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    6103 Military Hwy Norfolk, VA 23518-5434
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    Property profile & analytics

    6103 Military Hwy, Norfolk, VA 23518-5434

    View on Map
    • Grocery and convenience stores
    • 5,153 SF
    • 2.64 lot acres
    Off-Market
    Last Sale Jul 31, 2024
    $2,610,000
    Property ID
    US87-3337464
    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
    $2,610,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Royal Farms / Grocery & Convenience Store / Food Market
    • Margo Bitcoin ATM / Crypto Atm / Atm

    Property Details for 6103 Military Hwy

    Year built
    2023
    Lot size
    2.64 lot acres
    Property type
    Grocery and convenience stores
    APN
    16991925
    APU
    16991925

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 31, 2024 $2,610,000 Storyland Properties LLC Granite Peak Property Investments L Special Warranty Deed —
    Jun 26, 2018 — Granite Peak Property Investments L — Deed · related $820k · Hocking Partners LP
    Nov 13, 2017 $1,250,000 Kroger Limited Partnership I An Ohi Kb Norview LLC A Virginia Limited L Special Warranty Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,610,000
      ML approach
      $2,610,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,810,000
      Market price range: $663k - $2.81M

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2245
    Latitude
    36.8949
    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
    $50,943
    $1,493,500
    $2,581,900
    $4,075,400
    -
    $1,493,500
    $2,581,900
    $4,075,400

    Comparable in this City

    • Value Estimation
      $870,000
      3,218 SF

      2475 Little Crk Rd

      CONVENIENCE STORE (W/FUEL PUMP)
      2475 Little Crk Rd, Norfolk, VA 23518-3207
      View Details
    • Value Estimation
      $930,000
      2,145 SF

      2750 Military Hwy

      CONVENIENCE STORE (W/FUEL PUMP)
      2750 Military Hwy, Norfolk, VA 23518-5607
      View Details
    • Value Estimation by Request
      2,520 SF

      7901 Shr Dr

      CONVENIENCE STORE (W/FUEL PUMP)
      7901 Shr Dr, Norfolk, VA 23518-2440
      View Details
    • Value Estimation by Request
      2,548 SF

      2701 Ocean Vw Ave

      CONVENIENCE STORE (W/FUEL PUMP)
      2701 Ocean Vw Ave, Norfolk, VA 23518-1213
      View Details
    • Value Estimation
      $705,000
      2,680 SF

      3650 Military Hwy

      CONVENIENCE STORE (W/FUEL PUMP)
      3650 Military Hwy, Norfolk, VA 23518-5504
      View Details
    • Value Estimation by Request
      2,343 SF

      8489 Chesapeake Blvd

      CONVENIENCE STORE
      8489 Chesapeake Blvd, Norfolk, VA 23518-2615
      View Details

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      Retail Property on Heavily Traveled Road

      Retail or restaurant opportunity with high visibility and ample parking.
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    • $895,000
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      Norfolk Commercial Property For Sale

      Commercial property in a prime location with great visibility.
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    • New
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      4,110 SF

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    Similar Nearby for Lease

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      1,868 SF

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      Retail property available for lease in Norfolk, Virginia.
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      12,550 SF

      Norfolk Retail Space for Lease

      Grocery-anchored shopping center space available in Norfolk, Virginia.
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      1,000 SF

      Retail Space Near Norfolk Airport

      Retail space with office and storage, convenient location.
      6200-6206 N Military Hwy, Norfolk, VA 23518
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      1,083 SF

      Retail Space Available For Rent

      Retail space available for lease in Norfolk, Virginia.
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      1,600 SF

      Restaurant/Retail Space on Chesapeake Blvd

      Second generation restaurant and endcap retail space available for rent.
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      View Details
    • Contact for pricing
      1,458 SF

      Retail Redevelopment Near Little Creek

      8,250 SF shopping center redevelopment with high visibility.
      3848-3858 E Little Creek Rd, Norfolk, VA 23518
      View Details
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    Norfolk, VA 23518-5434
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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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