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Property profile & analytics
OFF-MARKET
Estimated value
$1,760,000
Warehouses
981 Scott St Norfolk, VA 23502-3165
Entity Owned
17-yr Hold
~
Est. High Equity
Property ID
US87-3381501
Property summary
AI-generated overview
This exceptional 18,300-square-foot flex space at 981 Scott Street, Suite A, in Norfolk County offers a unique blend of office and warehouse functionality. Built in 2013, this Class C building boasts a single-tenant occupancy, making it ideal for a business seeking ample space and privacy. The layout comprises approximately 20% office space and 80% warehouse space, providing flexibility for various operational needs. The warehouse features a 24-foot clear ceiling height, two loading docks, and one drive-in door, ensuring efficient material handling. The property also includes ample parking and a fenced outside storage yard. Electrical systems include 3-phase, 600 amp/208 volts power. The building is equipped with an ESFR sprinkler system. Zoned I-G, this property offers significant potential. The lease rate is $10.50 per square foot, NNN, with an estimated 2024 operating expense of $1.94 per square foot. The building is constructed of split block.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1962
Total area
18,238 SF
Lot
3.68 ac (160,431 SF)
Zoning code
I-3
APN
16182500
UPID
US87-3381501
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
-
CORNERSTONE WORKPLACE SERVICES, LLC Furniture & Home Goods
-
Fairbanks Morse Industrial Manufacturer Production Facility
-
International Paint Ltd Hardware & Home Improvement Building Supply
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.23M
Comparable Approach
Comparable
$1.22M
Blend (final)
Blend
$1.76M
Owner & transaction history
981 Scott Street LLC · 17 yrs held
981 Scott Street LLC
since 2008
3 recorded transactions
Zoning & alternative use
I-3 · Norfolk, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$2.4M
+21.2%
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%
$2,420,000
6.5%
$2,230,000
7%
$2,075,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,985,000
Current use
INDUSTRIAL (GENERAL)
$2,410,000
Change: +21% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,945,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$1.76M
Range $1.58M – $1.94M · ±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
$97 / 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
$37,331
Tax year 2024
Assessed value
$2,986,500
Assessed 2024
Previous assessed
$2,986,500
+0.0% YoY
Effective rate
1.25%
On assessed value
Assessed land
$530,900
Assessed improvement
$2,455,600
Land market value
$530,900
Improvement market value
$2,455,600
Total market value
$2,986,500
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1962
Heating
SPACE
Cooling
YES
Buildings
5
Stories
1
Total area
18,238 SF
Lot
3.68 ac (160,431 SF)
Zoning code
I-3
APN
16182500
UPID
US87-3381501
Jurisdiction
NORFOLK CITY
Zoning & alternative use
I-3 · Norfolk, VA
Zoning I-3 · permitted uses
I-3 · 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
WAREHOUSE, STORAGE Current
Est. value
$2.0M
INDUSTRIAL (GENERAL)
Est. value
$2.4M
COMMERCIAL (GENERAL)
Est. value
$1.9M
WAREHOUSE, STORAGE Current
INDUSTRIAL (GENERAL)
COMMERCIAL (GENERAL)
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
1962
Heating
SPACE
Cooling
Yes
Stories
1
Buildings
5
Lot
3.68 ac
Current owner
From public records · entity-resolved
981 Scott Street LLC
Entity
Mailing address
248 W BUTE ST STE #200, NORFOLK, VA 23510-1441
Ownership since
2008
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
Feb 13, 2026
—
981 Scott Street LLC
—
Deed
related
$200,000 · Bayport Cu
Feb 1, 2024
—
981 Scott Street LLC
—
Deed
related
$3,375,000 · Newport News Shipbuilding Employees Cred
Nov 25, 2008
$1,000,000
981 Scott Street LLC
Gibson Equipment Company INC
Bargain And Sale 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.
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