Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3373 Progress Rd Norfolk, VA 23502-1923

    • Showrooms
    • 31,959 SF
    • 2.57 lot acres
    OFF-MARKET
    Value Estimations
    $2,655,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3388002
    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

    • ABC Supply Co., Inc. / Big Box & Wholesale Store / Building Supply

    Property Details for 3373 Progress Rd

    Year built
    1968
    Lot size
    2.57 lot acres
    Property size
    31,959 SF
    Zone code
    BC-2
    Property type
    Showrooms
    APN
    1149502
    APU
    1149502

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,061,000
      Market price range: $2.15M - $4.55M
      AI Estimate
      $1,663,000
      Market price range: $777k - $3.00M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,405,000
      Current use
      INDUSTRIAL (GENERAL)
      $4,220,000
      Change: +24% Conversion: Moderate
      WAREHOUSE, STORAGE
      $3,480,000
      Change: +2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2427
    Latitude
    36.8607
    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
    $27,424
    $805,100
    $1,388,800
    $2,193,900
    -
    $805,100
    $1,388,800
    $2,193,900

    Comparable in this City

    • Value Estimation by Request
      2,337 SF

      3436 Mangrove Ave

      SHOW ROOM, WAREHOUSE • 2,337 SF
      3436 Mangrove Ave, Norfolk, VA 23502-3113
      View Details
    • Value Estimation
      $3,405,000
      38,474 SF

      3798 Vlg Ave

      SHOW ROOM, WAREHOUSE • 38,474 SF
      3798 Vlg Ave, Norfolk, VA 23502-5606
      View Details
    • Value Estimation
      $2,005,000
      28,735 SF

      5215 Virginia Bch Blvd

      SHOW ROOM, WAREHOUSE • 28,735 SF
      5215 Virginia Bch Blvd, Norfolk, VA 23502
      View Details
    • Value Estimation
      $2,570,000
      29,700 SF

      6001 Miller Store Rd

      SHOW ROOM, WAREHOUSE • 29,700 SF
      6001 Miller Store Rd, Norfolk, VA 23502-5517
      View Details
    • Value Estimation
      $2,175,000
      24,144 SF

      1300 Ingleside Rd

      SHOW ROOM, WAREHOUSE • 24,144 SF
      1300 Ingleside Rd, Norfolk, VA 23502-1915
      View Details
    • Value Estimation
      $1,045,000
      14,832 SF

      1180 Lance Rd

      SHOW ROOM, WAREHOUSE • 14,832 SF
      1180 Lance Rd, Norfolk, VA 23502-2405
      View Details

    Similar Nearby for Sale

    • New
      $1,695,000
      22,231 SF

      High-Visibility Retail Space on Boulevard

      21,000 SF retail space on Virginia Beach Boulevard.
      6542 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • $1,500,000
      6,250 SF

      Versatile Commercial Office Building

      Stand-alone commercial building with office, showroom, and light industrial space.
      6024 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • $2,299,999
      17,500 SF

      Mixed-Use Building on Princess Anne

      Mixed-use building with retail, office, and residential units for sale.
      5010 Princess Anne Rd E, Norfolk, VA 23502
      View Details
    • Contact for pricing
      4,197 SF

      Retail Property with Drive Thru

      Retail property with drive-thru, value-add opportunity, high traffic location.
      5357 E Princess Anne Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      1,973 SF

      Retail Property Near JANAF Yard

      Hard corner retail site in Norfolk's busiest retail corridor.
      5901 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • $425,000
      0.30 Acres

      Prime Norfolk Tire Business Opportunity

      Established Tire Store - Turnkey Operation
      6100 Virginia Beach Blvd, Norfolk, VA 23502
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      22,231 SF

      Virginia Beach Boulevard Showroom Space

      Centrally located showroom on high-traffic Virginia Beach Boulevard.
      6542 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      1,100 SF

      Retail Space Near High-Traffic Intersection

      Retail space available near Newtown Road and Virginia Beach Blvd.
      1105 Newtown Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      1,800 SF

      Retail Space Near Norfolk Airport

      Retail space with office and storage, convenient location.
      6200-6206 N Military Hwy, Norfolk, VA 23502
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space Available For Rent

      Retail space available for rent in Norfolk, Virginia.
      1140 N Military Hwy, Norfolk, VA 23502
      View Details
    • Contact for pricing
      10,900 SF

      Norfolk Retail Space For Lease

      10,900 SF building in dominant retail corridor.
      1230 N Military Hwy, Norfolk, VA 23502
      View Details
    • Contact for pricing
      891,281 SF

      Janaf Shopping Yard Retail Space

      High-traffic retail center, 13 spaces available.
      5900 Virginia Beach Blvd, Norfolk, VA 23502
      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.
    3373 Progress Rd
    Norfolk, VA 23502-1923
    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.
    Sign Up Successful!
    You now have access to more from Realmo!