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Property profile & analytics
FOR LEASE
Medical Office Space
5665 Lowery Rd Norfolk, VA 23502
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US87-3367870
For Lease
1 / 2
Contact for pricing
5665 Lowery Rd, Norfolk, VA 23502
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2007
Total area
14,914 SF
Lot
0.78 ac (34,081 SF)
Zoning code
I-2
APN
2309
UPID
US87-3367870
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
-
ReAlta Life Sciences Factory Production Facility
-
Burch Scott Physician
-
Vandorn Karla Physician
-
Tyszko Sara A Employment Agency
-
Tina Cadden Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.56M
CAP Approach
CAP
$2.63M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.34M
Owner & transaction history
5665 Lowery Road LLC · 6 yrs held
5665 Lowery Road LLC
since 2020
Last sale
$2.0M
3 recorded transactions
Zoning & alternative use
I-2 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
Adopted Zoning Ordinance
Top alternative use upside
Industrial (general)
$1.8M
+89.1%
Restaurant
$1.8M
+88.7%
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
$2,490,000
ML approach
$2,560,000
CAP Approach
CAP Return
Estimation
6%
$2,845,000
6.5%
$2,625,000
7%
$2,440,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,770,000
Change: +89% · Conversion: Difficult
RESTAURANT
$1,765,000
Change: +89% · Conversion: Difficult
Blend value · Realmo final
$2.34M
Range $2.10M – $2.57M · ±10% · vs last sale $2.00M (Jan 14 2020)
Last sale anchor
$2.00M
Jan 14 2020
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
$157 / 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
$28,928
Tax year 2024
Assessed value
$2,314,200
Assessed 2024
Previous assessed
$2,231,500
+3.7% YoY
Effective rate
1.25%
On assessed value
Assessed land
$447,400
Assessed improvement
$1,866,800
Land market value
$447,400
Improvement market value
$1,866,800
Total market value
$2,314,200
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2007
Heating
FORCED AIR
Cooling
YES
Stories
2
Total area
14,914 SF
Lot
0.78 ac (34,081 SF)
Zoning code
I-2
APN
2309
UPID
US87-3367870
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
INDUSTRIAL (GENERAL)
Est. value
$1.8M
RESTAURANT
Est. value
$1.8M
INDUSTRIAL (GENERAL)
RESTAURANT
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
2007
Heating
FORCED AIR
Cooling
Yes
Stories
2
Lot
0.78 ac
Current owner
From public records · entity-resolved
5665 Lowery Road LLC
Entity
Mailing address
207 GRANBY ST STE #203, NORFOLK, VA 23510-1825
Ownership since
2020
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
Jan 15, 2020
—
5665 Lowery Road LLC
—
Deed
related
$2,320,000 · Atlantic Union Bank
Jan 14, 2020
$2,000,000
5665 Lowery Road LLC
5665 Lowery Road-10184652 LLC
Special Warranty Deed
—
Oct 30, 2019
$1,350,000
5665 Lowery Road-10184652 LLC
Ryan Kenrick
Trustees Deed
related
—
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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