Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    735 23rd St Norfolk, VA 23504-1905

    • Warehouses
    • 17,910 SF
    • 1.49 lot acres
    OFF-MARKET
    Value Estimations
    $2,235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3391380
    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

    • Emerson's Cigars / (Bike/Boat/Book/etc) Store
    • Bear House Coffee Roasters / Cafe & Coffee Shop / Specialty Food Shop
    • Maker's Craft Brewery / Production Facility / Brewery & Distillery

    Property Details for 735 23rd St

    Year built
    1946
    Lot size
    1.49 lot acres
    Property size
    17,910 SF
    Property type
    Warehouses
    APN
    79401002
    APU
    79401002

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,375,000
      6.5%
      $2,190,000
      7%
      $2,035,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,845,000
      Market price range: $1.42M - $3.01M
      AI Estimate
      $1,669,000
      Market price range: $605k - $1.78M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,950,000
      Current use
      OFFICE BUILDING
      $3,525,000
      Change: +81% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,460,000
      Change: +77% Conversion: Easy
      RETAIL STORES
      $2,950,000
      Change: +51% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $2,365,000
      Change: +21% Conversion: Easy
      COMMERCIAL (GENERAL)
      $2,075,000
      Change: +6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2786
    Latitude
    36.8681
    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
    $21,563
    $647,500
    $1,077,500
    $1,725,000
    -
    $647,500
    $1,077,500
    $1,725,000

    Comparable in this City

    • Value Estimation
      $5,990,000
      97,299 SF

      2235 Barraud Ave

      WAREHOUSE, STORAGE • 97,299 SF
      2235 Barraud Ave, Norfolk, VA 23504-2601
      View Details
    • Value Estimation by Request
      1,600 SF

      2132 Grandy Ave

      WAREHOUSE, STORAGE • 1,600 SF
      2132 Grandy Ave, Norfolk, VA 23504
      View Details
    • Value Estimation by Request
      3,990 SF

      311 24th St

      WAREHOUSE, STORAGE • 3,990 SF
      311 24th St, Norfolk, VA 23504-1625
      View Details
    • Value Estimation
      $2,000,000
      14,979 SF

      211 25th St

      WAREHOUSE, STORAGE • 14,979 SF
      211 25th St, Norfolk, VA 23504
      View Details
    • Value Estimation
      $505,000
      7,144 SF

      628 End Ave

      WAREHOUSE, STORAGE • 7,144 SF
      628 End Ave, Norfolk, VA 23504-4632
      View Details
    • Value Estimation
      $630,000
      9,064 SF

      3115 Beachmont Ave

      WAREHOUSE, STORAGE • 9,064 SF
      3115 Beachmont Ave, Norfolk, VA 23504-3815
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,825 SF

      Functional Warehouse and Service Property

      Warehouse and service property on 1.04 acres in Norfolk.
      3111 E Virginia Beach Blvd, Norfolk, VA 23504
      View Details
    • Contact for pricing
      17,910 SF

      Norfolk Brewery/Hospitality Opportunity

      Expansive 17,910 SF property ideal for breweries or hospitality ventures.
      723 E 23Rd St, Norfolk, VA 23504
      View Details
    • $1,200,000
      10,500 SF

      Norfolk Multi-Tenant Office Building

      10,500 SF multi-tenant office building in Norfolk, Virginia.
      1761 Church St, Norfolk, VA 23504
      View Details
    • $44,900
      0.16 Acres

      Residential Lot Near Lafayette River

      Residential lot near Lafayette River, suitable for building a home.
      2645 Barre St, Norfolk, VA 23504
      View Details
    • Contact for pricing
      6,723 SF

      Renovated Bar/Tavern with Apartments

      Renovated bar/tavern with two apartments in historic Riverview.
      4024 Granby St, Norfolk, VA 23504
      View Details
    • $54,900
      0.16 Acres

      Residential Land Near Lafayette River

      7000 Sq Ft lot for dream home construction.
      2655 Barre St, Norfolk, VA 23504
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail/Office Space Near Virginia Zoo

      Retail or office space in Norfolk's Riverview Historic District.
      3415 Granby St, Norfolk, VA 23504
      View Details
    • Contact for pricing
      4,500 SF

      Retail Space in Norfolk, VA

      Retail space available for lease in Norfolk, Virginia.
      5970 E Virginia Beach Blvd, Norfolk, VA 23504
      View Details
    • Contact for pricing
      8,946 SF

      Retail Space in High-Traffic Center

      Retail space available in a busy Norfolk shopping center.
      5930 E Virginia Beach Blvd, Norfolk, VA 23504
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    735 23rd St
    Norfolk, VA 23504-1905
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!