Automotive Retail
For Sale
Contact for pricing
3335 N Military Hwy, Norfolk, VA 23518
Highway-exposed automotive retail property near Norfolk (ORF) airport, positioned across from Priority Ford and next to Hertz.
Property Size4,000 SF
Price / SF$365
Days on Market462
Property Features for 3335 N Military Hwy
General Information
Standard status
Active
Size
4,000 SF
Class
B
Property subtype
Retail
Zoning
C-C Automotive Sales & Service
Lease Type
Gross
Investment Type
Owner/User
Site & Location
Traffic Count
26,378 vehicles/day
Highway Access
Yes
Building Details
Buildings
3
Stories
1
Tenancy
Single
Listing Agency:
Little Jay Associates LLP
Listed By:
Lawrence Fleder · License #FLBO
Source:
Crexi
Added: Jun 5, 2025
Changed: Aug 25
Last Checked: Sep 8 at 7:02AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Little Jay Associates LLP
Investment Insights
Based on property information with market context.
This automotive retail property offers highway exposure and is situated among major automotive and rental operators. The surrounding tenant mix includes Priority Ford directly across the street and Hertz Rent a Car immediately next door.
The property is described as having access to Interstate 64 via two interchanges: Norview Ave. and Azalea Garden Rd. Public remarks also cite regional traffic and demand indicators, including 161,382 vehicles per day on I-64 and 5 million passengers per year near Norfolk (ORF) airport.
For additional context, the area is noted as being down the road from Jeep Chrysler and Tesla. The offering is for sale.
The property is described as having access to Interstate 64 via two interchanges: Norview Ave. and Azalea Garden Rd. Public remarks also cite regional traffic and demand indicators, including 161,382 vehicles per day on I-64 and 5 million passengers per year near Norfolk (ORF) airport.
For additional context, the area is noted as being down the road from Jeep Chrysler and Tesla. The offering is for sale.
Key Highlights
- Highway‑exposed automotive retail location near Norfolk (ORF) airport
- Located across from the Priority Ford dealership
- Next to Hertz Rent a Car
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$45,422
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$908,440
$908.4K
Cap Rate 7%
$648,886
$648.9K
Cap Rate 9%
$504,689
$504.7K
Market Conditions
NOI Build-Up for 4,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$68.2K $17.04/SF
− Vacancy
−$3.3K −$0.82/SF
EGI
$64.9K $16.22/SF
− OpEx
−$19.5K −$4.87/SF
NOI
$45.4K $11.36/SF
Area
Norfolk, VA
Vacancy
4.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$908,440
Cap Rate 7%
$648,886
Cap Rate 9%
$504,689
Alternative Uses
Best Use
Retail
$648.9K
$567.8K – $757.0K
NOI $45,422 @ 7.0% cap · market cap 3.11%
Second Best
Industrial
$374.4K
$327.6K – $436.8K
NOI $26,209 @ 7.0% cap · market cap 1.80%
Theoretical Best
Office A
$848.5K
$742.5K – $990.0K
NOI $59,398 @ 7.0% cap · market cap 4.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
26,378 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
31k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
8,160 visits/mo
0.2 miles
7-Eleven
Shops & Services
7,337 visits/mo
0.4 miles
BP
Shops & Services
5,713 visits/mo
0.4 miles
Enterprise Rent-A-Car
Shops & Services
2,938 visits/mo
0.5 miles
Quick Lane
Shops & Services
1,920 visits/mo
0.2 miles
Demographics for 23518, VA
30,278
Population
13,911
Households
2.2
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
4,964
Density / Sq Mi
$73,899
Median Household Income
$47,605
Median Earnings
$1,348
Median Rent
$280,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Norfolk, VA
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Similar Off Market Nearby
- H & S Automotive & Repair — 2729 Azalea Garden Rd, Norfolk, VA 23513
- A to B Towing & Recovery — 2745 azalea garden rd, norfolk, va 23513
- Southern dodge chrysler — 2447 N Military Hwy, Norfolk, VA 23513
- Chasen's Highway Car Troopers — 5800 Lake Wright Dr ste 100, Norfolk, VA 23502
- Southern Collision Center - Norfolk — 2747 n military hwy, norfolk, va 23518
Frequently Asked Questions
What type of property is this?
Auto shop - Highway-exposed automotive retail property near Norfolk (ORF) airport, positioned across from Priority Ford and next to Hertz.
Where is this auto shop located?
The property is located at 3335 N Military Hwy Norfolk, VA.
What is the asking price?
The asking price for this property is $1,460,000.
What are key features of this property?
This property features: Highway‑exposed automotive retail location near Norfolk (ORF) airport; Located across from the Priority Ford dealership; Next to Hertz Rent a Car
