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Property profile & analytics
OFF-MARKET
Estimated value
$7,890,000
Warehouses
3500 Progress Rd Norfolk, VA 23502
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US87-3373703
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1970
Total area
81,734 SF
Lot
4.82 ac (210,133 SF)
Zoning code
BC-2
APN
32654900
UPID
US87-3373703
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$7.99M
CAP Approach
CAP
$10.01M
Comparable Approach
Comparable
$9.14M
Blend (final)
Blend
$7.89M
Owner & transaction history
Norfolk 3666 Progress Rd LLC · 3 yrs held
Norfolk 3666 Progress Rd LLC
since 2023
Last sale
$6.0M
3 recorded transactions
Zoning & alternative use
BC-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$10.8M
+21.2%
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
$8,145,000
ML approach
$7,985,000
CAP Approach
CAP Return
Estimation
6%
$10,840,000
6.5%
$10,005,000
7%
$9,290,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$8,905,000
Current use
INDUSTRIAL (GENERAL)
$10,790,000
Change: +21% · Conversion: Easy
COMMERCIAL (GENERAL)
$8,715,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$7.89M
Range $7.10M – $8.68M · ±10% · vs last sale $6.03M (May 15 2023)
Last sale anchor
$6.03M
May 15 2023
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
$97 / 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
$73,199
Tax year 2024
Assessed value
$5,855,900
Assessed 2024
Previous assessed
$3,679,900
+59.1% YoY
Effective rate
1.25%
On assessed value
Assessed land
$1,429,600
Assessed improvement
$4,426,300
Land market value
$1,429,600
Improvement market value
$4,426,300
Total market value
$5,855,900
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1970
Heating
SPACE
Cooling
YES
Stories
1
Total area
81,734 SF
Lot
4.82 ac (210,133 SF)
Zoning code
BC-2
APN
32654900
UPID
US87-3373703
Jurisdiction
NORFOLK CITY
Zoning & alternative use
BC-2 · Norfolk, VA
Zoning BC-2 · permitted uses
BC-2 · Norfolk, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Norfolk. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$8.9M
INDUSTRIAL (GENERAL)
Est. value
$10.8M
COMMERCIAL (GENERAL)
Est. value
$8.7M
WAREHOUSE, STORAGE Current
INDUSTRIAL (GENERAL)
COMMERCIAL (GENERAL)
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
1970
Heating
SPACE
Cooling
Yes
Stories
1
Lot
4.82 ac
Current owner
From public records · entity-resolved
Norfolk 3666 Progress Rd LLC
Entity
Mailing address
67 MTN BLVD #201, WARREN, NJ 07059-5678
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 15, 2023
$6,031,000
Norfolk 3666 Progress Rd LLC
Parrott Properties LLC
Special Warranty Deed
—
Oct 1, 2021
—
Parrott Properties LLC
—
Deed
related
$2,600,000 · Integrity Bank For Business
Jan 29, 2013
$2,750,000
Parrott Properties LLC
International Paper Company
Deed
$3,350,000 · Heritage Bank
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.
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