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    Property profile & analytics

    1261 Military Hwy Norfolk, VA 23502

    • Lifestyle centers
    • 382,526 SF
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Compact Power Equipment Rental / Equipment Rental Agency
    • Penske Truck Rental / Truck Rental Agency / Moving Supply Store
    • Tool & Truck Rental Center at The Home Depot / Equipment Rental Agency / Truck Rental Agency
    • Pro Desk at The Home Depot / Building Materials Store / Insulation Materials Store
    • The Home Depot / Hardware Store / Lighting Store

    Property Details for 1261 Military Hwy

    Property size
    382,526 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Broad Creek Shopping Center, located at 1261 N Military Hwy, Norfolk, VA 23502, presents a prime retail investment opportunity. This B-2 zoned power center boasts a total of 382,526 square feet across three suites, situated on a substantial 43.06-acre lot. Currently, 5,210 square feet of retail space is available, divisible into units ranging from a minimum of 1,440 square feet to a maximum contiguous space of 2,000 square feet. The center benefits from a highly visible location along a major retail corridor, with convenient access to I-64 and I-264, ensuring strong regional draw. Anchored by Target, Home Depot, and Food Lion, Broad Creek Shopping Center offers exceptional visibility and accessibility for tenants. The property features a half-mile of frontage and three separate entrances, providing customers with easy access, ample parking, and a streamlined shopping experience. This location offers a unique opportunity to establish a presence in a thriving retail environment within Norfolk's dominant commercial area. The property's size and configuration make it suitable for a variety of retail uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk city
    State
    Virginia
    Longitude
    -76.2137
    Latitude
    36.867

    Comparable in this City

    • Value Estimation
      $1,180,000
      30,036 SF

      1600 Premium Outlets Blvd

      MINI-MALL • 30,036 SF
      1600 Premium Outlets Blvd, Norfolk, VA 23502-5521
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    • Value Estimation
      $1,180,000
      151,322 SF

      5957 Virginia Bch Blvd

      MINI-MALL • 151,322 SF
      5957 Virginia Bch Blvd, Norfolk, VA 23502-2463
      View Details
    • Value Estimation
      $695,000
      4,197 SF

      1209 Military Hwy

      MINI-MALL • 4,197 SF
      1209 Military Hwy, Norfolk, VA 23502-2228
      View Details
    • Value Estimation
      $925,000
      37,430 SF

      445 Military Hwy

      MINI-MALL • 37,430 SF
      445 Military Hwy, Norfolk, VA 23502
      View Details
    • Value Estimation
      $2,335,000
      64,157 SF

      1200 Military Hwy

      MINI-MALL • 64,157 SF
      1200 Military Hwy, Norfolk, VA 23502-2227
      View Details
    • Value Estimation
      $1,435,000
      66,906 SF

      415 Military Hwy

      MINI-MALL • 66,906 SF
      415 Military Hwy, Norfolk, VA 23502-5407
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      382,526 SF

      Broad Creek Retail Center Opportunity

      High-traffic Norfolk retail space available
      1261 Military Hwy, Norfolk, VA 23502
      View Details
    • $9 SF/Yr
      33,570 SF

      Retail Space on Military Highway

      Retail property available for lease with 33,570 square feet.
      415 N Military Hwy, Norfolk, VA 23502
      View Details
    • Contact for pricing
      84,087 SF

      Cinemark 18: Prime Retail Space

      84,087 SF Movie Theater - Norfolk, VA
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      4,488 SF

      Retail Space in Norfolk, VA

      Retail property available for lease in Norfolk, Virginia.
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    • $3 SF/Yr
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      Retail Space in Military Crossing

      Retail space available in a high-traffic Norfolk shopping center.
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    • Contact for pricing
      1,440 SF

      Retail Space in High-Traffic Area

      Retail space near popular retailers and restaurants.
      1261-1275 N Military Hwy, Norfolk, VA 23502
      View Details
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    Norfolk, VA 23502
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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
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