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    5800 Lake Wright Dr Norfolk, VA 23502
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    5800 Lake Wright Dr Norfolk, VA 23502

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    • Office buildings
    • 91,374 SF
    • 5.50 lot acres
    For Lease
    $24 SF/Yr
    View Listing →
    Premier Class A Office Space For Lease
    $24 SF/Yr
    7,730 SF

    Premier Class A Office Space

    Norfolk office space for lease near I-64/I-264 interchange.

    5800 Lake Wright Dr, Norfolk, VA
    View Listing
    Property ID
    US87-3367543
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Chasen's Highway Car Troopers / Auto Repair Shop
    • XDRA Health Solutions / Corporate Office
    • Booz Allen Hamilton / Business Management Consultant
    • Optum Serve Norfolk / Medical Clinic
    • Falconwood Inc / Business Management Consultant

    Property Details for 5800 Lake Wright Dr

    Year built
    1999
    Lot size
    5.50 lot acres
    Property size
    91,374 SF
    Zone code
    O-1
    Property type
    Office buildings
    APN
    80987616
    APU
    80987616

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $22,460,000
      6.5%
      $20,735,000
      7%
      $19,255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $24,527,000
      Market price range: $10.8M - $24.9M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $17,995,000
      Current use
      AUTO REPAIR, GARAGE
      $17,665,000
      Change: -2% Conversion: Difficult
      RETAIL STORES
      $15,045,000
      Change: -16% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.206
    Latitude
    36.8792
    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
    2024
    $170,659
    $2,688,600
    $10,964,100
    $13,652,700
    -
    $2,688,600
    $10,964,100
    $13,652,700

    Comparable in this City

    • Value Estimation
      $3,410,000
      29,996 SF

      6353 Ctr Dr

      OFFICE BUILDING • 29,996 SF
      6353 Ctr Dr, Norfolk, VA 23502-4112
      View Details
    • Value Estimation
      $905,000
      5,920 SF

      909 Glenrock Rd

      OFFICE BUILDING • 5,920 SF
      909 Glenrock Rd, Norfolk, VA 23502-3796
      View Details
    • Value Estimation
      $18,510,000
      210,252 SF

      824 Military Hwy

      OFFICE BUILDING • 210,252 SF
      824 Military Hwy, Norfolk, VA 23502-3652
      View Details
    • Value Estimation
      $6,710,000
      67,809 SF

      6330 Newtown Rd

      OFFICE BUILDING (MULTI-STORY) • 67,809 SF
      6330 Newtown Rd, Norfolk, VA 23502-4802
      View Details
    • Value Estimation
      $550,000
      5,000 SF

      952 Norfolk Sq

      OFFICE BUILDING • 5,000 SF
      952 Norfolk Sq, Norfolk, VA 23502-3212
      View Details
    • Value Estimation
      $2,400,000
      22,354 SF

      3719 Virginia Bch Blvd

      OFFICE BUILDING • 22,354 SF
      3719 Virginia Bch Blvd, Norfolk, VA 23502-3217
      View Details

    Similar Nearby for Sale

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      Two-Story Office Building For Sale

      6,734 SF office building in Norfolk's Newtown/Witchduck submarket.
      735 Newtown Rd, Norfolk, VA 23502
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    • $1,500,000
      6,250 SF

      Versatile Commercial Office Building

      Stand-alone commercial building with office, showroom, and light industrial space.
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      Norfolk Office Building For Sale

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      16,750 SF

      Medical Office Building Near Interstate

      Single-story medical office building with interstate visibility and ample parking.
      6333 Center Dr, Norfolk, VA 23502
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    • $1,950,000

      Norfolk Office Building For Sale

      8,620 SF office building on 1.87 acres in Norfolk.
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    • $1,950,000

      Norfolk Office Building For Sale

      8,620 SF office building on 1.87 acres in Norfolk.
      839 Poplar Hall Dr, Norfolk, VA 23502
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office Space in Central Norfolk

      Office spaces for rent with immediate highway and transit access.
      240 Corporate Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      2,099 SF

      Class A Medical/Office Space

      Class A medical/office building near Sentara Leigh Hospital.
      6160 Kempsville Cir, Norfolk, VA 23502
      View Details
    • $179 SF/Yr
      2,706 SF

      Norfolk Office Suite - 2706 SF

      Prime Norfolk office space, now available.
      5700 Lake Wright Dr, Norfolk, VA 23502
      View Details
    • Contact for pricing
      2,071 SF

      Modern Office Space Available

      Renovated office suites near Sentara Leigh Hospital.
      6363 Center Dr, Norfolk, VA 23502
      View Details
    • Contact for pricing
      1,209 SF

      Modern Office Space with Amenities

      Renovated office suites with gym, deli, and conference rooms.
      6353 Center Dr, Norfolk, VA 23502
      View Details
    • Contact for pricing
      1,656 SF

      Office Space with Ample Parking

      Office space featuring multiple offices, reception, and parking.
      952 Norfolk Sq, Norfolk, VA 23502
      View Details
    View Listing
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    Norfolk, VA 23502
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    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
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