Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    321 Naval Base Rd Norfolk, VA 23505-3615
    Back to Search
    Property profile & analytics

    321 Naval Base Rd, Norfolk, VA 23505-3615

    View on Map
    • Warehouses
    • 4,230 SF
    • 0.17 lot acres
    Off-Market
    Last Sale May 17, 2022
    Property ID
    US87-3349138
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 321 Naval Base Rd

    Year built
    1944
    Lot size
    0.17 lot acres
    Zone code
    I-3
    Property type
    Warehouses
    APN
    7031300
    APU
    7031300

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 17, 2022 — Dianna L Hancock Lynn Crisler JR Gift Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2647
    Latitude
    36.9128
    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
    $2,145
    $58,600
    $113,000
    $171,600
    -
    $58,600
    $113,000
    $171,600

    Comparable in this City

    • Value Estimation by Request
      4,000 SF

      626 Naval Base Rd

      WAREHOUSE, STORAGE
      626 Naval Base Rd, Norfolk, VA 23505-3619
      View Details
    • Value Estimation
      $510,000
      5,272 SF

      616 Naval Base Rd

      WAREHOUSE, STORAGE
      616 Naval Base Rd, Norfolk, VA 23505-3651
      View Details
    • Value Estimation
      $11,160,000
      84,030 SF

      301 Naval Base Rd

      MINI-WAREHOUSE, STORAGE
      301 Naval Base Rd, Norfolk, VA 23505-3615
      View Details
    • Value Estimation
      $2,215,000
      25,466 SF

      401 Naval Base Rd

      WAREHOUSE, STORAGE
      401 Naval Base Rd, Norfolk, VA 23505-3600
      View Details
    • Value Estimation
      $6,900,000
      89,433 SF

      801 Little Crk Rd

      MINI-WAREHOUSE, STORAGE
      801 Little Crk Rd, Norfolk, VA 23505-2003
      View Details
    • Value Estimation
      $9,785,000
      73,180 SF

      385 Naval Base Rd

      MINI-WAREHOUSE, STORAGE
      385 Naval Base Rd, Norfolk, VA 23505-3615
      View Details

    Similar Nearby for Sale

    • $4,000,000

      Norfolk Multifamily Investment Opportunity

      32-unit apartment building in Norfolk, Virginia.
      717 Guy Ave, Norfolk, VA 23505
      View Details
    • Contact for pricing
      21,300 SF

      Norfolk Multifamily Investment Opportunity

      32-unit apartment building in Norfolk, VA, built in 1985.
      717 Guy Ave, Norfolk, VA 23505
      View Details
    • Contact for pricing
      3,524 SF

      NNN Ground Lease Opportunity

      NNN ground lease with high visibility near Naval Station Norfolk.
      7519 Tidewater Dr, Norfolk, VA 23505
      View Details
    • $250,000
      1,650 SF

      Norfolk Turnkey Investment Opportunity

      Tenant-occupied Cape Cod duplex with immediate income potential.
      319 Ashlawn Dr, Norfolk, VA 23505
      View Details
    • New
      $319,900
      1,392 SF

      Norfolk Duplex on Corner Lot

      Fully rented duplex, ideal for investors or owner occupants.
      1052 Hannah St, Norfolk, VA 23505
      View Details
    • $199,000
      0.25 Acres

      Corner Lot in Central Norfolk

      Large corner lot ready for new construction in Norfolk, VA.
      5812 Granby St, Norfolk, VA 23505
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Versatile Space in Norfolk

      Adaptable commercial space suitable for retail, warehouse, or office uses.
      129 E Admiral Taussig Blvd, Norfolk, VA 23505
      View Details
    • Contact for pricing
      12,190 SF

      Norfolk Flex Space Available

      Flex space in Norfolk with dock and grade loading.
      7421 Central Business Park Dr, Norfolk, VA 23505
      View Details
    • Contact for pricing
      10,720 SF

      Norfolk Industrial Space Available

      Industrial property available for lease in Norfolk, Virginia.
      129 E Taussig Blvd, Norfolk, VA 23505
      View Details
    • Contact for pricing
      1,978 SF

      Office Building Near Norfolk Naval

      Two-story office building near Norfolk Naval Shipyard and interstate access.
      1431 International Terminal Blvd, Norfolk, VA 23505
      View Details
    • Contact for pricing
      10,000 SF

      Retail Space Near Naval Station

      Retail spaces available near Interstate 64 and Naval Station.
      230 E Little Creek Rd, Norfolk, VA 23505
      View Details
    • Contact for pricing
      1,680 SF

      Retail Space on Granby Street

      Retail space with excellent exposure and high traffic volume.
      7623-7657 Granby St, Norfolk, VA 23505
      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.
    321 Naval Base Rd
    Norfolk, VA 23505-3615
    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
    321 Naval Base Rd, Norfolk, VA, 23505
    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!