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Property profile & analytics
OFF-MARKET
Estimated value
$1,950,000
Showrooms
5588 Raby Rd Norfolk, VA 23502-2431
Entity Owned
4-yr Hold
Free & Clear
Property ID
US87-3347264
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1965
Total area
6,860 SF
Lot
1.47 ac (63,859 SF)
Zoning code
I-2
APN
47231200
UPID
US87-3347264
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
-
Whitlock Brothers Building Supply Industrial Manufacturer
-
Construction Materials Group Big Box & Wholesale Store Construction Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.99M
CAP Approach
CAP
$1.12M
Comparable Approach
Comparable
$978k
Blend (final)
Blend
$1.95M
Owner & transaction history
Conmat Properties Lc · 4 yrs held
Conmat Properties Lc
since 2021
Last sale
$1.6M
1 recorded transaction
Zoning & alternative use
I-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Adopted Zoning Ordinance
Top alternative use upside
Office building
$1.4M
+84.7%
Auto repair, garage
$1.3M
+81.3%
Retail stores
$1.1M
+54.4%
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
$1,950,000
ML approach
$1,990,000
CAP Approach
CAP Return
Estimation
6%
$1,210,000
6.5%
$1,115,000
7%
$1,035,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,350,000
Change: +85% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,325,000
Change: +81% · Conversion: Difficult
RETAIL STORES
$1,130,000
Change: +54% · Conversion: Easy
Blend value · Realmo final
$1.95M
Range $1.76M – $2.15M · ±10% · vs last sale $1.60M (Oct 4 2021)
Last sale anchor
$1.60M
Oct 4 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
$284 / 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
$20,200
Tax year 2024
Assessed value
$1,616,000
Assessed 2024
Previous assessed
$1,575,400
+2.6% YoY
Effective rate
1.25%
On assessed value
Assessed land
$510,700
Assessed improvement
$1,105,300
Land market value
$510,700
Improvement market value
$1,105,300
Total market value
$1,616,000
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
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1965
Heating
SPACE
Cooling
YES
Buildings
3
Stories
1
Total area
6,860 SF
Lot
1.47 ac (63,859 SF)
Zoning code
I-2
APN
47231200
UPID
US87-3347264
Jurisdiction
NORFOLK CITY
Zoning & alternative use
I-2 · Norfolk, VAZoning I-2 · permitted uses
I-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
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$1.3M
RETAIL STORES
Est. value
$1.1M
OFFICE BUILDING
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
1965
Heating
SPACE
Cooling
Yes
Stories
1
Buildings
3
Lot
1.47 ac
Current owner
From public records · entity-resolved
Conmat Properties Lc
Entity
Free & Clear · 4 yrs held
Mailing address
PO BOX 1347, HARRISONBURG, VA 22803-1347
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 4, 2021
$1,600,000
Conmat Properties Lc
Whitlock Brothers INC
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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