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    Property profile & analytics

    1140 N Military Hwy Norfolk, VA 23502

    • Super regional malls
    • 23,575 SF
    • 1.84 lot acres
    For Lease
    View listing
    Value Estimations
    $855,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3376283
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • QDOBA Mexican Eats / Take-out & Catering / Catering Service
    • Wings N Things Va / Restaurant
    • Panera Bread / Cafe & Coffee Shop
    • Nail Ink / Nail Salon
    • Pioneer Services Military Loans - Hampton Roads / Loan Service

    Property Details for 1140 N Military Hwy

    Year built
    2006
    Lot size
    1.84 lot acres
    Property size
    23,575 SF
    Zone code
    C-3
    Property type
    Super regional malls
    APN
    1121
    APU
    1121

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $690,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,016,000
      Market price range: $618k - $1.09M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $810,000
      Current use
      COMMERCIAL (GENERAL)
      $1,365,000
      Change: +68% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2082
    Latitude
    36.8604
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $38,853
    $1,299,000
    $1,809,200
    $3,108,200
    -
    $1,299,000
    $1,809,200
    $3,108,200

    Comparable in this City

    • Value Estimation
      $17,275,000
      118,530 SF

      850 Glenrock Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 118,530 SF
      850 Glenrock Rd, Norfolk, VA 23502-3702
      View Details
    • Value Estimation
      $710,000
      26,976 SF

      5950 Poplar Hall Dr

      SHOPPING CENTER, STRIP CENTER • 26,976 SF
      5950 Poplar Hall Dr, Norfolk, VA 23502-3801
      View Details
    • Value Estimation by Request
      142 SF

      1081 Military Hwy

      WHOLESALE OUTLET, DISCOUNT STORE • 142 SF
      1081 Military Hwy, Norfolk, VA 23502-2438
      View Details
    • Value Estimation
      $1,015,000
      2,419 SF

      1113 Military Hwy

      SHOPPING CENTER, STRIP CENTER • 2,419 SF
      1113 Military Hwy, Norfolk, VA 23502-2435
      View Details
    • Value Estimation by Request
      5,760 SF

      871 Military Hwy

      SHOPPING CENTER, STRIP CENTER • 5,760 SF
      871 Military Hwy, Norfolk, VA 23502-3600
      View Details
    • Value Estimation by Request
      7,150 SF

      5720 Hoggard Rd

      SHOPPING CENTER, STRIP CENTER • 7,150 SF
      5720 Hoggard Rd, Norfolk, VA 23502-2244
      View Details

    Similar Nearby for Sale

    • $750,000
      1,973 SF

      Retail Property Near JANAF Yard

      Hard corner retail site in Norfolk's busiest retail corridor.
      5901 E Virginia Beach Blvd, Norfolk, VA 23502
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    • $175,000
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      Turnkey Bar/Restaurant Business Opportunity

      Fully operational bar and restaurant with established clientele for sale.
      160 S Military Hwy, Norfolk, VA 23502
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    • $1,500,000
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      Versatile Commercial Office Building

      Stand-alone commercial building with office, showroom, and light industrial space.
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    • $795,000
      4,197 SF

      Retail Property with Drive Thru

      Retail property with drive-thru, value-add opportunity, high traffic location.
      5357 E Princess Anne Rd, Norfolk, VA 23502
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    • $2,299,999
      17,500 SF

      Mixed-Use Building on Princess Anne

      Mixed-use building with retail, office, and residential units for sale.
      5010 Princess Anne Rd E, Norfolk, VA 23502
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    • $1,695,000
      6,300 SF

      Established Auto Business For Sale

      Profitable auto business with dealership, repair shop, and tire services.
      3345 N Military Hwy, Norfolk, VA 23502
      View Details

    Similar Nearby for Lease

    • $3 SF/Yr
      6,000 SF

      Retail Space in Military Crossing

      Retail space available in a high-traffic Norfolk shopping center.
      5957 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • Contact for pricing
      855 SF

      Retail Space in Norfolk, VA

      Retail space available in a busy shopping center.
      5802 E Virginia Beach Blvd, Norfolk, VA 23502
      View Details
    • 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
    • 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
    • Contact for pricing
      1,500 SF

      Retail Space Available For Rent

      Retail space available for rent in Norfolk, Virginia.
      1140 N Military Hwy, Norfolk, VA 23502
      View Details
    • Contact for pricing
      10,900 SF

      Norfolk Retail Space For Lease

      10,900 SF building in dominant retail corridor.
      1230 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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