For Sale
$7,350,000

853 Military HwyNorfolk, VA 23502

150-Key Motel, High NOI, Strong Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Property Details for 853 Military Hwy

Property type
Hospitality properties, Motels
Year Built
1974
Stories
3

Location Insight

City
Norfolk
County
Norfolk City
State
Virginia
Latitude
36.8525901
Longitude
-76.2122967
853 Military Hwy, Norfolk, Virginia

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853 Military Hwy
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