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

    853 Military Hwy Norfolk, VA 23502

    • Motels
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3410514
    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

    • Motel 6 Norfolk, VA / Hotel / Motel

    Property Details for 853 Military Hwy

    Year built
    1974
    Property type
    Motels

    Description

    This 150-key Motel 6 in Norfolk, VA, presents a compelling investment opportunity. Boasting a strong historical performance with a current NOI of $739,492 and a 10.06% cap rate, this three-story, 1974-built property offers significant potential. The asking price is $7,350,000, translating to $49,000 per key. Currently operating at 56.49% occupancy, the property benefits from its location in a major metropolitan area's commercial corridor, poised for long-term growth as the area continues redevelopment. The property is subject to a ground lease with over 40 years remaining. A recent Gemini package completion minimizes future renovation costs, making this an attractive option for owner-operators. SBA financing may be available. This is a rare chance to acquire a renovated, nationally-franchised economy motel at a price discounted from replacement cost. The property is offered as-is.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.2122967
    Latitude
    36.8525901

    Comparable in this City

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      Silver Oak Medical Office Building

      Class A Medical Office Space in Norfolk, VA
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    • $425,000
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      Prime Norfolk Tire Business Opportunity

      Established Tire Store - Turnkey Operation
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      Industrial Distribution Space For Sale

      23,417 SF industrial distribution space in an industrial hub.
      1124 Kingwood Ave, Norfolk, VA 23502
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    • $13,500,000
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      Riverside Corporate Center: Norfolk Office Building

      Prime Norfolk Office, 94,027 SF, $13.5M
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    • $225,000
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      Norfolk Commercial Land - 5 Pads

      Prime .435-acre commercial lot, 5 pads, high traffic.
      Frontage Poplar Hall Dr, 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 Sale

    • $5,500,000
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      Norfolk Industrial Investment Opportunity

      Centrally located Hampton Roads industrial property with immediate highway access.
      5803 Curlew Dr, Norfolk, VA 23502
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      Residential Land for Development

      14-acre parcel for 23 single-family residential lots.
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    • $1,950,000
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      Norfolk Office Building For Sale

      8,620 SF office building on 1.87 acres in Norfolk.
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    • $225,000

      Commercial Land on Poplar Hall

      0.435 acre commercial land ideal for various uses.
      470 Poplar Hall Cir, Norfolk, VA 23502
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      16,750 SF

      Medical Office Building Near Interstate

      Single-story medical office building with interstate visibility and ample parking.
      6333 Center Dr, Norfolk, VA 23502
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    • $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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    Similar Nearby for Lease

    • $179 SF/Yr
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      Norfolk Office Suite - 2706 SF

      Prime Norfolk office space, now available.
      5700 Lake Wright Dr, Norfolk, VA 23502
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    • $20 SF/Yr
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      Riverside Corporate Center: Premier Office Space

      Executive Suites, Hampton Roads, VA
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      2,071 SF

      Modern Office Space Available

      Renovated office suites near Sentara Leigh Hospital.
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      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
      1,841 SF

      Modern Office Space Available

      Renovated office suites ready for immediate occupancy near Sentara Leigh.
      6325 N Center Dr, Norfolk, VA 23502
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    • Contact for pricing

      Land on N. Military Highway

      Commercial land for rent with frontage on N. Military Highway.
      6450 N Military Hwy, Norfolk, VA 23502
      View Details
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    853 Military Hwy
    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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