Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Partially Built-Out Office Unit Title is generated by Realmo AI

    7194 Chapman Drive, Hayes, VA 23072

    View on Map
    Claim this Listing
    For Sale
    $150,000

    COMMERCIAL - Hayes, VA

    Property size:
    1,120 SF
    Lot size:
    0.02 Acres
    Price / SF:
    $133/SF
    Added:
    Jan 15, 2026
    Days on Market:
    141
    Last Refresh:
    Jun 5 at 11:06 pm

    Property Features for 7194 Chapman Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Off Street
    Standard status
    Active
    Size
    1,120 SF
    Lot size
    0.02 Acres

    Taxes and HOA fees

    Tax Annual Amount
    693

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Central Air, Heat Pump

    Building Details

    Year built
    1989
    Roof type
    Shingle

    We can help!

    Listing Contact
    Sabrina Thomas
    Sabrina Thomas

    Listing agent Sabrina Thomas

    Listing office RE/MAX Elevate 744 Thimble Shoals Blvd., Newport News, VA

    Listing date Jan 15, 2026

    MLS# 10616496 Listing URL

    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.

    HighLights

    • Year built 1989
    • Electric heating with central air and heat pump
    • Shingle roof
    • Off‑street parking
    • Previously planned build‑out was not finished; some framing completed per approved plans
    • Can be sold with the unit beside unit (10)

    Overview

    The property is an office unit measuring approximately 1,120 square feet that was intended for build-out by a previous owner but was never fully completed. Some framing has been completed in accordance with approved plans, but the project remains unfinished. The space is therefore best viewed as a partially developed office improvement, with additional completion work required to reach a finished, ready-to-occupy condition.

    The unit is located at 7194 Chapman Drive in Hayes, Virginia, within Gloucester County. It is also described as potentially being sold together with the adjacent unit beside it (unit 10), which may appeal to buyers looking to consolidate space under one ownership. Please call the listing agent for details regarding the scope of the approved plans and what has been completed to date.

    For investors, owner-users, and contractors, this asset can be a practical option when you want control over finishing and tenant-ready layout decisions. Buyers may consider pairing it with the nearby unit to create a larger office configuration, subject to their intended use and completion plan.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Department Store Skin Care Clinic Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hayes
    County
    Gloucester
    State
    Virginia
    Longitude
    -76.509087
    Latitude
    37.287296

    Nearby Similar for Sale

    • $1,250,000
      10,844 SF

      Hayes Warehouse and Office Building

      10,000+ sqft warehouse/office in Hayes, VA with secure yard.
      2521 Hayes Road, Hayes, VA 23072
      View Details
    • $150,000
      1,120 SF

      Retail Space in Hayes, VA

      Retail space available for purchase in Hayes, Virginia.
      7192 Chapman Drive, Hayes, VA 23072
      View Details
    • Contact for pricing
      13,813 SF

      Redevelopment Opportunity in Hayes, Virginia

      Freestanding building and land for sale or lease in Hayes.
      2460 George Washington Memorial Hwy, Hayes, VA 23072
      View Details
    • Contact for pricing
      13,813 SF

      Retail Building and Land Available

      Retail building and land for sale or lease.
      2460 George Washington Memorial Hwy, Hayes, VA
      View Details

    FAQs

    What type of property is this?
    Office units - Partially framed office space offers a framework for an owner to finish build-out to suit their needs.
    Where is this office units located?
    The property is located at 7194 Chapman Drive Hayes, VA.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: Year built 1989; Electric heating with central air and heat pump; Shingle roof
    (757) 873-3636
    We can help!
    Listing Contact
    Sabrina Thomas
    Sabrina Thomas
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    7194 Chapman Drive, Hayes, VA 23072
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!