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Property profile & analytics
FOR LEASE
Showrooms
3700 Vlg Ave Norfolk, VA 23502-5616
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US87-3388014
For Lease
1 / 7
Contact for pricing
3700 Vlg Ave, Norfolk, VA 23502-5616
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Property summary
AI-generated overview
This single-tenant industrial distribution facility, totaling 150,000 square feet, sits on a 6.88-acre lot in Norfolk, VA's Industrial Park. Built in 1970, the one-story building features a 24-foot ceiling height and 12 dock-high doors. The property boasts 400 amp 277/480 volt power. A large paved and fenced yard is adjacent to the loading docks. Its prime location offers easy access to I-264, Downtown/Midtown Tunnels, Norfolk International Airport, Norfolk International Terminals, Maersk/APM Terminals, and Lamberts Point Docks. BC-I zoning permits business, research, light industrial, and manufacturing uses. Situated within an Enterprise Zone, Empowerment Zone, and HUBZone, potential tax and financing incentives, and contracting preferences may be available. Available for occupancy May 1, 2025. The property's address is 3700 Village Ave, Norfolk, VA 23502.
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1970
Total area
152,516 SF
Lot
6.88 ac (299,606 SF)
Zoning code
BC-2
APN
45187472
UPID
US87-3388014
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
-
Terminal Warehouse Inc Storage Facility
-
LANXESS CORP Home Decor Store Department Store
-
People Services Inc Nursing Home Retirement Community
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$10.45M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$15.27M
Blend (final)
Blend
$14.30M
Owner & transaction history
3700 Village Avenue LLC · 4 yrs held
3700 Village Avenue LLC
since 2022
Last sale
$11.0M
2 recorded transactions
Zoning & alternative use
BC-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Adopted Zoning Ordinance
Top alternative use upside
Warehouse, storage
$16.6M
+2.2%
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
$14,295,000
ML approach
$10,450,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$16,260,000
Current use
WAREHOUSE, STORAGE
$16,615,000
Change: +2% · Conversion: Difficult
Blend value · Realmo final
$14.30M
Range $12.87M – $15.72M · ±10% · vs last sale $11.00M (May 18 2022)
Last sale anchor
$11.00M
May 18 2022
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
$94 / 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
$136,784
Tax year 2024
Assessed value
$10,942,700
Assessed 2024
Previous assessed
$10,616,500
+3.1% YoY
Effective rate
1.25%
On assessed value
Assessed land
$2,148,400
Assessed improvement
$8,794,300
Land market value
$2,148,400
Improvement market value
$8,794,300
Total market value
$10,942,700
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
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
For Lease
Year built
1970
Heating
SPACE
Cooling
YES
Stories
2
Total area
152,516 SF
Lot
6.88 ac (299,606 SF)
Zoning code
BC-2
APN
45187472
UPID
US87-3388014
Jurisdiction
NORFOLK CITY
Zoning & alternative use
BC-2 · Norfolk, VAZoning 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
Source
Adopted Zoning Ordinance
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$16.3M
WAREHOUSE, STORAGE
Est. value
$16.6M
COMMERCIAL (GENERAL) Current
WAREHOUSE, STORAGE
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
2
Lot
6.88 ac
Current owner
From public records · entity-resolved
3700 Village Avenue LLC
Entity
Mailing address
7200 WISCONSIN AVE STE #1106, BETHESDA, MD 20814-4994
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 18, 2022
$11,000,000
3700 Village Avenue LLC
Oss Village Ave LLC
Special Warranty Deed
$8,000,000 · Wesbanco Bank INC
Dec 22, 2016
$5,400,000
Oss Village Ave LLC A Virignia Limi
Virginia Holding Corporation A Virg
Warranty Deed
$3,780,000 · Townebank
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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