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    861 Glenrock Rd Norfolk, VA 23502-3720
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    Property profile & analytics

    861 Glenrock Rd, Norfolk, VA 23502-3720

    View on Map
    • Office buildings
    • 47,138 SF
    • 2.23 lot acres
    Off-Market
    Property ID
    US87-3350526
    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.
    Value Estimations
    $4,890,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Opportunity Inc.'s Opplnc One-Stop Workforce Center (Client Services Accessed Here) / Business Service Center / Employment Agency
    • Virginia Employment Commission / Employment Agency
    • Cross Data School-Technology / Vocational School / Training Center
    • Cross Data Certified Testing / Vocational School / Training Center
    • Virginia Career Works - Norfolk Center / Employment Agency

    Property Details for 861 Glenrock Rd

    Year built
    1973
    Lot size
    2.23 lot acres
    Zone code
    C-3
    Property type
    Office buildings
    APN
    13279505
    APU
    13279505

    Description

    Circle East, located at 861 Glenrock Rd, Norfolk, VA 23502, offers 43,500 square feet of versatile office space in a prime Hampton Roads location. This Class C building, constructed in 1973 and renovated in 2000, features a two-story structure with ample parking (220 spaces) and elevator access. The property is zoned C-R and situated in the Central Norfolk submarket cluster, offering convenient access to major thoroughfares including I-264 and I-64. Its strategic location provides close proximity to Sentara Leigh Hospital and the Brock Center. The building currently has 13,500 square feet of vacant space available, divisible into units ranging from 3,000 to 13,500 contiguous square feet, making it suitable for a variety of tenants. The property accommodates multiple tenants and is categorized as Traditional, Creative, and Medical Office space. This presents a unique opportunity for businesses seeking flexible and well-located office solutions in a thriving area. The building consists of two suites in total. Interested parties should inquire about lease terms and availability.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,551,000
      Market price range: $5.55M - $12.9M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $7,760,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2016
    Latitude
    36.8519
    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
    $35,413
    $1,331,000
    $1,502,000
    $2,833,000
    -
    $1,331,000
    $1,502,000
    $2,833,000

    Comparable in this City

    • Value Estimation
      $5,300,000
      49,754 SF

      6350 Ctr Dr

      OFFICE BUILDING
      6350 Ctr Dr, Norfolk, VA 23502-4107
      View Details
    • Value Estimation
      $3,055,000
      28,698 SF

      400 Ctr Dr

      OFFICE BUILDING
      400 Ctr Dr, Norfolk, VA 23502-4004
      View Details
    • Value Estimation
      $4,495,000
      43,486 SF

      6325 Ctr Dr

      OFFICE BUILDING
      6325 Ctr Dr, Norfolk, VA 23502-4010
      View Details
    • Value Estimation
      $1,850,000
      14,742 SF

      6300 Virginia Bch Blvd

      OFFICE BUILDING
      6300 Virginia Bch Blvd, Norfolk, VA 23502-2827
      View Details
    • Value Estimation by Request
      33,068 SF

      6320 Ctr Dr

      OFFICE BUILDING
      6320 Ctr Dr, Norfolk, VA 23502-4009
      View Details
    • Value Estimation
      $3,800,000
      25,002 SF

      140 Corporate Blvd

      OFFICE BUILDING
      140 Corporate Blvd, Norfolk, VA 23502-4952
      View Details

    Similar Nearby for Sale

    • $1,250,000

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    • $1,950,000

      Norfolk Office Building For Sale

      8,620 SF office building on 1.87 acres in Norfolk.
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    • Contact for pricing
      8,620 SF

      Norfolk Office Building For Sale

      8,620 SF office building on 1.87 acres in Norfolk.
      839 Poplar Hall Dr, Norfolk, VA 23502
      View Details
    • $1,950,000

      Norfolk Office Building For Sale

      8,620 SF office building on 1.87 acres in Norfolk.
      839 Poplar Hall Dr, Norfolk, VA 23502
      View Details
    • Contact for pricing
      35,092 SF

      Renovated Office/Medical Building For Sale

      35,092 SF renovated building near Sentara Leigh Hospital.
      6315 N Center Dr, Norfolk, VA 23502
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,099 SF

      Class A Medical/Office Space

      Class A medical/office building near Sentara Leigh Hospital.
      6160 Kempsville Cir, Norfolk, VA 23502
      View Details
    • Contact for pricing

      Office Space in Central Norfolk

      Office spaces for rent with immediate highway and transit access.
      240 Corporate Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing

      Office/Warehouse Space with Yard

      Office/warehouse space with showroom frontage and rear loading available for lease.
      5650 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing

      Warehouse Space with Office

      19,200± SF warehouse space with office available.
      5595 Raby Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing

      Adaptable Flex Space Available

      Adaptable layouts for office, institutional, warehousing, and professional service.
      5301 E Princess Anne Rd, Norfolk, VA 23502
      View Details
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    861 Glenrock Rd
    Norfolk, VA 23502-3720
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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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    861 Glenrock Rd, Norfolk, VA, 23502
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