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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3500 Progress Rd Norfolk, VA 23502

    • Warehouses
    • 81,734 SF
    • 4.82 lot acres
    OFF-MARKET
    Last Sale
    May 15, 2023
    $6,031,000
    Value Estimations
    $8,785,000
    Show details
    Cap Rate Potential
    8%
    Warehouses
    Location Intelligence
    Property ID
    US87-3373703
    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

    • Warehouses

    Property Details for 3500 Progress Rd

    Year built
    1970
    Lot size
    4.82 lot acres
    Property size
    81,734 SF
    Zone code
    BC-2
    Property type
    Warehouses
    APN
    32654900
    APU
    32654900

    Value 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

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,136,000
      Market price range: $6.47M - $13.7M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $8,905,000
      Current use
      RETAIL STORES
      $13,455,000
      Change: +51% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $10,790,000
      Change: +21% Conversion: Easy
      COMMERCIAL (GENERAL)
      $8,715,000
      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
    -76.2413
    Latitude
    36.8622
    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
    $73,199
    $1,429,600
    $4,426,300
    $5,855,900
    -
    $1,429,600
    $4,426,300
    $5,855,900

    Comparable in this City

    • Value Estimation
      $1,115,000
      41,835 SF

      4675 Princess Anne Rd

      WAREHOUSE, STORAGE • 41,835 SF
      4675 Princess Anne Rd, Norfolk, VA 23502-1661
      View Details
    • Value Estimation
      $690,000
      24,339 SF

      5609 Raby Rd

      MINI-WAREHOUSE, STORAGE • 24,339 SF
      5609 Raby Rd, Norfolk, VA 23502-2410
      View Details
    • Value Estimation
      $920,000
      99,962 SF

      3800 Vlg Ave

      WAREHOUSE, STORAGE • 99,962 SF
      3800 Vlg Ave, Norfolk, VA 23502-5613
      View Details
    • Value Estimation
      $1,235,000
      55,318 SF

      3759 Vlg Ave

      WAREHOUSE, STORAGE • 55,318 SF
      3759 Vlg Ave, Norfolk, VA 23502-5607
      View Details
    • Value Estimation
      $565,000
      19,376 SF

      1160 Lance Rd

      WAREHOUSE, STORAGE • 19,376 SF
      1160 Lance Rd, Norfolk, VA 23502-2405
      View Details
    • Value Estimation by Request
      138,480 SF

      1187 Azalea Gdn Rd

      WAREHOUSE, STORAGE • 138,480 SF
      1187 Azalea Gdn Rd, Norfolk, VA 23502-5601
      View Details

    Similar Nearby for Sale

    • $5,500,000
      37,128 SF

      Norfolk Industrial Investment Opportunity

      Centrally located Hampton Roads industrial property with immediate highway access.
      5803 Curlew Dr, Norfolk, VA 23502
      View Details
    • $650,000
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      Norfolk Land and Buildings Package

      Three-parcel package with commercial and residential potential in Norfolk.
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    • $1,600,000
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      Versatile Commercial Office Building For Sale

      Stand-alone commercial building with office, flex, and storage space.
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    • $960,000

      Norfolk Flex/Industrial Property For Sale

      Flex/Industrial property available for purchase in Norfolk, Virginia.
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    • $2,250,000

      Residential Land for Development

      14-acre parcel for 23 single-family residential lots.
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    • $1,950,000
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      Norfolk Office Building For Sale

      8,620 SF office building on 1.87 acres in Norfolk.
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    Similar Nearby for Lease

    • $126 SF/Yr
      18,300 SF

      981 Scott Street: Flex Space Available

      18,300 SF Flex Space, Norfolk County
      981 Scott St, Norfolk, VA 23502
      View Details
    • $13 SF/Yr
      36,000 SF

      Norfolk Warehouse Space Available

      36,000 SF warehouse space for lease in Norfolk.
      1129 Production Rd, Norfolk, VA 23502
      View Details
    • $9 SF/Yr
      14,400 SF

      Norfolk Industrial/Office Space For Lease

      14,400 SF Office/Warehouse, Ample Parking
      5595 Raby Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      180,000 SF

      Norfolk Warehouse and Distribution Space

      Warehouse and distribution space with convenient highway and port access.
      1529-6101 N Military Hwy, Norfolk, VA 23502
      View Details
    • $11 SF/Yr
      22,318 SF

      Flex Building with Fenced Acreage

      22,318 SF flex building with office and warehouse space.
      3719 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      1,250 SF

      Warehouse Space Near Interstates

      Warehouse space with office and bathroom, convenient location.
      1170 Lance Rd, Norfolk, VA 23502
      View Details
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    3500 Progress Rd
    Norfolk, VA 23502
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    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
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