Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$29,000,000
Hospitals
735 Fairfax Ave Norfolk, VA 23507-2007
Entity Owned
Free & Clear
Property ID
US87-3370961
Property profile
Verified
Property type
Hospitals
Use group
HOSPITAL - PRIVATE
Year built
2001
Total area
310,912 SF
Lot
3.94 ac (171,757 SF)
APN
809766
UPID
US87-3370961
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
-
EVMS Medical Group Medical Clinic
-
EVMS Waitzer Hall Medical School
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$31.35M
Blend (final)
Blend
$29.00M
Owner & transaction history
EASTERN VIRGINIA MEDICAL SCHOOL
EASTERN VIRGINIA MEDICAL SCHOOL
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$44.8M
+129.7%
Auto repair, garage
$37.5M
+92.2%
Office building
$29.5M
+51.0%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$19,500,000
Current use
RESTAURANT
$44,785,000
Change: +130% · Conversion: Difficult
AUTO REPAIR, GARAGE
$37,485,000
Change: +92% · Conversion: Difficult
OFFICE BUILDING
$29,450,000
Change: +51% · Conversion: Easy
RETAIL STORES
$29,315,000
Change: +50% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$27,410,000
Change: +41% · Conversion: Difficult
COMMERCIAL (GENERAL)
$24,945,000
Change: +28% · Conversion: Easy
WAREHOUSE, STORAGE
$18,525,000
Change: -5% · Conversion: Difficult
Blend value · Realmo final
$29.00M
Range $26.10M – $31.90M · ±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
$93 / 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
$921,288
Tax year 2024
Assessed value
$73,703,000
Assessed 2024
Previous assessed
$71,674,100
+2.8% YoY
Effective rate
1.25%
On assessed value
Assessed land
$2,321,600
Assessed improvement
$71,381,400
Land market value
$2,321,600
Improvement market value
$71,381,400
Total market value
$73,703,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
Hospitals
Use group
HOSPITAL - PRIVATE
Status
Off-Market
Year built
2001
Heating
NONE
Buildings
3
Stories
7
Total area
310,912 SF
Lot
3.94 ac (171,757 SF)
APN
809766
UPID
US87-3370961
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
MEDICAL BUILDING Current
Est. value
$19.5M
RESTAURANT
Est. value
$44.8M
AUTO REPAIR, GARAGE
Est. value
$37.5M
OFFICE BUILDING
Est. value
$29.5M
RETAIL STORES
Est. value
$29.3M
INDUSTRIAL (GENERAL)
Est. value
$27.4M
COMMERCIAL (GENERAL)
Est. value
$24.9M
WAREHOUSE, STORAGE
Est. value
$18.5M
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
INDUSTRIAL (GENERAL)
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
Year built
2001
Heating
NONE
Stories
7
Buildings
3
Lot
3.94 ac
Current owner
From public records · entity-resolved
EASTERN VIRGINIA MEDICAL SCHOOL
Individual
Free & Clear · 0 yrs held
Mailing address
PO BOX 1980, NORFOLK, VA 23501-1980
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 735 Fairfax Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
