Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    309 Bute St Norfolk, VA 23510-1348

    • Office buildings
    • 3,945 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Aug 28, 2020
    $575,000
    Value Estimations
    $740,000
    Show details
    Cap Rate Potential
    8.1%
    Office buildings
    Location Intelligence
    Property ID
    US87-3369103
    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

    • Morrisette Thomas F / Architect

    Property Details for 309 Bute St

    Year built
    1920
    Lot size
    0.11 lot acres
    Property size
    3,945 SF
    Zone code
    HC-WF1
    Property type
    Office buildings
    APN
    35680650
    APU
    35680650

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $715,000
      ML approach
      $680,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $970,000
      6.5%
      $895,000
      7%
      $830,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $830,000
      Market price range: $465k - $1.08M

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.294
    Latitude
    36.8526
    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
    $6,779
    $243,000
    $299,300
    $542,300
    -
    $243,000
    $299,300
    $542,300

    Comparable in this City

    • Value Estimation
      $465,000
      7,986 SF

      319 Plume St

      OFFICE BUILDING • 7,986 SF
      319 Plume St, Norfolk, VA 23510-1707
      View Details
    • Value Estimation
      $340,000
      6,003 SF

      1008 Granby St

      OFFICE BUILDING • 6,003 SF
      1008 Granby St, Norfolk, VA 23510-2505
      View Details
    • Value Estimation
      $900,000
      24,710 SF

      440 Monticello Ave, Unit 2A

      OFFICE BUILDING (MULTI-STORY) • 24,710 SF
      440 Monticello Ave, Norfolk, VA 23510-2571
      View Details
    • Value Estimation
      $725,000
      20,860 SF

      129 Virginia Bch Blvd

      OFFICE BUILDING • 20,860 SF
      129 Virginia Bch Blvd, Norfolk, VA 23510-2030
      View Details
    • Value Estimation
      $310,000
      4,524 SF

      127 Bank St

      OFFICE BUILDING • 4,524 SF
      127 Bank St, Norfolk, VA 23510-2302
      View Details
    • Value Estimation
      $295,000
      4,031 SF

      512 Botetourt St

      OFFICE BUILDING • 4,031 SF
      512 Botetourt St, Norfolk, VA 23510-1108
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,700 SF

      Norfolk Office Building For Sale

      7,700 SF office building available in Norfolk, Virginia.
      613 Woodis Ave, Norfolk, VA 23510
      View Details
    • $950,000
      6,000 SF

      Mixed-Use Property Near Federal Court

      Fully leased mixed-use property in a prime downtown location.
      440 Granby St, Norfolk, VA 23510
      View Details
    • Contact for pricing
      6,000 SF

      Norfolk Office Space Available

      6,000 SF office space for sale in Norfolk.
      610 Front St, Norfolk, VA 23510
      View Details
    • Contact for pricing

      Land in Arts Neon District

      Located in Arts Neon District, close to Downtown and Ghent.
      225 W Olney Rd, Norfolk, VA 23510
      View Details
    • $750,000

      Downtown Norfolk Land Opportunity

      Land for sale in the heart of Downtown Norfolk.
      430 Granby St, Norfolk, VA 23510
      View Details
    • Contact for pricing
      16,200 SF

      Retail Property Near Wards Corner

      Fully leased retail property near Norfolk's Wards Corner district.
      7635 Granby St, Norfolk, VA 23510
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr
      26,203 SF

      Downtown Norfolk Class A Office

      Class A office space with exceptional views and amenities.
      150 Granby St, Norfolk, VA 23510
      View Details
    • $22 SF/Yr
      6,757 SF

      Class A Office Space Norfolk

      Class A office building in Norfolk's financial district.
      300 E Main St, Norfolk, VA 23510
      View Details
    • Contact for pricing
      1,834 SF

      Downtown Norfolk Office Space Available

      Class B office building in the heart of Downtown Norfolk.
      500 E Plume St, Norfolk, VA 23510
      View Details
    • $19 SF/Yr
      14,000 SF

      Historic Norfolk Office Space

      Downtown Norfolk Office - 825 SF Available
      201 City Hall Ave, Norfolk, VA 23510
      View Details
    • $19 SF/Yr
      3,013 SF

      Downtown Norfolk Class A Office

      Class A office space in Downtown Norfolk's financial district.
      207-211 Granby St, Norfolk, VA 23510
      View Details
    • Contact for pricing
      12,950 SF

      Norfolk Medical Office Space

      Modern medical office suite, 295-2950 sqft
      1001 Monticello Ave, Norfolk, VA 23510
      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.
    309 Bute St
    Norfolk, VA 23510-1348
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.