indication
$605k
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$655k
@ 6.5% CAP return
$605k
@ 7% CAP return
$560k
4
Sales comparison
Partial preview
Too few qualifying comparables for a sales-approach estimation.
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$990k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 61 sales
$109
+84%
County 61 sales
$109
+84%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $200/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Office Building
Gross theoretical uplift
+81%
vs current-use indication
Auto Repair, Garage
Retail Stores
Commercial (general)
Warehouse, Storage · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 1 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Implied cap rate
4.00%
Implied, in-place cap rate for this warehouses
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 4.00%
9.0%
NOI (est.)
$56k *
Last sale · Mar 2020
$795k
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.39M
Move the market yield to see immediate price impact.
Value / SF
$282
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
3.50%4.00%4.50%
$50k
$1.43M
$1.25M
$1.11M
$56k
$1.59M
$1.39M
$1.24M
$61k
$1.75M
$1.53M
$1.36M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
1 found
None confidence · county-verified
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$1,214
Tax year 2024
Assessed value
$97,100
Assessed 2024
Previous assessed
$94,000
+3.3% YoY
Effective rate
1.25%
On assessed value
Assessed land
$30,100
Assessed improvement
$67,000
Land market value
$30,100
Improvement market value
$67,000
Total market value
$97,100
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1949
Heating
FORCED AIR
Cooling
YES
Stories
1
Total area
4,940 SF
Lot
0.14 ac (6,011 SF)
Zoning code
I-3
APN
35142950
UPID
US87-3396084
Jurisdiction
NORFOLK CITY
Zoning & alternative use
I-3 · Norfolk, VAZoning I-3 · permitted uses
I-3 · Norfolk, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1949
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
0.14 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
I-3
Jurisdiction
Norfolk, VA
Recorded code
I-3
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for I-3 in Norfolk, VA.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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