Back to Search
Property profile & analytics
FOR LEASE
High-rise multifamily apartments
321 E Main St Norfolk, VA 23510
Entity Owned
Absentee Owner
Free & Clear
Property ID
US87-3337498
For Lease
1 / 2
$25 SF/Yr
321 E Main St, Norfolk, VA 23510
View Listing →
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1967
Total area
363,974 SF
Lot
1.49 ac (64,904 SF)
APN
45218811
UPID
US87-3337498
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
-
Icon Norfolk Apartments Apartment Complex Apartment Building
-
Amicy Multimedia and Marketing Group L.L.C. Advertising Agency Marketing & Advertising
-
Virginia Community Capital Charitable Organization Social Service Agency
-
Sunset Street Clothing Clothing Store
-
James H. Nottingham D.M.D. Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$33.40M
Owner & transaction history
CITY WALK ONE, LLC
CITY WALK ONE, LLC
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
RESTAURANT
$52,430,000
Change: 0% · Conversion: Difficult
AUTO REPAIR, GARAGE
$43,880,000
Change: 0% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$32,090,000
Change: 0% · Conversion: Difficult
RETAIL STORES
$31,035,000
Change: 0% · Conversion: Difficult
COMMERCIAL (GENERAL)
$30,555,000
Change: 0% · Conversion: Moderate
OFFICE BUILDING
$24,380,000
Change: 0% · Conversion: Moderate
MEDICAL BUILDING
$22,830,000
Change: 0% · Conversion: Moderate
Blend value · Realmo final
$33.40M
Range $30.06M – $36.74M · ±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
$92 / 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
$964,424
Tax year 2024
Assessed value
$68,398,900
Assessed 2024
Previous assessed
$62,545,800
+9.4% YoY
Effective rate
1.41%
On assessed value
Assessed land
$4,869,600
Assessed improvement
$63,529,300
Land market value
$4,869,600
Improvement market value
$63,529,300
Total market value
$68,398,900
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
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
For Lease
Year built
1967
Heating
FORCED AIR
Cooling
YES
Stories
23
Units
269
Total area
363,974 SF
Lot
1.49 ac (64,904 SF)
APN
45218811
UPID
US87-3337498
Jurisdiction
NORFOLK CITY
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$52.4M
AUTO REPAIR, GARAGE
Est. value
$43.9M
INDUSTRIAL (GENERAL)
Est. value
$32.1M
RETAIL STORES
Est. value
$31.0M
COMMERCIAL (GENERAL)
Est. value
$30.6M
OFFICE BUILDING
Est. value
$24.4M
MEDICAL BUILDING
Est. value
$22.8M
RESTAURANT
AUTO REPAIR, GARAGE
INDUSTRIAL (GENERAL)
RETAIL STORES
COMMERCIAL (GENERAL)
OFFICE BUILDING
MEDICAL 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
1967
Heating
FORCED AIR
Cooling
Yes
Stories
23
Units
269
Lot
1.49 ac
Current owner
From public records · entity-resolved
CITY WALK ONE, LLC
Entity
Free & Clear · 0 yrs held
Mailing address
207 GRANBY ST STE #203, NORFOLK, VA 23510-1825
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
