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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    701 Military Hwy Virginia Beach, VA 23464-1870

    • Warehouses
    • 8,050 SF
    • 2.09 lot acres
    OFF-MARKET
    Last Sale
    Nov 04, 2020
    $1,320,000
    Value Estimations
    $1,350,000
    Show details
    Cap Rate Potential
    5%
    Warehouses
    Location Intelligence
    Property ID
    US87-0803274
    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

    • Xclusive Print Media / Marketing & Advertising / (Bike/Boat/Book/etc) Store
    • JSW Concepts Photography / (Bike/Boat/Book/etc) Store / Photography Service
    • Tow-Parts.Com / Auto Parts Store
    • Reconnecting Families and Communities / Charitable Organization / Social Service Agency

    Property Details for 701 Military Hwy

    Year built
    1982
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.09 lot acres
    Property size
    8,050 SF
    Zone code
    B2
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    14562736990000
    APU
    14562736990000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,545,000
      ML approach
      $1,545,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,285,000
      6.5%
      $1,185,000
      7%
      $1,100,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,168,000
      Market price range: $720k - $2.52M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,150,000
      Current use
      MEDICAL BUILDING
      $1,895,000
      Change: +65% Conversion: Difficult
      OFFICE BUILDING
      $1,485,000
      Change: +29% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.2124
    Latitude
    36.8242
    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
    $12,787
    $522,600
    $795,600
    $1,318,200
    -
    $522,600
    $795,600
    $1,318,200

    Comparable in this City

    • Value Estimation by Request
      3,048 SF

      616 Military Hwy

      MINI-WAREHOUSE, STORAGE • 3,048 SF
      616 Military Hwy, Virginia Beach, VA 23464-1820
      View Details
    • Value Estimation
      $510,000
      2,160 SF

      1620 Centerville Tpke Ste, Unit 120

      MINI-WAREHOUSE, STORAGE • 2,160 SF
      1620 Centerville Tpke Ste, Virginia Beach, VA 23464-6500
      View Details
    • Value Estimation by Request
      4,920 SF

      961 Reon Dr

      MINI-WAREHOUSE, STORAGE • 4,920 SF
      961 Reon Dr, Virginia Beach, VA 23464-3811
      View Details
    • Value Estimation
      $1,475,000
      9,490 SF

      5929 Providence Rd, Unit 2

      MINI-WAREHOUSE, STORAGE • 9,490 SF
      5929 Providence Rd, Virginia Beach, VA 23464-3800
      View Details
    • Value Estimation
      $1,945,000
      26,692 SF

      528 Military Hwya

      MINI-WAREHOUSE, STORAGE • 26,692 SF
      528 Military Hwya, Virginia Beach, VA 23464-1818
      View Details
    • Value Estimation
      $625,000
      8,180 SF

      705 Military Hwy

      MINI-WAREHOUSE, STORAGE • 8,180 SF
      705 Military Hwy, Virginia Beach, VA 23464-1872
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Virginia Beach Flex Space Investment

      12,800-14,000 SF Flex Space Available
      1620 Centerville Tpke, Virginia Beach, VA 23464
      View Details
    • $2,800,000
      1.98 Acres

      Prime Virginia Beach Commercial Land

      1.98 Acres, B-2 Zoning, $2.8M
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    • $2,600,000

      Land for Sale

      Land available for sale in Virginia Beach, Virginia.
      1861 Kempsville Rd, Virginia Beach, VA 23464
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      Value-Add Multifamily Opportunity in Virginia

      Value-add multifamily opportunity in Virginia Beach with rent growth potential.
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      3,397 SF

      McDonald's in Virginia Beach, VA

      Leased to McDonald’s since 2001 with renewal options.
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    • Contact for pricing
      1.46 Acres

      Prime Office Land: Virginia Beach

      Three office pads, O-2 zoning, high traffic area.
      0 Sandbridge Rd And Princess Anne Rd, Virginia Beach, VA 23464
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    Similar Nearby for Lease

    • $389,900
      3,044 SF

      Flex Space with 20' Clearance

      Flex space featuring private offices, loading door, and high ceilings.
      1620 Centerville Tpke, Virginia Beach, VA 23464
      View Details
    • Contact for pricing
      84,414 SF

      Retail Space in High-Traffic Area

      Retail property with high visibility and strong tenant mix.
      1832 Kempsville Rd, Virginia Beach, VA 23464
      View Details
    • Contact for pricing

      Fairfield Redevelopment Outparcel Ground Leases

      Outparcel ground leases available in Fairfield Shopping Center redevelopment.
      5284 Fairfield Shopping Ctr, Virginia Beach, VA 23464
      View Details
    • Contact for pricing
      3,420 SF

      Retail Space on Indian River

      Retail space with high traffic and easy access.
      6651-6657 Indian River Rd, Virginia Beach, VA 23464
      View Details
    • $22 SF/Yr
      25,929 SF

      Kempsville Retail Center Opportunity

      High-traffic retail space available now
      5300 Kempsriver Dr, Virginia Beach, VA 23464
      View Details
    • $22 SF/Yr
      5,826 SF

      Kempsville Road Executive Office Space

      Virginia Beach Office: 859 SF Available
      1446 Kempsville Rd, Virginia Beach, VA 23464
      View Details
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    Virginia Beach, VA 23464-1870
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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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