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Property profile & analytics
OFF-MARKET
Estimated value
$28,610,000
High-rise multifamily apartments
4601 Mayflower Rd Norfolk, VA 23508-2749
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US87-3348846
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1964
Total area
170,364 SF
Lot
2.58 ac (112,385 SF)
Zoning code
15
APN
44081012
UPID
US87-3348846
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
-
The Lafayette Apartments Real Estate Agency
-
Dr. Bonnie Rose, ND, CTN Physician
-
Hansley-Stuart Productions Photography Service (Bike/Boat/Book/etc) Store
-
Layfette Towers Apartments Hotel & Motel Bed & Breakfast
-
VA Local Homebuyers Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$30.83M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$28.61M
Owner & transaction history
Prg Lafayette Associates LLC · 4 yrs held
Prg Lafayette Associates LLC
since 2022
Last sale
$27.5M
3 recorded transactions
Zoning & alternative use
15 · 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
$35,735,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$33,400,000
6.5%
$30,830,000
7%
$28,630,000
Alternative Use
Use
Estimation
RESTAURANT
$24,540,000
Change: 0% · Conversion: Difficult
RETAIL STORES
$20,775,000
Change: 0% · Conversion: Difficult
AUTO REPAIR, GARAGE
$20,540,000
Change: 0% · Conversion: Difficult
COMMERCIAL (GENERAL)
$17,590,000
Change: 0% · Conversion: Moderate
Blend value · Realmo final
$28.61M
Range $25.75M – $31.47M · ±10% · vs last sale $27.50M (Jun 30 2022)
Last sale anchor
$27.50M
Jun 30 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
$168 / 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
$323,128
Tax year 2024
Assessed value
$25,850,200
Assessed 2024
Previous assessed
$24,551,300
+5.3% YoY
Effective rate
1.25%
On assessed value
Assessed land
$1,348,600
Assessed improvement
$24,501,600
Land market value
$1,348,600
Improvement market value
$24,501,600
Total market value
$25,850,200
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
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
Off-Market
Year built
1964
Heating
YES
Cooling
YES
Stories
12
Units
168
Total area
170,364 SF
Lot
2.58 ac (112,385 SF)
Zoning code
15
APN
44081012
UPID
US87-3348846
Jurisdiction
NORFOLK CITY
Zoning & alternative use
15 · Norfolk, VA
Zoning 15 · permitted uses
15 · 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
RESTAURANT
Est. value
$24.5M
RETAIL STORES
Est. value
$20.8M
AUTO REPAIR, GARAGE
Est. value
$20.5M
COMMERCIAL (GENERAL)
Est. value
$17.6M
RESTAURANT
RETAIL STORES
AUTO REPAIR, GARAGE
COMMERCIAL (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
1964
Heating
YES
Cooling
Yes
Stories
12
Units
168
Lot
2.58 ac
Current owner
From public records · entity-resolved
Prg Lafayette Associates LLC
Entity
Mailing address
2701 E LUZERNE ST, PHILADELPHIA, PA 19137-1411
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 30, 2022
$27,500,000
Prg Lafayette Associates LLC
Graybul Lafayette LP
Special Warranty Deed
$18,053,000 · Capital One National Association
May 10, 2018
$17,000,000
Graybul Lafayette LP A Delaware Lim
The Lafayette Apts LLC A Delaware L
Special Warranty Deed
$13,680,000 · Cbre Capital Markets INC
Jul 3, 2014
$13,000
The Lafayette Apts LLC A Delaware L
Windshire-copeland Associates LP A
Special Warranty Deed
$10,400,000 · Berkadia Commercial Mortgage LLC
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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