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    840 Military Hwy Virginia Beach, VA 23464

    Sponsored
    For Lease
    Contact for pricing

    High-traffic Virginia Beach retail space.

    Lot size:
    13,240 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    421
    This exceptional 13,240 square foot freestanding retail building is available for lease in Virginia Beach, Virginia. Located at 840 S Military Hwy, this single-tenant property sits on a 3.2-acre lot and boasts a prime location at the signalized intersection of heavily trafficked Indian River Road (31,200 vehicles per day) and S Military Hwy (56,600 vehicles per day). Built in 2000, the building is zoned B-2: Community Business District, offering significant potential for a variety of retail uses. The property features a convenient drive-thru, a highly desirable amenity for many businesses. Its strategic location less than two miles from the I-64 & I-264 interchange ensures excellent regional accessibility, drawing customers from Virginia Beach, Norfolk, and Chesapeake. The entire 13,240 square feet is currently vacant, presenting a unique opportunity for a business seeking a prominent and highly visible location in a thriving commercial area of Virginia Beach County. The property's size and location make it ideal for a variety of retail concepts. This is a rare opportunity to secure a high-traffic, well-located retail space in a densely populated area.

    Property Features for 840 Military Hwy

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    13,240 SF

    Building Details

    Year Built
    2000

    Spaces For Lease

    at 840 Military Hwy, Virginia Beach, VA 23464 Contact us

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    Listing Contact
    Kris Fuller

    Learn more

    Property Insight Report

    HighLights

    • 3.2‑acre parcel with existing drive‑thru.
    • Ground lease available.
    • Divisible space to accommodate multiple tenants.
    • Prominent pylon signage opportunity.
    • High traffic count exceeding 87,000 vehicles per day at Indian River Road and S. Military Hwy intersection.
    • Fully signalized intersection.
    Property Profile Location Intelligence

    Current Use by Public Records

    Rite Aid Pharmacy Pharmacy Rite Aid Pharmacy Western Union Bank Coinhub Bitcoin ATM ... Atm Rite Aid Photo (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -76.2130556
    Latitude
    36.8179516

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    FAQs

    What type of property is this?
    Retail property - High-traffic Virginia Beach retail space.
    Where is this retail property located?
    The property is located at 840 Military Hwy Virginia Beach, VA.
    What are key features of this property?
    This property features: 3.2-acre parcel with existing drive-thru.; Ground lease available.; Divisible space to accommodate multiple tenants.
    Request Owner's contact information
    840 Military Hwy Virginia Beach, VA 23464
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    Virginia Beach, VA 23464
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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
    840 Military Hwy Virginia Beach, VA 23464
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