840 Military HwyVirginia Beach, VA 23464

  • Retail properties
  • 13,195 SF
For Lease
$14/SF/YR View listing

Property Details for 840 Military Hwy

Year built
2000
Construction
TYPE NOT SPECIFIED
Lot size
3.26 AC
Property size (Sq ft)
13,195 SF
Zone code
B2
Property type
Retail properties
Property subtype
Retail space
APN
14562534220000
APU
14562534220000

Description

This exceptional 13,240 square foot freestanding retail building is available for lease in Virginia Beach, Virginia. Located at 840 S Military Hwy, this single-tenant property sits on a 3.2-acre lot and boasts a prime location at the signalized intersection of heavily trafficked Indian River Road (31,200 vehicles per day) and S Military Hwy (56,600 vehicles per day). Built in 2000, the building is zoned B-2: Community Business District, offering significant potential for a variety of retail uses. The property features a convenient drive-thru, a highly desirable amenity for many businesses. Its strategic location less than two miles from the I-64 & I-264 interchange ensures excellent regional accessibility, drawing customers from Virginia Beach, Norfolk, and Chesapeake. The entire 13,240 square feet is currently vacant, presenting a unique opportunity for a business seeking a prominent and highly visible location in a thriving commercial area of Virginia Beach County. The property's size and location make it ideal for a variety of retail concepts. This is a rare opportunity to secure a high-traffic, well-located retail space in a densely populated area.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $3,598,736
    6.5%
    $3,321,910
    7%
    $3,084,631
  • Comparable approach

    Method
    Valuation
    Relative Method
    $3,731,836
    Geo Method
    $5,553,316
  • Alternative Use

    Use
    Valuation
    Residential
    $2,802,156
    Hospitality
    $2,566,760
    Educational
    $2,135,514
    Medical
    $2,208,958
    Retail
    $3,321,910
840 Military Hwy, Virginia Beach, Virginia

Location Insight

City
Virginia Beach
County
Virginia Beach City
State
Virginia
Latitude
36.8182
Longitude
-76.2128
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
$39,848
$2,455,700
$1,569,300
$4,025,000
-
$2,455,700
$1,569,300
$4,025,000

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