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Property profile & analytics
OFF-MARKET
Estimated value
$2,665,000
Industrial properties
602 Frd Dr Norfolk, VA 23523-2408
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US87-3337488
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Total area
23,186 SF
Lot
21 ac (914,934 SF)
APN
50000943
UPID
US87-3337488
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
-
Seaward Marine Corporation Corporate Office
-
Chaney Enterprises - Norfolk, VA Concrete Plant Building Supply Industrial Manufacturer
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.34M
Comparable Approach
Comparable
$3.19M
Blend (final)
Blend
$2.67M
Owner & transaction history
Eastern Branch Holdings LLC · 3 yrs held
Eastern Branch Holdings LLC
since 2022
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.8M
+24.7%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,530,000
6.5%
$2,335,000
7%
$2,170,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$3,060,000
Current use
RETAIL STORES
$3,815,000
Change: +25% · Conversion: Moderate
COMMERCIAL (GENERAL)
$2,690,000
Change: -12% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,525,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$2.67M
Range $2.40M – $2.93M · ±10%
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
$115 / 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
$42,868
Tax year 2024
Assessed value
$3,429,400
Assessed 2024
Previous assessed
$3,401,200
+0.8% YoY
Effective rate
1.25%
On assessed value
Assessed land
$2,138,600
Assessed improvement
$1,290,800
Land market value
$2,138,600
Improvement market value
$1,290,800
Total market value
$3,429,400
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Heating
NONE
Buildings
5
Total area
23,186 SF
Lot
21 ac (914,934 SF)
APN
50000943
UPID
US87-3337488
Jurisdiction
NORFOLK CITY
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$3.1M
RETAIL STORES
Est. value
$3.8M
COMMERCIAL (GENERAL)
Est. value
$2.7M
WAREHOUSE, STORAGE
Est. value
$2.5M
INDUSTRIAL (GENERAL) Current
RETAIL STORES
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
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
Heating
NONE
Buildings
5
Lot
21 ac
Current owner
From public records · entity-resolved
Eastern Branch Holdings LLC
Entity
Mailing address
602 FRD DR, NORFOLK, VA 23523-2408
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
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
Oct 31, 2022
—
Eastern Branch Holdings LLC
—
Deed
related
$7,000,000 · Customers Bank
Sep 30, 2021
—
Eastern Branch Holdings LLC
—
Deed
related
$660,000 · Southern Bank And Trust Company
Oct 1, 2020
—
Eastern Branch Holdings LLC
—
Deed
related
$3,475,000 · Southern Bank And Trust Co
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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