Operating Hotel with Parking
New
For Sale
$5,000,000
410 21st St, Virginia Beach, VA 23451
The sale includes a separate parking lot at 405 20th Street in Virginia Beach.
Property Size46,260 SF
Price / SF$108.08
Days on Market3
Property Features for 410 21st St
General Information
Standard status
Active
Size
46,260 SF
Property subtype
Commercial/Industrial
Zoning
RT3
Additional Details
Highway Access
Yes
Parking Facility Type
surface lot
Building Details
Building Size
46,260 SF
Year Built
1974
Stories
3
Units
59
Listing Agency:
Prodigy Realty
(757) 805-2515
Listed By:
Karen Tyler
(877) 977-7115
Source:
Hoggerealestate
Added: Oct 23
Changed: Oct 25
Last Checked: Oct 24 at 3:01PM
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 Prodigy Realty
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This hotel property is identified as an operating hotel and is offered together with a separate parking lot at 405 20th Street, Virginia Beach. The hotel was built in 1974 and carries RT3 zoning.
The property is near the Dome, Atlantic Park, and the beach, with convenient access to the interstate.
The property is near the Dome, Atlantic Park, and the beach, with convenient access to the interstate.
Key Highlights
- Operating hotel offered with a separate parking lot at 405 20th Street
- RT3 zoning
- Built in 1974
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$348,060
Cap Rate
6.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,961,200
$7.0M
Cap Rate 7%
$4,972,286
$5.0M
Cap Rate 9%
$3,867,333
$3.9M
Market Conditions
NOI Build-Up for 46,260 SF
Gross rent
$832.7K $18.00/SF
− Vacancy
−$99.9K −$2.16/SF
EGI
$732.8K $15.84/SF
− OpEx
−$384.7K −$8.32/SF
NOI
$348.1K $7.52/SF
Area
Virginia Beach, VA
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,961,200
Cap Rate 7%
$4,972,286
Cap Rate 9%
$3,867,333
Alternative Uses
Best Use
Hotel Hospitality
$4.97M
$4.35M – $5.80M
NOI $348,060 @ 7.0% cap · market cap 6.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.87M
$10.38M – $13.84M
NOI $830,699 @ 7.0% cap · market cap 16.61%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,398
Businesses Nearby
Explore this area
Business Placement
Demographics for 23451, VA
44,879
Population
24,897
Households
1.8
Avg Household Size
41
Median Age
57%
College-Educated
97%
High-School Grad
19.8 sq mi
ZIP Area
2,267
Density / Sq Mi
$97,945
Median Household Income
$57,472
Median Earnings
$1,697
Median Rent
$591,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Hotel - The sale includes a separate parking lot at 405 20th Street in Virginia Beach.
Where is this hotel located?
The property is located at 410 21st St Virginia Beach, VA.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Operating hotel offered with a separate parking lot at 405 20th Street; RT3 zoning; Built in 1974
