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    Property profile & analytics

    721 Fairfax Ave Norfolk, VA 23507-2007

    • Hospitals
    • 269,796 SF
    • 1.16 lot acres
    OFF-MARKET
    Value Estimations
    $7,765,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3376157
    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

    • EVMS Neuropsychology Program / Physician / Medical Clinic
    • Dr. Jerry L. Nadler, MD / Physician
    • Doss William MD / Physician
    • Joseph Khristian Han / Physician
    • Hayes H Desmond MD / Physician

    Property Details for 721 Fairfax Ave

    Year built
    2004
    Lot size
    1.16 lot acres
    Property size
    269,796 SF
    Zone code
    IN-2
    Property type
    Hospitals
    APN
    84578900
    APU
    84578900

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.3019
    Latitude
    36.8599
    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
    $426,036
    $1,292,000
    $32,790,900
    $34,082,900
    -
    $1,292,000
    $32,790,900
    $34,082,900

    Comparable in this City

    • Value Estimation
      $825,000
      2.83 Acres

      601 Childrens Ln

      HOSPITAL - PRIVATE • 2.83 Acres
      601 Childrens Ln, Norfolk, VA 23507-1910
      View Details
    • Value Estimation
      $2,895,000
      221,500 SF

      725 Olney Rd

      HOSPITAL - PRIVATE • 221,500 SF
      725 Olney Rd, Norfolk, VA 23507
      View Details
    • Value Estimation
      $29,000,000
      310,912 SF

      735 Fairfax Ave

      HOSPITAL - PRIVATE • 310,912 SF
      735 Fairfax Ave, Norfolk, VA 23507-2007
      View Details
    • Value Estimation
      $31,490,000
      331,760 SF

      600 Gresham Dr

      HOSPITAL - PRIVATE • 331,760 SF
      600 Gresham Dr, Norfolk, VA 23507-1904
      View Details
    • Value Estimation by Request
      0.45 Acres

      1318 Raleigh Ave

      HOSPITAL - PRIVATE • 0.45 Acres
      1318 Raleigh Ave, Norfolk, VA 23507-1329
      View Details
    • Value Estimation
      $6,345,000
      73,985 SF

      400 Gresham Dr

      MEDICAL BUILDING • 73,985 SF
      400 Gresham Dr, Norfolk, VA 23507-1901
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      16,533 SF

      Norfolk Medical Office Space for Lease

      Prime Medical Office Suite - 3,671 SF Available
      901 Hampton Blvd, Norfolk, VA 23507
      View Details
    • $12 SF/Yr
      2,500 SF

      Olney Road Executive Office Space

      Prime Ghent Office, 2500 SF Available
      400 Olney Rd, Norfolk, VA 23507
      View Details
    • Contact for pricing
      3,280 SF

      Retail Site in West Ghent

      Up-and-coming retail site near Naval Station Norfolk.
      2419 Hampton Blvd, Norfolk, VA 23507
      View Details
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    721 Fairfax Ave
    Norfolk, VA 23507-2007
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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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