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    Prime Commercial Lot Near I64 Title is generated by Realmo AI

    00 Chesapeake Circle RT 155 & I64, Providence Forge, VA 23140

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    For Sale
    $635,000

    1.12-acre commercial lot off I64, ready for development.

    Type:Land
    Property size:
    1 SF
    Price / SF:
    $635,000/SF
    Added:
    Dec 3, 2025
    Days on Market:
    182
    Last Refresh:
    Apr 5 at 8:32 pm

    Property Features for 00 Chesapeake Circle RT 155 & I64

    General Information

    Standard status
    Active
    Size
    1 SF
    Property subtype
    Land

    We can help!

    Listing Contact
    David Burks

    Listing agent David Burks

    Listing office CBC Brooks Real Estate

    Listing date Dec 3, 2025

    Source Cbcworldwide

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of CBC Brooks Real Estate

    HighLights

    • Ready for immediate development: All essential entitlements are in place.
    • High‑traffic location: Attracting nearly 1000 daily visitors at the entrance to Colonial Downs and Rosie's Gaming Emporium.
    • Strong growth potential in New Kent County with a surge in new residences, businesses, and tourism.
    • Strategic location off I64 exit 214, convenient to Richmond and Williamsburg.
    • Surrounded by the large Brickshire Community with over 3000 rooftops and ongoing expansion.
    • Thriving tourism sector: New Kent County saw significant visitor spending in 2022.

    Overview

    This 1.12-acre commercial/tourism lot, PID# 100986, is located off I64 exit 214. All essential entitlements are in place, including utilities, zoning permits, VDOT access, and storm water management. The site is positioned for immediate development. It is located at the entrance to Colonial Downs Horse Racetrack and Rosie's Gaming Emporium, attracting nearly 1000 visitors daily, and is surrounded by the Brickshire Community, which has over 3000 rooftops with more being added. New Kent's wineries, golf courses, and tourism sector promise foot traffic and business potential. In 2022, visitors spent $29.9 million in New Kent, a 7% increase from the previous year, with visitation growing by 3.6% and totaling 17.5 million trips. The property is located 25 minutes from both downtown Richmond, VA, and Williamsburg, VA. New Kent County is experiencing a surge in new residences and businesses, including retail centers, distribution hubs, and establishments like Buc-ee's Travel Center just one exit west on I64. Potential uses range from retail centers to tourist attractions.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Providence Forge
    County
    New Kent
    State
    Virginia
    Longitude
    -77.0621
    Latitude
    37.4394

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    FAQs

    What type of property is this?
    Commercial land - 1.12-acre commercial lot off I64, ready for development.
    Where is this commercial land located?
    The property is located at 00 Chesapeake Circle RT 155 & I64 Providence Forge, VA.
    What is the asking price?
    The asking price for this property is $635,000.
    What are key features of this property?
    This property features: Ready for immediate development: All essential entitlements are in place.; **High‑traffic location**: Attracting nearly 1000 daily visitors at the entrance to Colonial Downs and Rosie's Gaming Emporium.; Strong growth potential in New Kent County with a surge in new residences, businesses, and tourism.
    (757) 564-9595
    We can help!
    Listing Contact
    David Burks
    Learn More
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    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.

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