Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3750 Progress Rd Norfolk, VA 23502-1908
    Back to Search
    Property profile & analytics

    3750 Progress Rd, Norfolk, VA 23502-1908

    View on Map
    • Warehouses
    • 36,902 SF
    • 1.86 lot acres
    Off-Market
    Last Sale Jan 13, 2023
    $5,085,000
    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.
    Value Estimations
    $4,960,000
    Show details
    Cap Rate Potential
    4.3%
    Warehouses
    Location Intelligence

    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
    Zone code
    BC-2
    Property type
    Warehouses
    APN
    4542200
    APU
    4542200

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 16, 2025 — Belmont Wv Properties LLC — Deed · related $10.7M · 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 $3M · Lakeland Bank
    Nov 3, 2021 — Norfolk Progress Road LLC — Deed · related $3M · Lakeland Bank

    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 estimation — 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
      $3,275,000
      39,176 SF

      3701 Princess Anne Rd, Unit A

      MINI-WAREHOUSE, STORAGE
      3701 Princess Anne Rd, Norfolk, VA 23502-1537
      View Details
    • Value Estimation by Request
      34,723 SF

      1129 Production Rd

      WAREHOUSE, STORAGE
      1129 Production Rd, Norfolk, VA 23502-1917
      View Details
    • Value Estimation
      $3,385,000
      48,616 SF

      1125 Azalea Gdn Rd

      WAREHOUSE, STORAGE
      1125 Azalea Gdn Rd, Norfolk, VA 23502-5601
      View Details
    • Value Estimation
      $1,310,000
      3,090 SF

      3480 Trant Ave

      MINI-WAREHOUSE, STORAGE
      3480 Trant Ave, Norfolk, VA 23502
      View Details
    • Value Estimation by Request
      3,454 SF

      1549 Juniper St

      WAREHOUSE, STORAGE
      1549 Juniper St, Norfolk, VA 23502-1645
      View Details
    • Value Estimation
      $8,500,000
      72,505 SF

      1155 Pineridge Rd

      WAREHOUSE, STORAGE
      1155 Pineridge Rd, Norfolk, VA 23502-2043
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Industrial Distribution Space For Sale

      23,417 SF industrial distribution space in an industrial hub.
      1124 Kingwood Ave, Norfolk, VA 23502
      View Details
    • Contact for pricing
      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
    • $995,000

      Norfolk Flex/Industrial Building For Sale

      Freestanding flex/industrial building in Norfolk Industrial Park submarket.
      1556 Azalea Garden Rd, Norfolk, VA 23502
      View Details
    • $1,250,000

      Two-Story Office Building For Sale

      6,734 SF office building in Norfolk's Newtown/Witchduck submarket.
      735 Newtown Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      80,730 SF

      Class A Medical/Office Space

      Centrally located Class A medical/office space with convenient interstate access.
      5900 Lake Wright Dr, Norfolk, VA 23502
      View Details
    • $269,900
      0.38 Acres

      Water Access Residential Lot

      Residential lot with deep water access in Norfolk, Virginia.
      233 Valleau Rd, Norfolk, VA 23502
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Industrial Single Tenant Warehouse Space

      Single tenant industrial warehouse space available for rent.
      1170 Lance Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing

      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
    • Contact for pricing

      Warehouse Space with Office

      19,200± SF warehouse space with office available.
      5595 Raby Rd, Norfolk, VA 23502
      View Details
    • $12 SF/Yr

      Divisible Warehouse Space Near Interstates

      Up to 11,648 SF available for lease near I-64/I-264.
      1554 Juniper St, Norfolk, VA 23502
      View Details
    • Contact for pricing

      Adaptable Flex Space Available

      Adaptable layouts for office, institutional, warehousing, and professional service.
      5301 E Princess Anne Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      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
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3750 Progress Rd
    Norfolk, VA 23502-1908
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3750 Progress Rd, Norfolk, VA, 23502
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!