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Property profile & analytics
OFF-MARKET
Estimated value
$2,500,000
Retail space
4035 Ocean Vw Ave Norfolk, VA 23518-1613
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US87-3391725
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1980
Total area
12,136 SF
Lot
0.86 ac (37,279 SF)
Zoning code
C-2
APN
49518901
UPID
US87-3391725
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
-
Sea Eye Care Eye Care Center Optometrist
-
Lola's Beach Cantina Restaurant
-
Prime IV Hydration & Wellness - Ocean View Alternative Medicine Practice Spa & Massage Center
-
Restoration Church-Deliverance Church
-
Reconciliation Outreach Church Church
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.50M
CAP Approach
CAP
$2.12M
Comparable Approach
Comparable
$2.07M
Blend (final)
Blend
$2.50M
Owner & transaction history
Shore Crossing LLC · 2 yrs held
Shore Crossing LLC
since 2024
Last sale
$2.5M
7 recorded transactions
Zoning & alternative use
C-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$2.4M
+19.6%
Auto repair, garage
$2.3M
+17.4%
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
$2,500,000
ML approach
$2,500,000
CAP Approach
CAP Return
Estimation
6%
$2,295,000
6.5%
$2,120,000
7%
$1,970,000
Alternative Use
Use
Estimation
RETAIL STORES
$2,000,000
Current use
OFFICE BUILDING
$2,390,000
Change: +20% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,345,000
Change: +17% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$1,600,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$2.50M
Range $2.25M – $2.75M · ±10% · vs last sale $2.50M (Feb 14 2024)
Last sale anchor
$2.50M
Feb 14 2024
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
$206 / 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
$19,311
Tax year 2024
Assessed value
$1,544,900
Assessed 2024
Previous assessed
$1,400,800
+10.3% YoY
Effective rate
1.25%
On assessed value
Assessed land
$522,400
Assessed improvement
$1,022,500
Land market value
$522,400
Improvement market value
$1,022,500
Total market value
$1,544,900
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1980
Heating
YES
Cooling
YES
Stories
1
Total area
12,136 SF
Lot
0.86 ac (37,279 SF)
Zoning code
C-2
APN
49518901
UPID
US87-3391725
Jurisdiction
NORFOLK CITY
Zoning & alternative use
C-2 · Norfolk, VA
Zoning C-2 · permitted uses
C-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
RETAIL STORES Current
Est. value
$2.0M
OFFICE BUILDING
Est. value
$2.4M
AUTO REPAIR, GARAGE
Est. value
$2.3M
INDUSTRIAL (GENERAL)
Est. value
$1.6M
RETAIL STORES Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
INDUSTRIAL (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
1980
Heating
YES
Cooling
Yes
Stories
1
Lot
0.86 ac
Current owner
From public records · entity-resolved
Shore Crossing LLC
Entity
Mailing address
661 GRN VLY DR, VIRGINIA BEACH, VA 23462-4627
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 15, 2024
—
Shore Crossing LLC
—
Deed
related
$820,000 · The Huntington National Bank
Feb 14, 2024
$2,500,000
Shore Crossing LLC
The Tern Commercial LLC
Warranty Deed
$2,125,000 · The Huntington National Bank
Dec 17, 2020
—
The Tern Commercial LLC
—
Deed
related
$165,788 · Edc Homes-the Tern LLC
Aug 23, 2019
$1,030,000
The Tern Commercial LLC
Talbot Park Associates II LLC
Warranty Deed
$280,000 · Talbot Park Associates II LLC
Aug 23, 2019
$200,000
The Tern Commercial LLC
Talbot Park LLC
Warranty Deed
$1,680,000 · Townebank
May 29, 2018
—
Talbot Park Associates II LLC A Vir
Rilada LLC A Virginia Limited Liabi
Deed
—
Aug 6, 2010
—
Rilada LLC
Allan S Zeno
Deed
—
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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