Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3343 Military Hwy Norfolk, VA 23518-5608
    Back to Search
    Property profile & analytics

    3343 Military Hwy, Norfolk, VA 23518-5608

    View on Map
    • Motels
    • 16,916 SF
    • 0.89 lot acres
    Off-Market
    Property ID
    US87-3380551
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Econo Lodge Airport / Hotel & Motel
    • One Stop Parking / Parking Lot & Garage

    Property Details for 3343 Military Hwy

    Year built
    1971
    Lot size
    0.89 lot acres
    Zone code
    C-2
    Property type
    Motels
    APN
    42972900
    APU
    42972900

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 20, 2017 — Liam LLC A Virginia Limited Liabili — Deed · related $1.3M · Newport News Shipbuilding Employees Cred
    Jun 17, 2014 $1,200,000 Liam LLC A Virginia Limited Liabili Sonu Raj Investment Corp A Virginia Warranty Deed $1.3M · First Western Sblc INC

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2182
    Latitude
    36.8863
    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
    $22,890
    $412,000
    $1,419,200
    $1,831,200
    -
    $412,000
    $1,419,200
    $1,831,200

    Comparable in this City

    • Value Estimation by Request
      16,263 SF

      7969 Shr Dr

      MOTEL
      7969 Shr Dr, Norfolk, VA 23518-2453
      View Details
    • Value Estimation
      $2,885,000
      25,978 SF

      1850 Little Crk Rd

      MOTEL
      1850 Little Crk Rd, Norfolk, VA 23518-4204
      View Details
    • Value Estimation
      $3,010,000
      27,477 SF

      7940 Shr Dr

      MOTEL
      7940 Shr Dr, Norfolk, VA 23518-2441
      View Details
    • Value Estimation by Request
      0.90 Acres

      3330 Ocean View Ave

      Farms
      3330 Ocean View Ave, Norfolk, VA 23518
      View Details
    • Value Estimation by Request

      1700 Norview Ave

      Commercial real estate
      1700 Norview Ave, Norfolk, VA 23518
      View Details
    • Value Estimation by Request
      0.34 Acres

      8150 Shr Dra-1

      VACANT COMMERCIAL LAND
      8150 Shr Dra-1, Norfolk, VA 23518-2363
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Commercial Land For Sale

      Commercial land with signalized access and high traffic count.
      1600 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • Contact for pricing
      2,987 SF

      Retail Property on Heavily Traveled Road

      Retail or restaurant opportunity with high visibility and ample parking.
      1501 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • $266,900
      990 SF

      Norfolk Duplex Near Ocean View

      Duplex near the beach with strong rental income potential.
      9635 10Th Bay St, Norfolk, VA 23518
      View Details
    • Contact for pricing

      Turnkey Professional Office Suite

      Ready-to-occupy office suite built for appointment-based professional services, with private offices and shared conference amenities.
      A101-1547 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • Contact for pricing

      Norfolk Office Space - Prime Location

      Spacious office space near Bromley Shopping Center.
      1700 Norview Ave, Norfolk, VA 23518
      View Details
    • Contact for pricing
      4,862 SF

      Redevelopment Opportunity Former Bank Branch

      4,862 SF property on 1.23 AC for redevelopment.
      1221 E Little Creek Rd, Norfolk, VA 23518
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,580 SF

      Office Space with Flexible Terms

      Office space for rent with flexible lease terms and rates.
      1500 Little Creek Rd, Norfolk, VA 23518
      View Details
    • $8 SF/Yr
      109,185 SF

      Roosevelt Gardens Shopping Center

      Norfolk Retail Center: Spaces Available
      2300 Little Creek Rd, Norfolk, VA 23518
      View Details
    • Contact for pricing

      Flex Space with Warehouse

      Flex space featuring office and warehouse components for rent.
      8459 Chesapeake Blvd, Norfolk, VA 23518
      View Details
    • Contact for pricing
      1,083 SF

      Retail Space Available For Rent

      Retail space available for lease in Norfolk, Virginia.
      9590 Shore Dr, Norfolk, VA 23518
      View Details
    • Contact for pricing
      137,834 SF

      Retail Shopping Center For Rent

      Retail shopping center in Norfolk, VA, anchored by Food Lion.
      1817-1855 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • Contact for pricing

      Established Retail Center on Little Creek

      Retail spaces in Norfolk's Roosevelt Gardens with long-term tenants.
      2300 E Little Creek Rd, Norfolk, VA 23518
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3343 Military Hwy
    Norfolk, VA 23518-5608
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3343 Military Hwy, Norfolk, VA, 23518
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!