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Property profile & analytics
FOR LEASE
Office buildings
500 W 21St St Norfolk, VA 23517
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US87-3367550
For Lease
1 / 2
Contact for pricing
500 W 21St St, Norfolk, VA 23517
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
2011
Total area
17,306 SF
Lot
0.55 ac (24,089 SF)
Zoning code
C-2
APN
809584
UPID
US87-3367550
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
-
TowneBank Mortgage Loan Service Bank
-
Jason Kulas with TowneBank Mortgage Loan Service Bank
-
Eduardo Garcia (G), Iron Valley Real Estate Norfolk Real Estate Agency
-
Nusbaum Insurance Agency, Melissa Pierce Licensed Agent Insurance Agency
-
Loan Officer with RW Towne Mortgage Loan Service Bank
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.16M
CAP Approach
CAP
$3.93M
Comparable Approach
Comparable
$4.72M
Blend (final)
Blend
$4.22M
Owner & transaction history
R5 LLC · 4 yrs held
R5 LLC
since 2021
Last sale
$3.5M
2 recorded transactions
Zoning & alternative use
C-2 · Norfolk, VA
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
$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
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
Blend value · Realmo final
$4.22M
Range $3.80M – $4.64M · ±10% · vs last sale $3.46M (Dec 29 2021)
Last sale anchor
$3.46M
Dec 29 2021
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
$244 / 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
$36,483
Tax year 2024
Assessed value
$2,918,600
Assessed 2024
Previous assessed
$2,888,200
+1.1% YoY
Effective rate
1.25%
On assessed value
Assessed land
$619,700
Assessed improvement
$2,298,900
Land market value
$619,700
Improvement market value
$2,298,900
Total market value
$2,918,600
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 (MULTI-STORY)
Status
For Lease
Year built
2011
Heating
FORCED AIR
Cooling
YES
Stories
3
Total area
17,306 SF
Lot
0.55 ac (24,089 SF)
Zoning code
C-2
APN
809584
UPID
US87-3367550
Jurisdiction
NORFOLK CITY
Zoning & alternative use
C-2 · Norfolk, VAZoning 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
Source
Adopted Zoning Ordinance
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$3.4M
AUTO REPAIR, GARAGE
Est. value
$3.3M
RETAIL STORES
Est. value
$2.9M
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
2011
Heating
FORCED AIR
Cooling
Yes
Stories
3
Lot
0.55 ac
Current owner
From public records · entity-resolved
R5 LLC
Entity
Mailing address
PO BOX 2491, NORFOLK, VA 23501-2491
Ownership since
2021
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
Dec 29, 2021
$3,461,200
R5 LLC
Townebank
Special Warranty Deed
$2,768,960 · Townebank
Apr 16, 2010
$1,700,000
Monarch Bank
L & L Of Norfolk LLC
Foreclosure
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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