Entity Owned Property summary
AI-generated overview
Circle West, located at 863 Glenrock Rd, Norfolk, VA 23502, presents a unique opportunity for businesses seeking Class A office space in the Hampton Roads, Central Norfolk submarket. This single, two-story building, totaling 50,000 square feet, underwent a complete renovation in 2024. The property sits on 3.08 acres of land and offers flexible space options, with a minimum divisible unit of 10,000 square feet and a maximum contiguous space of 25,000 square feet. Currently, the entire 50,000 square feet is available for lease. The building boasts 140 parking spaces and elevators for convenient access. Its strategic location at the crossroads of I-264 and I-64 provides exceptional accessibility, placing it in close proximity to Sentara Leigh Hospital and the Brock Center. The C-R zoning allows for a variety of uses, making it particularly attractive to medical tenants. Built in 1975, this property offers a blend of classic architecture and modern amenities, resulting in a highly desirable workspace. Interested parties should note the property's traditional office and medical office subtypes.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1973
Total area
51,520 SF
Lot
2.92 ac (127,369 SF)
Zoning code
C-3
APN
13279507
UPID
US87-3350527
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Physician
-
Physician
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.21M
Blend (final)
Blend
$6.57M
Owner & transaction history
Zoning & alternative use
C-3 · Norfolk, VA
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
3 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
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Summary
1
Valuation conclusion
Included free
Estimated market value
$6.57M
Value range
$5.91M – $7.22M
±10% around blend
Estimated value / SF
$127 / SF
Confidence
Property data
100
Market benchmarks
67
Comparable evidence
60
$5.91M
blend $6.57M
$7.22M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
51,520 SF
Lot area
2.92 ac
Year built
1973
Stories
2
APN
13279507
Zoning
C-3
Assessed value
$5,232,300
Annual tax
$65,404
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$4.21M
Range $1.03M – $8.43M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$6.57M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 57 sales
$197
-35%
County 57 sales
$197
-35%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $127/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Market rates by use type
PDF export
Professional Plan · 30 reports
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Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$5.23M
Move the market yield to see immediate price impact.
Value / SF
$102
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$330k
$6.59M
$4.71M
$3.66M
$366k
$7.33M
$5.23M
$4.07M
$403k
$8.06M
$5.76M
$4.48M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$65,404
Tax year 2024
Assessed value
$5,232,300
Assessed 2024
Previous assessed
$5,232,300
+0.0% YoY
Effective rate
1.25%
On assessed value
Assessed land
$1,383,600
Assessed improvement
$3,848,700
Land market value
$1,383,600
Improvement market value
$3,848,700
Total market value
$5,232,300
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1973
Heating
FORCED AIR
Cooling
YES
Stories
2
Total area
51,520 SF
Lot
2.92 ac (127,369 SF)
Zoning code
C-3
APN
13279507
UPID
US87-3350527
Jurisdiction
NORFOLK CITY
Zoning & alternative use
C-3 · Norfolk, VAZoning C-3 · permitted uses
C-3 · Norfolk, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1973
Heating
FORCED AIR
Cooling
Yes
Stories
2
Lot
2.92 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
C-3
Jurisdiction
Norfolk, VA
Recorded code
C-3
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for C-3 in Norfolk, VA.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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