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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    500 W 21St St Norfolk, VA 23517

    • Office buildings
    • 17,306 SF
    • 0.55 lot acres
    For Lease
    View listing
    $28 SF/Yr
    Last Sale
    Dec 29, 2021
    $3,461,200
    Value Estimations
    $4,245,000
    Cap Rate Potential
    6%
    Office buildings
    Location Intelligence
    Property ID
    US87-3367550
    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.

    Current Use by Public Records

    • TowneBank Mortgage / Loan Agency / Mortgage Broker
    • Jason Kulas with TowneBank Mortgage / Mortgage Lender
    • Eduardo Garcia (G), Iron Valley Real Estate Norfolk / Real Estate Agent
    • Nusbaum Insurance Agency, Melissa Pierce Licensed Agent / Insurance Broker
    • Loan Officer with RW Towne Mortgage / Mortgage Lender

    Property Details for 500 W 21St St

    Year built
    2011
    Lot size
    0.55 lot acres
    Property size
    17,306 SF
    Zone code
    C-2
    Property type
    Office buildings
    APN
    809584
    APU
    809584

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,220,000
      ML approach
      $4,160,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,255,000
      6.5%
      $3,925,000
      7%
      $3,645,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,718,000
      Market price range: $2.04M - $4.72M
      AI Estimate
      $2,672,000
      Market price range: $787k - $2.67M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,410,000
      Current use
      AUTO REPAIR, GARAGE
      $3,345,000
      Change: -2% Conversion: Difficult
      RETAIL STORES
      $2,850,000
      Change: -16% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2923
    Latitude
    36.8694
    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
    $36,483
    $619,700
    $2,298,900
    $2,918,600
    -
    $619,700
    $2,298,900
    $2,918,600

    Comparable in this City

    • Value Estimation
      $370,000
      5,994 SF

      300 20th St

      OFFICE BUILDING • 5,994 SF
      300 20th St, Norfolk, VA 23517-2101
      View Details
    • Value Estimation
      $295,000
      6,438 SF

      701 21st St

      OFFICE BUILDING • 6,438 SF
      701 21st St, Norfolk, VA 23517-1920
      View Details
    • Value Estimation
      $295,000
      4,502 SF

      2601 Granby St

      OFFICE BUILDING • 4,502 SF
      2601 Granby St, Norfolk, VA 23517-1425
      View Details
    • Value Estimation
      $440,000
      3,403 SF

      2204 Hampton Blvd

      OFFICE BUILDING • 3,403 SF
      2204 Hampton Blvd, Norfolk, VA 23517-1508
      View Details
    • Value Estimation
      $330,000
      4,124 SF

      2715 Monticello Ave

      OFFICE BUILDING • 4,124 SF
      2715 Monticello Ave, Norfolk, VA 23517-1401
      View Details
    • Value Estimation
      $260,000
      4,620 SF

      2501 Llewellyn Ave

      OFFICE BUILDING • 4,620 SF
      2501 Llewellyn Ave, Norfolk, VA 23517-1331
      View Details

    Similar Nearby for Sale

    • $320,000
      2,040 SF

      Ghent Office Condo For Sale

      Office condo in Ghent, close to amenities and downtown Norfolk.
      425 W 20Th St, Norfolk, VA 23517
      View Details
    • $850,000

      Ghent Redevelopment Opportunity

      Land in Ghent neighborhood, Norfolk, for redevelopment.
      830 W 21St St, Norfolk, VA 23517
      View Details
    • $155,000

      Commercial Lots on Granby Street

      Three commercial lots totaling 0.20 acres near Tide Light Rail.
      2700 Granby St, Norfolk, VA 23517
      View Details
    • New
      $1,200,000
      37,800 SF

      Norfolk Retail Property on Granby

      37,800 SF retail property with redevelopment potential in Norfolk, VA.
      2600 Granby St, Norfolk, VA 23517
      View Details
    • $740,000
      3,000 SF

      Established Ghent Retail Opportunity

      Turn-key retail building with positive cash flow in Ghent.
      421 W 21St St, Norfolk, VA 23517
      View Details
    • $250,000
      0.11 Acres

      Ghent Historic District Duplex

      Historic Charm, 6 Beds, 2 Baths
      817 Maury Ave, Norfolk, VA 23517
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr
      3,500 SF

      Office Space with Signage Available

      Office space available for lease with building signage.
      500 W 21St St, Norfolk, VA 23517
      View Details
    • $14 SF/Yr
      5,000 SF

      Norfolk Warehouse District Gem

      5,000 SF Warehouse Space Available
      208 25Th St, Norfolk, VA 23517
      View Details
    • $10 SF/Yr
      25,707 SF

      Norfolk Warehouse - 25,707 SF

      Industrial warehouse, prime Norfolk location.
      301 24Th St, Norfolk, VA 23517
      View Details
    • $17 SF/Yr
      2,952 SF

      Retail Space Available For Rent

      Retail space available for lease in Norfolk, Virginia.
      226 W 25Th St, Norfolk, VA 23517
      View Details
    • Contact for pricing
      1,000 SF

      Prime Ghent Commercial Space Available

      Rare lease opportunity in Norfolk's Ghent commercial district.
      222 W 21St St, Norfolk, VA 23517
      View Details
    • Contact for pricing
      2,229 SF

      Retail Space in Norfolk, VA

      Retail space available for rent in Norfolk, Virginia.
      2401 Hampton Blvd, Norfolk, VA 23517
      View Details
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    Norfolk, VA 23517
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    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
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