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Property profile & analytics
OFF-MARKET
Estimated value
$1,965,000
Warehouses
5255 Henneman Dr Norfolk, VA 23513-2515
Entity Owned
4-yr Hold
Free & Clear
Property ID
US87-3366850
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1989
Total area
18,280 SF
Lot
1.14 ac (49,615 SF)
Zoning code
BC-1
APN
81449025
UPID
US87-3366850
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
-
1STRING Sports Training Gym & Fitness Center
-
Lime Warehouse & Storage
-
Neutron Holdings Warehouse & Storage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.13M
CAP Approach
CAP
$2.24M
Comparable Approach
Comparable
$1.65M
Blend (final)
Blend
$1.97M
Owner & transaction history
Henneman LLC · 4 yrs held
Henneman LLC
since 2021
Last sale
$1.8M
2 recorded transactions
Zoning & alternative use
BC-1 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.0M
+51.1%
Industrial (general)
$2.4M
+21.2%
Commercial (general)
$2.1M
+6.5%
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
$2,195,000
ML approach
$2,125,000
CAP Approach
CAP Return
Estimation
6%
$2,425,000
6.5%
$2,240,000
7%
$2,080,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,990,000
Current use
RETAIL STORES
$3,010,000
Change: +51% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$2,415,000
Change: +21% · Conversion: Easy
COMMERCIAL (GENERAL)
$2,120,000
Change: +6% · Conversion: Difficult
Blend value · Realmo final
$1.97M
Range $1.77M – $2.16M · ±10% · vs last sale $1.80M (Dec 29 2021)
Last sale anchor
$1.80M
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
$107 / 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
$22,983
Tax year 2024
Assessed value
$1,838,600
Assessed 2024
Previous assessed
$1,759,600
+4.5% YoY
Effective rate
1.25%
On assessed value
Assessed land
$357,700
Assessed improvement
$1,480,900
Land market value
$357,700
Improvement market value
$1,480,900
Total market value
$1,838,600
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1989
Heating
SPACE
Cooling
YES
Stories
1
Total area
18,280 SF
Lot
1.14 ac (49,615 SF)
Zoning code
BC-1
APN
81449025
UPID
US87-3366850
Jurisdiction
NORFOLK CITY
Zoning & alternative use
BC-1 · Norfolk, VA
Zoning BC-1 · permitted uses
BC-1 · 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
WAREHOUSE, STORAGE Current
Est. value
$2.0M
RETAIL STORES
Est. value
$3.0M
INDUSTRIAL (GENERAL)
Est. value
$2.4M
COMMERCIAL (GENERAL)
Est. value
$2.1M
WAREHOUSE, STORAGE Current
RETAIL STORES
INDUSTRIAL (GENERAL)
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
1989
Heating
SPACE
Cooling
Yes
Stories
1
Lot
1.14 ac
Current owner
From public records · entity-resolved
Henneman LLC
Entity
Free & Clear · 4 yrs held
Mailing address
2701 NEVADA AVE, NORFOLK, VA 23513-4412
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
May 9, 2025
—
Henneman LLC
—
Deed
related
$420,000 · Townebank
Dec 29, 2021
$1,800,000
Henneman LLC
Odg Properties LLC
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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