Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5488 Nansemond Pkwy Suffolk, VA 23435-2115

    • Commercial real estate
    • 20,973 SF
    • 6.87 lot acres
    OFF-MARKET
    Last Sale
    Aug 11, 2022
    Value Estimations
    $3,555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2321024
    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

    • MyStorage Centers / Storage Facility
    • Martin Enterprises / Construction Company / General Contractor

    Property Details for 5488 Nansemond Pkwy

    Year built
    2000
    Lot size
    6.87 lot acres
    Property size
    20,973 SF
    Zone code
    LIGHT INDUSTRIAL
    Property type
    Commercial real estate
    APN
    20B*B11
    APU
    20BB11

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,245,000
      6.5%
      $3,920,000
      7%
      $3,640,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,140,000
      Market price range: $1.03M - $4.19M

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

    Location Insight

    • Map
    • Local Demand
    City
    Suffolk
    County
    Suffolk City
    State
    Virginia
    Longitude
    -76.4558
    Latitude
    36.8192
    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
    2023
    $59,252
    $319,400
    $5,116,600
    $5,436,000
    -
    $319,400
    $5,116,600
    $5,436,000

    Comparable in this City

    • Value Estimation by Request
      11.83 Acres

      3351 Brg Rd

      COMMERCIAL (GENERAL) • 11.83 Acres
      3351 Brg Rd, Suffolk, VA 23435-1801
      View Details
    • Value Estimation by Request
      0.04 Acres

      6747 Hampton Rds Pkwy

      COMMERCIAL (GENERAL) • 0.04 Acres
      6747 Hampton Rds Pkwy, Suffolk, VA 23435
      View Details
    • Value Estimation by Request
      0.59 Acres

      Lk Vw Pw

      COMMERCIAL (GENERAL) • 0.59 Acres
      Lk Vw Pw, Suffolk, VA 23435
      View Details
    • Value Estimation by Request
      7.21 Acres

      Suffolk, VA 23435

      COMMERCIAL (GENERAL) • 7.21 Acres
      Suffolk, VA 23435
      View Details
    • Value Estimation by Request
      10.63 Acres

      Suffolk, VA 23435

      COMMERCIAL (GENERAL) • 10.63 Acres
      Suffolk, VA 23435
      View Details
    • Value Estimation by Request
      1,008 SF

      5332 Nansemond Pkwy

      COMMERCIAL (GENERAL) • 1,008 SF
      5332 Nansemond Pkwy, Suffolk, VA 23435-2118
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10.00 Acres

      High-Traffic Retail Space Available

      1,900 SF Retail Space for Lease
      0 Harbour Vw Blvd At Harbour Pointe Dr, Suffolk, VA 23435
      View Details
    • $10,176,000
      20.12 Acres

      Prime Suffolk Commercial Land

      20 Acres, B-2 Zoning, High Visibility
      3803 Bridge Rd, Suffolk, VA 23435
      View Details
    • $6,500,000
      10.35 Acres

      HarbourView Land: Prime Suffolk Location

      10.35 Acres, B-2 Zoning, $6.5M
      3893 Bridge Rd, Suffolk, VA 23435
      View Details
    • Contact for pricing
      10.00 Acres

      Suffolk, VA Industrial Land Investment

      16 Acres, Heavy Industrial Zoning, Utilities Available
      0 Shoulders Hl And Bob Whites Ln, Suffolk, VA 23435
      View Details
    • Contact for pricing

      Harbour View Commercial Land

      Suffolk, VA retail land opportunity
      0 Pt Pl, Suffolk, VA 23435
      View Details
    • $10,900,000
      351.00 Acres

      Prime Suffolk Farm - 351 Acres

      Exceptional investment opportunity: large acreage, ideal location.
      4689 Shoulders Hill Rd, Suffolk, VA 23435
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      239,765 SF

      Class A Cold Storage Facility

      Modern, divisible cold storage near Port of Virginia
      0 Northgate Commerce Pkwy, Suffolk, VA 23435
      View Details
    • Contact for pricing
      1,269 SF

      Harbour View Medical Office Space

      Suffolk, VA medical office suite available.
      5839 Harbour View Blvd, Suffolk, VA 23435
      View Details
    • Contact for pricing
      580,000 SF

      Modern Suffolk Warehouse Space

      580,000 SF Warehouse - 242,000 SF Available
      6601 Park Dr, Suffolk, VA 23435
      View Details
    • Contact for pricing
      12,340 SF

      Blue Point Shops: Retail Space Available

      New Suffolk retail space, 1,600-6,290 SF.
      5941 Harbour View Blvd, Suffolk, VA 23435
      View Details
    • Contact for pricing
      76,170 SF

      Sentara BelleHarbour I Medical Office

      Class A Medical Office Space in Suffolk, VA
      3920 Bridge Rd, Suffolk, VA 23435
      View Details
    • $18 SF/Yr
      1,288 SF

      Office Space in Harbour View

      Office space in a quiet office park setting.
      1520 Breezeport Way, Suffolk, VA 23435
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    5488 Nansemond Pkwy
    Suffolk, VA 23435-2115
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.