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Property profile & analytics
FOR LEASE
Office buildings
7421 Central Business Park Dr Norfolk, VA 23505
Entity Owned
21-yr Hold
~
Est. High Equity
Property ID
US87-3373533
For Lease
1 / 2
$8,790,000
7421 Central Business Park Dr, Norfolk, VA 23505
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2006
Total area
75,076 SF
Lot
5.79 ac (252,038 SF)
Zoning code
BC-1
APN
7311
UPID
US87-3373533
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
-
Erie Home Roofing Company General Contractor
-
ChowCall Courier Service Postal Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$8.79M
Owner & transaction history
Cbp Development LLC · 21 yrs held
Cbp Development LLC
since 2005
3 recorded transactions
Zoning & alternative use
BC-1 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
AUTO REPAIR, GARAGE
$14,510,000
Change: -2% · Conversion: Difficult
RETAIL STORES
$12,360,000
Change: -16% · Conversion: Moderate
Blend value · Realmo final
$8.79M
Range $7.91M – $9.67M · ±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
$117 / 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
$74,369
Tax year 2024
Assessed value
$5,949,500
Assessed 2024
Previous assessed
$5,825,500
+2.1% YoY
Effective rate
1.25%
On assessed value
Assessed land
$1,260,800
Assessed improvement
$4,688,700
Land market value
$1,260,800
Improvement market value
$4,688,700
Total market value
$5,949,500
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
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
2006
Heating
FORCED AIR
Cooling
YES
Stories
2
Total area
75,076 SF
Lot
5.79 ac (252,038 SF)
Zoning code
BC-1
APN
7311
UPID
US87-3373533
Jurisdiction
NORFOLK CITY
Zoning & alternative use
BC-1 · Norfolk, VA
Zoning BC-1 · permitted uses
BC-1 · Norfolk, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Norfolk. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE
Est. value
$14.5M
RETAIL STORES
Est. value
$12.4M
AUTO REPAIR, GARAGE
RETAIL STORES
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
2006
Heating
FORCED AIR
Cooling
Yes
Stories
2
Lot
5.79 ac
Current owner
From public records · entity-resolved
Cbp Development LLC
Entity
Mailing address
150 W MAIN ST STE #1100, NORFOLK, VA 23510-1682
Ownership since
2005
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
Aug 28, 2024
—
Cbp Development LLC
—
Deed
related
$3,000,000 · Riversource Life Insurance Co Of New Yor
Aug 29, 2019
—
Cbp Development LLC
—
Deed
related
$3,250,000 · The Old Point National Bank Of Phoebus
May 19, 2005
$661,940
Cbp Development LLC
Economic Development Authority Of T
Deed
—
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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