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Property profile & analytics
OFF-MARKET
Estimated value
$630,000
Industrial properties
506 Indian Riv Rd Norfolk, VA 23523
Entity Owned
2-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US87-1049541
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1978
Total area
3,759 SF
Lot
22.22 ac (967,947 SF)
APN
791105
UPID
US87-1049541
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
$560k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$836k
Blend (final)
Blend
$630k
Owner & transaction history
Lansing Street LLC · 2 yrs held
Lansing Street LLC
since 2024
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$740,000
+49.2%
Auto repair, garage
$725,000
+46.4%
Retail stores
$620,000
+24.7%
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
$560,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$495,000
Current use
OFFICE BUILDING
$740,000
Change: +49% · Conversion: Difficult
AUTO REPAIR, GARAGE
$725,000
Change: +46% · Conversion: Easy
RETAIL STORES
$620,000
Change: +25% · Conversion: Moderate
COMMERCIAL (GENERAL)
$435,000
Change: -12% · Conversion: Difficult
WAREHOUSE, STORAGE
$410,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$630k
Range $567k – $693k · ±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
$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 2023Property tax & assessments
Tax year 2023
Tax billed
$46,583
Tax year 2023
Assessed value
$3,726,600
Assessed 2023
Previous assessed
$3,726,600
+0.0% YoY
Effective rate
1.25%
On assessed value
Assessed land
$3,625,900
Assessed improvement
$100,700
Land market value
$3,625,900
Improvement market value
$100,700
Total market value
$3,726,600
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Year built
1978
Heating
FORCED AIR
Cooling
YES
Stories
1
Total area
3,759 SF
Lot
22.22 ac (967,947 SF)
APN
791105
UPID
US87-1049541
Jurisdiction
NORFOLK CITY
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$495,000
OFFICE BUILDING
Est. value
$740,000
AUTO REPAIR, GARAGE
Est. value
$725,000
RETAIL STORES
Est. value
$620,000
COMMERCIAL (GENERAL)
Est. value
$435,000
WAREHOUSE, STORAGE
Est. value
$410,000
INDUSTRIAL (GENERAL) Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (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
1978
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
22.22 ac
Current owner
From public records · entity-resolved
Lansing Street LLC
Entity
Mailing address
1001 LOUISIANA ST #1000, HOUSTON, TX 77002-5089
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
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
Mar 19, 2026
—
Lansing Street LLC
—
Deed
related
$1,410,000 · Blue Ridge Bank
Feb 20, 2024
$3,400,000
Lansing Street LLC
Kinder Morgan Virginia Liquids Term
Special Warranty Deed
$1,700,000 · Blue Ridge Bank NA
Feb 20, 2024
—
Lansing Street LLC
—
Deed
related
$1,392,000 · 504 Capital Corporation
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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