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Property profile & analytics
FOR LEASE
Office buildings
420 N Center Dr Norfolk, VA 23502
Entity Owned
8-yr Hold
Free & Clear
Property ID
US87-3367863
For Lease
1 / 2
$20 SF/Yr
420 N Center Dr, Norfolk, VA 23502
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1972
Total area
64,632 SF
Lot
5.07 ac (220,936 SF)
Zoning code
IN-2
APN
24975780
UPID
US87-3367863
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
-
Arts for Learning Virginia Theater & Performing Art Venue
-
Virginia Department of Social Services Child Support Department Of Social Services Government Office
-
Angela Coleman Counselor
-
Socom Inc Military Recruiting Office
-
James D. Dekker, PhD Physician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.93M
Blend (final)
Blend
$8.66M
Owner & transaction history
Boyd State Norfolk LLC A Delaware L · 8 yrs held
Boyd State Norfolk LLC A Delaware L
since 2018
2 recorded transactions
Zoning & alternative use
IN-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$12,725,000
Current use
AUTO REPAIR, GARAGE
$12,495,000
Change: -2% · Conversion: Difficult
RETAIL STORES
$10,640,000
Change: -16% · Conversion: Moderate
Blend value · Realmo final
$8.66M
Range $7.79M – $9.53M · ±10%
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
$91,969
Tax year 2024
Assessed value
$7,357,500
Assessed 2024
Previous assessed
$7,293,100
+0.9% YoY
Effective rate
1.25%
On assessed value
Assessed land
$2,351,300
Assessed improvement
$5,006,200
Land market value
$2,351,300
Improvement market value
$5,006,200
Total market value
$7,357,500
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
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1972
Heating
FORCED AIR
Cooling
YES
Buildings
2
Stories
2
Total area
64,632 SF
Lot
5.07 ac (220,936 SF)
Zoning code
IN-2
APN
24975780
UPID
US87-3367863
Jurisdiction
NORFOLK CITY
Zoning & alternative use
IN-2 · Norfolk, VA
Zoning IN-2 · permitted uses
IN-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
OFFICE BUILDING Current
Est. value
$12.7M
AUTO REPAIR, GARAGE
Est. value
$12.5M
RETAIL STORES
Est. value
$10.6M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
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
1972
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
2
Lot
5.07 ac
Current owner
From public records · entity-resolved
Boyd State Norfolk LLC A Delaware L
Entity
Free & Clear · 8 yrs held
Mailing address
1 N WACKER DR STE #4025, CHICAGO, IL 60606-2844
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 12, 2018
—
Boyd State Norfolk LLC
—
Deed
related
$29,718,000 · Pnc Bank National Association
Jun 7, 2018
$10,300,000
Boyd State Norfolk LLC A Delaware L
Icc Norfolk Properties LLC A Delawa
Warranty 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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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