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    Property profile & analytics

    7940 Shr Dr Norfolk, VA 23518-2441

    • Motels
    • 27,477 SF
    • 1.81 lot acres
    OFF-MARKET
    Last Sale
    Jun 10, 2024
    $3,011,000
    Value Estimations
    $3,010,000
    Show details
    Cap Rate Potential
    5.3%
    Motels
    Location Intelligence
    Property ID
    US87-3365544
    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

    • Economy 7 Inn Norfolk - Best Hotel in Norfolk, VA / Hotel & Motel

    Property Details for 7940 Shr Dr

    Year built
    1988
    Lot size
    1.81 lot acres
    Property size
    27,477 SF
    Zone code
    C-2
    Property type
    Motels
    APN
    5835100
    APU
    5835100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,010,000
      ML approach
      $3,010,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,660,000
      6.5%
      $2,455,000
      7%
      $2,280,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,450,000
      RESTAURANT
      $3,695,000
      AUTO REPAIR, GARAGE
      $3,690,000
      RETAIL STORES
      $2,680,000
      INDUSTRIAL (GENERAL)
      $2,420,000
      COMMERCIAL (GENERAL)
      $2,350,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.1919
    Latitude
    36.9195
    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
    $32,758
    $1,177,800
    $1,442,800
    $2,620,600
    -
    $1,177,800
    $1,442,800
    $2,620,600

    Comparable in this City

    • Value Estimation
      $2,885,000
      25,978 SF

      1850 Little Crk Rd

      MOTEL • 25,978 SF
      1850 Little Crk Rd, Norfolk, VA 23518-4204
      View Details
    • Value Estimation by Request
      16,263 SF

      7969 Shr Dr

      MOTEL • 16,263 SF
      7969 Shr Dr, Norfolk, VA 23518-2453
      View Details
    • Value Estimation by Request
      16,916 SF

      3343 Military Hwy

      MOTEL • 16,916 SF
      3343 Military Hwy, Norfolk, VA 23518-5608
      View Details
    • Value Estimation
      $775,000
      185.00 Acres

      6700 Azalea Gdn Rd

      GOLF COURSE • 185.00 Acres
      6700 Azalea Gdn Rd, Norfolk, VA 23518-5336
      View Details
    • Value Estimation by Request
      0.17 Acres

      8115 Shr Dr

      COMMERCIAL (GENERAL) • 0.17 Acres
      8115 Shr Dr, Norfolk, VA 23518
      View Details
    • Value Estimation by Request
      0.03 Acres

      9517 Shr Dr

      WASTE DISPOSAL, SEWAGE • 0.03 Acres
      9517 Shr Dr, Norfolk, VA 23518
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,650 SF

      Two-Story Office Building For Sale

      Two-story office building with excellent visibility and ample parking.
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      Commercial Land For Sale

      Commercial land with signalized access and high traffic count.
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    • $1,300,000
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      Norfolk Office Space - Prime Location

      Spacious office space near Bromley Shopping Center.
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    • $2,750,000
      0.90 Acres

      Chesapeake Bay Beachfront Development Opportunity

      Prime beachfront lots on Chesapeake Bay with deeded beach access.
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      Ready-to-Develop Lot in Prime Location

      Large, flat lot with approved plans and utilities stubbed.
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    Similar Nearby for Lease

    • $13 SF/Yr
      9,363 SF

      Prime Norfolk Retail Space

      9,363 SF Vacant Retail Building
      1101 Little Creek Rd, Norfolk, VA 23518
      View Details
    • $16 SF/Yr
      4,862 SF

      Norfolk Retail Property: Prime Location

      Retail space, 4,862 sqft, 1.23 acres
      1221 Little Creek Rd, Norfolk, VA 23518
      View Details
    • Contact for pricing
      1,068 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
    • Contact for pricing
      1,500 SF

      Norfolk Retail Space for Lease

      Grocery-anchored shopping center space available in Norfolk, Virginia.
      2300-2376 E Little Creek Rd, Norfolk, VA 23518
      View Details
    • Contact for pricing
      7,800 SF

      Retail Space Available For Lease

      7,800 SF retail property available for lease in Norfolk.
      7915 Shore Dr, Norfolk, VA 23518
      View Details
    • Contact for pricing
      3,950 SF

      Retail Space with High Visibility

      Retail property with significant frontage and high traffic volume.
      9545-9563 Shore Dr, Norfolk, VA 23518
      View Details
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    7940 Shr Dr
    Norfolk, VA 23518-2441
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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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