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Property profile & analytics
OFF-MARKET
Estimated value
$1,370,000
Showrooms
3797 Progress Rd Norfolk, VA 23502-1907
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US87-3365196
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1969
Total area
16,517 SF
Lot
1.08 ac (47,175 SF)
Zoning code
BC-2
APN
9899200
UPID
US87-3365196
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
-
Locke Supply Co - #302 - Electrical Supply Big Box & Wholesale Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.35M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.67M
Blend (final)
Blend
$1.37M
Owner & transaction history
84th Capital LLC · 6 yrs held
84th Capital LLC
since 2020
Last sale
$1.1M
3 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
$1.8M
+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
$1,370,000
ML approach
$1,345,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,760,000
Current use
WAREHOUSE, STORAGE
$1,800,000
Change: +2% · Conversion: Difficult
Blend value · Realmo final
$1.37M
Range $1.23M – $1.51M · ±10% · vs last sale $1.10M (Jan 7 2020)
Last sale anchor
$1.10M
Jan 7 2020
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
$83 / 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
$14,980
Tax year 2024
Assessed value
$1,198,400
Assessed 2024
Previous assessed
$1,168,200
+2.6% YoY
Effective rate
1.25%
On assessed value
Assessed land
$369,900
Assessed improvement
$828,500
Land market value
$369,900
Improvement market value
$828,500
Total market value
$1,198,400
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
Off-Market
Year built
1969
Heating
SPACE
Cooling
YES
Stories
1
Total area
16,517 SF
Lot
1.08 ac (47,175 SF)
Zoning code
BC-2
APN
9899200
UPID
US87-3365196
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
$1.8M
WAREHOUSE, STORAGE
Est. value
$1.8M
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
1969
Heating
SPACE
Cooling
Yes
Stories
1
Lot
1.08 ac
Current owner
From public records · entity-resolved
84th Capital LLC
Entity
Mailing address
208 84TH STB, VIRGINIA BEACH, VA 23451-1812
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 7, 2020
$1,100,000
84th Capital LLC
Progress Kelly LLC
Special Warranty Deed
$2,125,000 · Atlantic Union Bank
Nov 6, 2017
—
Kelly Progress Lc
—
Deed
related
$1,589,500 · Sonabank
Dec 17, 2012
$900,000
Progress Kelly LLC
Six P LLC
Bargain And Sale Deed
$1,900,000 · Xenith 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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