Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2324 Chesapeake Square Ring Rd Chesapeake, VA 23321

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,350,000

    Retail space adjacent to major retailers with redevelopment plans nearby.

    Property size:
    11,414 SF
    Lot size:
    2.69 Acres

    Property Features for 2324 Chesapeake Square Ring Rd

    General Information

    Size
    11,414 SF
    Lot size
    2.69 Acres

    We can help!

    Listing Contact
    Ned Brooks
    Ned Brooks
    Source: Moodyscre

    Listing Agent: Ned Brooks

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

    Learn more

    Property Insight Report

    Overview

    Retail Property Near Chesapeake Square

    This retail property is located adjacent to Target, Walmart, Sam's Club, and Burlington Coat Factory. The property benefits from its location within a super-regional submarket that offers ready access to I-664. A $20 million redevelopment is planned for the western half of Chesapeake Square Mall. Additionally, an Amazon fulfillment center spanning 3.8 million square feet is under construction three miles from the site, which is expected to create 2,000 new jobs. The property encompasses 11,414 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake
    State
    Virginia
    Longitude
    -76.4114605
    Latitude
    36.8261212

    Nearby Similar for Sale

    • $700,000
      0.13 Acres

      Versatile Chesapeake Medical/Professional Office

      Adaptable office property in prime Chesapeake location with excellent accessibility.
      3808 Poplar Hill Rd, Chesapeake, VA 23321
      View Details
    • $435,000
      4,000 SF

      Mixed-Use Property Near Downtown Norfolk

      Fully rented mixed-use property with commercial and residential spaces near downtown.
      1300 Bainbridge Blvd, Chesapeake, VA 23324
      View Details
    • $4,000,000
      28,400 SF

      Chesapeake Commercial/Industrial Opportunity For Sale

      Versatile commercial property with warehouse, office, and showroom spaces.
      4653 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • $900,000
      4,300 SF

      Turn-Key Ministry Property

      Church with upgraded interior and included 4-bedroom residential house.
      730 Finck Ln, Chesapeake, VA 23320
      View Details
    • $499,000
      3,360 SF

      Unique Commercial Space For Sale

      Commercial space suitable for art gallery, studio, or boutique.
      3106 Western Branch Blvd, Chesapeake, VA 23321
      View Details
    • $175,000
      3,200 SF

      Turnkey Restaurant and Lounge For Sale

      Established restaurant and lounge with games and seating available.
      2139 Chesapeake Dr, Chesapeake, VA 23324
      View Details
    • New
      $430,000
      3,100 SF

      Chesapeake Quadruplex Investment Opportunity

      Four-unit apartment building in Chesapeake, fully rented and income-producing.
      1317 Seaboard Ave, Chesapeake, VA 23324
      View Details
    • $1,375,000
      2,623 SF

      Restaurant Space on South Military

      High-visibility restaurant space centrally located on South Military Highway.
      1370 S Military Hwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing

      Luxury Multifamily Community in Chesapeake

      Luxury multifamily community in Chesapeake's Edinburgh neighborhood, offering immediate scale.
      236 Red Knot Way, Chesapeake, VA 23322
      View Details
    • $5,220,000
      12,298 SF

      Modern Medical Office Building

      Two-story medical office building in high-traffic Chesapeake location.
      229 Hillcrest Pkwy, Chesapeake, VA 23322
      View Details
    • $4,750,000
      12,732 SF

      Medical Office Building on Volvo

      Two-story medical office building in the Greenbrier submarket.
      1533 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing

      Retail Outparcels For Sale

      Retail outparcels available in Chesapeake, Virginia.
      2800 Yadkin Rd, Chesapeake, VA 23323
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space adjacent to major retailers with redevelopment plans nearby.
    Where is this retail space located?
    The property is located at 2324 Chesapeake Square Ring Rd Chesapeake, VA.
    What is the asking price?
    The asking price for this property is $2,350,000.
    What are key features of this property?
    This property features: - Adjacent to Target, Walmart, Sam's Club & Burlington Coat Factory; - $20 million dollar redevelopment planned for western half of Chesapeake Square Mall; - Three miles from site, Amazon is building a 3.8 million square foot fulfillment center, creating 2,000 new jobs
    (757) 617-2222
    Request Owner's contact information
    2324 Chesapeake Square Ring Rd Chesapeake, VA 23321
    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.
    2324 Chesapeake Square Ring Rd
    Chesapeake, VA 23321
    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
    2324 Chesapeake Square Ring Rd Chesapeake, VA 23321
    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

    We can help!
    Listing Contact
    Ned Brooks
    Ned Brooks
    (757) 617-2222
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.