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Property profile & analytics
OFF-MARKET
Estimated value
$4,960,000
Warehouses
3750 Progress Rd Norfolk, VA 23502-1908
Entity Owned
3-yr Hold
Free & Clear
Property ID
US87-3362707
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1971
Total area
36,902 SF
Lot
1.86 ac (81,109 SF)
Zoning code
BC-2
APN
4542200
UPID
US87-3362707
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
-
Tyco SimplexGrinnell Production Facility Building Supply
-
Tyco Integrated Security Security Service
-
Johnson Controls Norfolk Office HVAC Service General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$6.54M
CAP Approach
CAP
$4.52M
Comparable Approach
Comparable
$5.16M
Blend (final)
Blend
$4.96M
Owner & transaction history
Belmont Wv Properties LLC · 3 yrs held
Belmont Wv Properties LLC
since 2023
Last sale
$5.1M
4 recorded transactions
Zoning & alternative use
BC-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$7.3M
+80.8%
Auto repair, garage
$7.1M
+77.5%
Retail stores
$6.1M
+51.1%
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
$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
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
Blend value · Realmo final
$4.96M
Range $4.46M – $5.46M · ±10% · vs last sale $5.09M (Jan 13 2023)
Last sale anchor
$5.09M
Jan 13 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
$134 / 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
$41,348
Tax year 2024
Assessed value
$3,307,800
Assessed 2024
Previous assessed
$2,606,700
+26.9% YoY
Effective rate
1.25%
On assessed value
Assessed land
$667,300
Assessed improvement
$2,640,500
Land market value
$667,300
Improvement market value
$2,640,500
Total market value
$3,307,800
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
1971
Heating
SPACE
Cooling
YES
Stories
1
Total area
36,902 SF
Lot
1.86 ac (81,109 SF)
Zoning code
BC-2
APN
4542200
UPID
US87-3362707
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
$4.0M
OFFICE BUILDING
Est. value
$7.3M
AUTO REPAIR, GARAGE
Est. value
$7.1M
RETAIL STORES
Est. value
$6.1M
INDUSTRIAL (GENERAL)
Est. value
$4.9M
COMMERCIAL (GENERAL)
Est. value
$3.9M
WAREHOUSE, STORAGE Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
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
1971
Heating
SPACE
Cooling
Yes
Stories
1
Lot
1.86 ac
Current owner
From public records · entity-resolved
Belmont Wv Properties LLC
Entity
Free & Clear · 3 yrs held
Mailing address
332 6TH AVE, SOUTH CHARLESTON, WV 25303-1269
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 16, 2025
—
Belmont Wv Properties LLC
—
Deed
related
$10,675,000 · Apple Federal Credit Union
Jan 13, 2023
$5,085,000
Belmont Wv Properties LLC
Norfolk Progress Road LLC
Special Warranty Deed
—
Nov 3, 2021
$2,638,250
Norfolk Progress Road LLC
Melchor Enterprises LLP
Warranty Deed
$3,000,000 · Lakeland Bank
Nov 3, 2021
—
Norfolk Progress Road LLC
—
Deed
related
$3,000,000 · Lakeland 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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