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

    3750 Progress Rd Norfolk, VA 23502-1908

    • Warehouses
    • 36,902 SF
    • 1.86 lot acres
    OFF-MARKET
    Last Sale
    Jan 13, 2023
    $5,085,000
    Value Estimations
    $4,960,000
    Show details
    Cap Rate Potential
    4.3%
    Warehouses
    Location Intelligence
    Property ID
    US87-3362707
    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

    • Tyco SimplexGrinnell / Production Facility / Building Supply
    • Tyco Integrated Security / Security Service
    • Johnson Controls Norfolk Office / HVAC Service / General Contractor

    Property Details for 3750 Progress Rd

    Year built
    1971
    Lot size
    1.86 lot acres
    Property size
    36,902 SF
    Zone code
    BC-2
    Property type
    Warehouses
    APN
    4542200
    APU
    4542200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,870,000
      ML approach
      $6,535,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,895,000
      6.5%
      $4,515,000
      7%
      $4,195,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,160,000
      Market price range: $2.92M - $6.20M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $4,020,000
      Current use
      OFFICE BUILDING
      $7,265,000
      Change: +81% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $7,135,000
      Change: +77% Conversion: Easy
      RETAIL STORES
      $6,075,000
      Change: +51% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $4,870,000
      Change: +21% Conversion: Easy
      COMMERCIAL (GENERAL)
      $3,935,000
      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
    -76.2393
    Latitude
    36.863
    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
    $41,348
    $667,300
    $2,640,500
    $3,307,800
    -
    $667,300
    $2,640,500
    $3,307,800

    Comparable in this City

    • Value Estimation
      $7,635,000
      103,500 SF

      951 Ernies Way

      MINI-WAREHOUSE, STORAGE • 103,500 SF
      951 Ernies Way, Norfolk, VA 23502-2965
      View Details
    • Value Estimation
      $2,685,000
      27,133 SF

      6137 Miller Store Rd

      MINI-WAREHOUSE, STORAGE • 27,133 SF
      6137 Miller Store Rd, Norfolk, VA 23502-5515
      View Details
    • Value Estimation
      $6,665,000
      82,592 SF

      5680 Lowery Rd

      MINI-WAREHOUSE, STORAGE • 82,592 SF
      5680 Lowery Rd, Norfolk, VA 23502-2233
      View Details
    • Value Estimation
      $11,435,000
      127,389 SF

      1117 Vly Dr

      MINI-WAREHOUSE, STORAGE • 127,389 SF
      1117 Vly Dr, Norfolk, VA 23502-2414
      View Details
    • Value Estimation
      $650,000
      6,191 SF

      161 Wellman St

      WAREHOUSE, STORAGE • 6,191 SF
      161 Wellman St, Norfolk, VA 23502-4651
      View Details
    • Value Estimation
      $2,200,000
      29,123 SF

      1333 Azalea Gdn Rd

      WAREHOUSE, STORAGE • 29,123 SF
      1333 Azalea Gdn Rd, Norfolk, VA 23502-1933
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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      23,417 SF industrial distribution space in an industrial hub.
      1124 Kingwood Ave, Norfolk, VA 23502
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    • $650,000
      4.69 Acres

      Norfolk Land and Buildings Package

      Three-parcel package with commercial and residential potential in Norfolk.
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      37,128 SF

      Norfolk Industrial Investment Opportunity

      Centrally located Hampton Roads industrial property with immediate highway access.
      5803 Curlew Dr, Norfolk, VA 23502
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    • $995,000

      Norfolk Flex/Industrial Building For Sale

      Freestanding flex/industrial building in Norfolk Industrial Park submarket.
      1556 Azalea Garden Rd, Norfolk, VA 23502
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    • $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
    • New
      $2,299,800
      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

    Similar Nearby for Lease

    • $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
    • Contact for pricing

      Norfolk Warehouse Space Available

      Warehouse space for rent in Norfolk Industrial Park.
      3321 E Princess Anne Rd, Norfolk, VA 23502
      View Details
    • $9 SF/Yr

      Adaptable Norfolk Commercial Space Available

      Versatile spaces suitable for office, warehousing, and institutional purposes.
      5301 E Princess Anne Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing

      Norfolk Warehouse with Dock Door

      Warehouse in Norfolk featuring a van-height dock door.
      3634 Village Ave, Norfolk, VA 23502
      View Details
    • $0.04 SF/Yr

      Office/Warehouse Space with Yard

      Office/warehouse space with showroom frontage and rear loading available for lease.
      5650 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
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    3750 Progress Rd
    Norfolk, VA 23502-1908
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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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