Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    400 N Center Dr Norfolk, VA 23502
    Back to Search
    Property profile & analytics

    400 N Center Dr, Norfolk, VA 23502

    View on Map
    • Office buildings
    • 28,698 SF
    • 1.47 lot acres
    For Lease
    $3,055,000
    View Listing →
    Modern Office Suites Available For Lease
    $3,055,000
    1,712 SF

    Modern Office Suites Available

    Renovated office suites ready for immediate occupancy.

    400 N Ctr Dr, Norfolk, VA
    View Listing
    Property ID
    US87-3367855
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Passport Health Norfolk Travel Clinic / Medical Clinic
    • UGC 2003 Inc / Food Market / Specialty Food Shop
    • Secretariats, Inc. / Telecommunications Service
    • Southeast Virginia Psychiatry / Crisis Center / Medical Clinic
    • Symtech / Business Management Consultant

    Property Details for 400 N Center Dr

    Year built
    1971
    Lot size
    1.47 lot acres
    Zone code
    O-1
    Property type
    Office buildings
    APN
    24975740
    APU
    24975740

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,452,000
      Market price range: $3.38M - $7.82M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $4,725,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.1855
    Latitude
    36.8475
    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
    $24,025
    $704,000
    $1,218,000
    $1,922,000
    -
    $704,000
    $1,218,000
    $1,922,000

    Comparable in this City

    • Value Estimation
      $4,985,000
      23,063 SF

      5678 Virginia Bch Blvd

      OFFICE BUILDING
      5678 Virginia Bch Blvd, Norfolk, VA 23502-2428
      View Details
    • Value Estimation
      $2,185,000
      17,129 SF

      5145 Virginia Bch Blvd

      OFFICE BUILDING
      5145 Virginia Bch Blvd, Norfolk, VA 23502-3418
      View Details
    • Value Estimation
      $14,125,000
      66,498 SF

      120 Corporate Blvd

      OFFICE BUILDING
      120 Corporate Blvd, Norfolk, VA 23502-4952
      View Details
    • Value Estimation
      $8,425,000
      40,000 SF

      835 Glenrock Rd

      OFFICE BUILDING
      835 Glenrock Rd, Norfolk, VA 23502-3767
      View Details
    • Value Estimation
      $3,115,000
      24,598 SF

      5755 Poplar Hall Dr

      OFFICE BUILDING
      5755 Poplar Hall Dr, Norfolk, VA 23502-3813
      View Details
    • Value Estimation
      $1,175,000
      9,651 SF

      5307 Virginia Bch Blvd

      OFFICE BUILDING
      5307 Virginia Bch Blvd, Norfolk, VA 23502-3417
      View Details

    Similar Nearby for Sale

    • $1,950,000

      Norfolk Office Building For Sale

      8,620 SF office building on 1.87 acres in Norfolk.
      839 Poplar Hall Dr, 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
      35,092 SF

      Renovated Office/Medical Building For Sale

      35,092 SF renovated building near Sentara Leigh Hospital.
      6315 N Center Dr, Norfolk, VA 23502
      View Details
    • Contact for pricing
      94,027 SF

      Riverside Corporate Center For Sale

      Corporate center in the heart of Hampton Roads.
      240 Corporate Blvd, Norfolk, VA 23502
      View Details
    • $1,950,000

      Norfolk Office Building For Sale

      8,620 SF office building on 1.87 acres in Norfolk.
      839 Poplar Hall Dr, Norfolk, VA 23502
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office Space in Central Norfolk

      Office spaces for rent with immediate highway and transit access.
      240 Corporate Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      2,099 SF

      Class A Medical/Office Space

      Class A medical/office building near Sentara Leigh Hospital.
      6160 Kempsville Cir, 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
    • 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
    View Listing
    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.
    400 N Center Dr
    Norfolk, VA 23502
    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
    400 N Center Dr, 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!