853 Military Hwy Norfolk, VA 23502

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.