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Property profile & analytics
OFF-MARKET
Estimated value
$10,750,000
Showrooms
4554 Progress Rd, Norfolk, VA 23502-1911
Entity Owned
4-yr Hold
Free & Clear
Property ID
US87-3355421
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1977
Total area
79,533 SF
Lot
7.18 ac (312,761 SF)
Zoning code
BC-2
APN
20582300
UPID
US87-3355421
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$10.55M
CAP Approach
CAP
$12.94M
Comparable Approach
Comparable
$11.33M
Blend (final)
Blend
$10.75M
Owner & transaction history
177 Property Group LLC · 4 yrs held
177 Property Group LLC
since 2022
Last sale
$9.0M
6 recorded transactions
Zoning & alternative use
BC-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$15.7M
+84.7%
Auto repair, garage
$15.4M
+81.3%
Retail stores
$13.1M
+54.4%
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
$11,695,000
ML approach
$10,545,000
CAP Approach
CAP Return
Estimation
6%
$14,020,000
6.5%
$12,940,000
7%
$12,015,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$8,480,000
Current use
OFFICE BUILDING
$15,660,000
Change: +85% · Conversion: Easy
AUTO REPAIR, GARAGE
$15,375,000
Change: +81% · Conversion: Difficult
RETAIL STORES
$13,095,000
Change: +54% · Conversion: Easy
INDUSTRIAL (GENERAL)
$10,500,000
Change: +24% · Conversion: Moderate
WAREHOUSE, STORAGE
$8,665,000
Change: +2% · Conversion: Difficult
Blend value · Realmo final
$10.75M
Range $9.68M – $11.83M · ±10% · vs last sale $9.00M (Jun 14 2022)
Last sale anchor
$9.00M
Jun 14 2022
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
$135 / 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
$105,150
Tax year 2024
Assessed value
$8,412,000
Assessed 2024
Previous assessed
$8,175,400
+2.9% YoY
Effective rate
1.25%
On assessed value
Assessed land
$1,953,000
Assessed improvement
$6,459,000
Land market value
$1,953,000
Improvement market value
$6,459,000
Total market value
$8,412,000
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
1977
Heating
SPACE
Cooling
YES
Buildings
2
Stories
1
Total area
79,533 SF
Lot
7.18 ac (312,761 SF)
Zoning code
BC-2
APN
20582300
UPID
US87-3355421
Jurisdiction
NORFOLK CITY
Zoning & alternative use
BC-2 · Norfolk, VA
Zoning 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
Norfolk. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$8.5M
OFFICE BUILDING
Est. value
$15.7M
AUTO REPAIR, GARAGE
Est. value
$15.4M
RETAIL STORES
Est. value
$13.1M
INDUSTRIAL (GENERAL)
Est. value
$10.5M
WAREHOUSE, STORAGE
Est. value
$8.7M
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
INDUSTRIAL (GENERAL)
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
1977
Heating
SPACE
Cooling
Yes
Stories
1
Buildings
2
Lot
7.18 ac
Current owner
From public records · entity-resolved
177 Property Group LLC
Entity
Free & Clear · 4 yrs held
Mailing address
2703 JENNER DR APT F, BALTIMORE, MD 21209-3044
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 14, 2022
$9,000,000
177 Property Group LLC
Dume LLC
Special Warranty Deed
—
Jun 14, 2022
—
Raintree Capital Partners LLC
Norfolkco LLC
Deed
—
Nov 5, 2020
$6,450,000
Charles Beard
Norfolk Atd Owner LLC
Warranty Deed
—
Nov 5, 2020
—
Norfolkco LLC
Charles Beard
Deed
—
Aug 20, 2019
$3,491,475
Norfolk Atd Owner LLC
Gregory A Turnage
Special Warranty Deed
$732,442 · Standard Insurance Company
Feb 21, 2007
—
Gregory A Turnage
Gregory A Turnage
Deed Of Distribution
related
—
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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