Renovated Corner
For Sale
$349,000
1234 Bainbridge Boulevard, Chesapeake, VA 23324
COMMERCIAL - Chesapeake, VA
Property Size825 SF
Lot Size0.18 Acres
Price / SF$423.03
Days on Market187
Property Features for 1234 Bainbridge Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Subdivision
SOUTH NORFOLK
Standard status
Active
Size
825 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
959
Utilities
Heating system
Zoned
Cooling system
Zoned
Building Details
Year built
1954
Listing Agency:
Swell Real Estate Co
(757) 216-9222
Listed By:
Val Milan
(757) 216-9222
Added: Feb 6
Changed: Aug 4
Last Checked: Aug 12 at 1:06AM
MLS# 10619323
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding storefront property contains an 825 SF, one-story commercial building on a corner site at Bainbridge Blvd and Jefferson St in Chesapeake. The building was constructed in 1954 and has undergone extensive updates, including a new roof, flooring, doors, wall finishes, recessed lighting, kitchen, and bathroom. The property also includes a tankless water heater, new vanities, and two high-efficiency split HVAC systems.
B-2 zoning supports a range of retail, office, and service uses, subject to applicable approvals and permitting. A 7,041 SF paved area provides on-site parking and flexible outdoor space. The property has previously been used for automotive-related services, and buyers are responsible for confirming zoning, use approval, and permitting requirements with the City of Chesapeake.
B-2 zoning supports a range of retail, office, and service uses, subject to applicable approvals and permitting. A 7,041 SF paved area provides on-site parking and flexible outdoor space. The property has previously been used for automotive-related services, and buyers are responsible for confirming zoning, use approval, and permitting requirements with the City of Chesapeake.
Key Highlights
- 825 SF one‑story freestanding commercial building
- B‑2 zoning supports retail, office, and service uses
- 7,041 SF paved area for parking and flexible outdoor use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,623
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$252,460
$252.5K
Cap Rate 7%
$180,329
$180.3K
Cap Rate 9%
$140,256
$140.3K
Market Conditions
NOI Build-Up for 825 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$19.8K $24.00/SF
− Vacancy
−$3.0K −$3.60/SF
EGI
$16.8K $20.40/SF
− OpEx
−$4.2K −$5.10/SF
NOI
$12.6K $15.30/SF
Area
Chesapeake, VA
Vacancy
15.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$252,460
Cap Rate 7%
$180,329
Cap Rate 9%
$140,256
Alternative Uses
Best Use
Office B
$180.3K
$157.8K – $210.4K
NOI $12,623 @ 7.0% cap · market cap 3.62%
Second Best
Retail
$111.4K
$97.5K – $130.0K
NOI $7,801 @ 7.0% cap · market cap 2.24%
Theoretical Best
Office A
$243.8K
$213.4K – $284.5K
NOI $17,068 @ 7.0% cap · market cap 4.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23324, VA
24,239
Population
9,834
Households
2.5
Avg Household Size
34
Median Age
21%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,618
Density / Sq Mi
$57,774
Median Household Income
$39,642
Median Earnings
$1,145
Median Rent
$242,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - B-2-zoned commercial building with updated interiors, modern systems, and a substantial paved area for parking or operations.
Where is this storefront property located?
The property is located at 1234 Bainbridge Boulevard Chesapeake, VA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 825 SF one‑story freestanding commercial building; B‑2 zoning supports retail, office, and service uses; 7,041 SF paved area for parking and flexible outdoor use
