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Property profile & analytics
OFF-MARKET
Estimated value
$1,280,000
Office buildings
5215 Colley Ave Norfolk, VA 23508-2166
Entity Owned
10-yr Hold
Free & Clear
Property ID
US87-3373888
Property summary
AI-generated overview
This exceptional Class A office building, located at 5215 Colley Ave in Norfolk, VA (zip code 23508), offers 9,000 square feet of executive and creative office space. Built in 1946 and extensively renovated in 2015, the single-story building features 38 suites, with a minimum divisible space of 85 square feet. The property boasts a 14-foot ceiling height and ample parking with 90 spaces. Amenities include complimentary ergonomic furniture, private phone lines with voicemail and call forwarding, 24/7 video surveillance and secure key-fob access, and free access to conference rooms. High-speed wired internet is available in each office, and USPS certified mailboxes are provided. Flexible lease terms are available, with a minimum of three months, allowing for growth and customization within the building. Tenants enjoy access to exclusive discounts at local businesses. The property sits on 84 acres of land and is situated in the Colley Avenue submarket of Norfolk. This is a truly all-inclusive office solution designed to foster growth and prosperity.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1946
Total area
9,119 SF
Lot
0.84 ac (36,808 SF)
Zoning code
C-2
APN
11321400
UPID
US87-3373888
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
-
Spexresources LLC Consultant
-
CRAIG'S MOVING SERVICES, INC. Moving Company
-
Bridget Peery Physician
-
Bonjour-Records San Diego Inc Recording Studio
-
Colley Executive Offices - Colley Avenue Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$865k
Blend (final)
Blend
$1.28M
Owner & transaction history
Ceo Group LLC A Virginia Limited Li · 10 yrs held
Ceo Group LLC A Virginia Limited Li
since 2015
1 recorded transaction
Zoning & alternative use
C-2 · 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,795,000
Current use
AUTO REPAIR, GARAGE
$1,765,000
Change: -2% · Conversion: Difficult
RETAIL STORES
$1,500,000
Change: -16% · Conversion: Moderate
Blend value · Realmo final
$1.28M
Range $1.15M – $1.41M · ±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
$140 / 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
$12,966
Tax year 2024
Assessed value
$1,037,300
Assessed 2024
Previous assessed
$1,028,900
+0.8% YoY
Effective rate
1.25%
On assessed value
Assessed land
$736,200
Assessed improvement
$301,100
Land market value
$736,200
Improvement market value
$301,100
Total market value
$1,037,300
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
Status
Off-Market
Year built
1946
Heating
FORCED AIR
Cooling
YES
Stories
1
Total area
9,119 SF
Lot
0.84 ac (36,808 SF)
Zoning code
C-2
APN
11321400
UPID
US87-3373888
Jurisdiction
NORFOLK CITY
Zoning & alternative use
C-2 · Norfolk, VA
Zoning 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
Norfolk. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.8M
AUTO REPAIR, GARAGE
Est. value
$1.8M
RETAIL STORES
Est. value
$1.5M
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
1946
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
0.84 ac
Current owner
From public records · entity-resolved
Ceo Group LLC A Virginia Limited Li
Entity
Free & Clear · 10 yrs held
Mailing address
900 GRANBY ST STE #101, NORFOLK, VA 23510-2531
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 30, 2015
$765,000
Ceo Group LLC A Virginia Limited Li
Young Womens Christian Association
Special Warranty Deed
—
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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