Commercial Land with Existing
For Sale
$699,900
921 Cedar Road, Chesapeake, VA 23322
Commercial/Industrial, Chesapeake, VA
Property Size3,000 SF
Lot Size1.65 Acres
Price / SF$233.30
Days on Market50
Property Features for 921 Cedar Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R15S
Subdivision
GREAT BRIDGE
Standard status
Active
Size
3,000 SF
Lot size
1.65 Acres
Taxes and HOA fees
Tax Annual Amount
4500
Building Details
Year built
1973
Roof type
Composition
Listing Agency:
The Real Estate Group
(757) 410-8500
Listed By:
Jimmy Reece
(757) 410-8500
Added: Jul 14
Changed: Aug 19
Last Checked: Sep 1 at 1:06PM
MLS# 10644250
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 1.65-acre commercial land offering includes an existing 3,000-square-foot, five-bedroom home conveyed as-is. Built in 1973, the structure has a composition roof and may provide a basis for reuse or redevelopment planning, subject to applicable City review.
The property occupies the corner of Cedar Road and Waters Road in Chesapeake and is identified as R15S zoning. Chesapeake’s Comprehensive Plan places the area within a Character District framework. The source information identifies possible consideration for a professional office, wellness center, neighborhood small business, or similar low-traffic activity where the proposed use supports a neighborhood-oriented setting.
The property occupies the corner of Cedar Road and Waters Road in Chesapeake and is identified as R15S zoning. Chesapeake’s Comprehensive Plan places the area within a Character District framework. The source information identifies possible consideration for a professional office, wellness center, neighborhood small business, or similar low-traffic activity where the proposed use supports a neighborhood-oriented setting.
Key Highlights
- 1.65‑acre commercial land offering
- Existing 3,000‑square‑foot five‑bedroom home conveyed as‑is
- Property built in 1973 with a composition roof
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
$45,900
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
6.56%
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%
$918,000
$918.0K
Cap Rate 7%
$655,714
$655.7K
Cap Rate 9%
$510,000
$510.0K
Market Conditions
NOI Build-Up for 3,000 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
$72.0K $24.00/SF
− Vacancy
−$10.8K −$3.60/SF
EGI
$61.2K $20.40/SF
− OpEx
−$15.3K −$5.10/SF
NOI
$45.9K $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%
$918,000
Cap Rate 7%
$655,714
Cap Rate 9%
$510,000
Alternative Uses
Best Use
Office B
$655.7K
$573.8K – $765.0K
NOI $45,900 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$886.6K
$775.8K – $1.03M
NOI $62,064 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 23322, VA
66,994
Population
22,386
Households
3
Avg Household Size
40
Median Age
42%
College-Educated
95%
High-School Grad
187.8 sq mi
ZIP Area
357
Density / Sq Mi
$133,522
Median Household Income
$55,549
Median Earnings
$1,870
Median Rent
$448,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Corner parcel with an existing structure and potential neighborhood-oriented office or small-business use subject to City consideration.
Where is this commercial land located?
The property is located at 921 Cedar Road Chesapeake, VA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 1.65‑acre commercial land offering; Existing 3,000‑square‑foot five‑bedroom home conveyed as‑is; Property built in 1973 with a composition roof
