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    6201 Chesapeake Cir New Kent, VA 23124

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    For Sale
    $635,000

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

    Lot size:
    1.12 Acres

    Property Features for 6201 Chesapeake Cir

    General Information

    Lot size
    1.12 Acres

    We can help!

    Listing Contact
    David Burks
    David Burks
    Source: Moodyscre

    Listing Agent: David Burks

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

    Learn more

    Overview

    Prime Commercial Lot Near I64

    This 1.12-acre commercial/tourism lot, identified as PID# 100986, is located off I64 at exit 214. The property has all necessary entitlements, including utilities, zoning permits, VDOT access, and storm water management. Situated at the entrance to Colonial Downs Horse Racetrack and Rosie's Gaming Emporium, which attracts nearly 1000 visitors daily, the lot benefits from a busy commercial environment. The surrounding Brickshire Community includes over 3000 residences, with more under construction. New Kent's wineries, golf courses, and tourism sector contribute to significant foot traffic and business opportunities. In 2022, visitor spending in New Kent reached $29.9 million, a 7% increase from the previous year, with 17.5 million trips representing a 3.6% rise in visitation. The property is located 25 minutes from both downtown Richmond and Williamsburg. New Kent County is experiencing growth in new residences and businesses, including retail centers, distribution hubs, and establishments like Buc-ee's Travel Center one exit west on I64. This location is suited for various projects, from retail centers to tourist attractions.
    Location Intelligence

    Current Use by Public Records

    Dairy Queen Grill ... Fast Food Restaurant

    Suggested Use

    Realty agency Restaurant Auto Repair Shop Storage Facility Grocery Store Car Rental Cafe & Coffee Shop Pet Store Italian Restaurant Pet Supply Store

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

    Location Insight

    • Map
    • Local Demand
    City
    New Kent
    County
    New Kent
    State
    Virginia
    Longitude
    -77.0266319
    Latitude
    37.4912804

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    FAQs

    What type of property is this?
    Commercial land - 1.12-acre commercial lot ready for immediate development off I64.
    Where is this commercial land located?
    The property is located at 6201 Chesapeake Cir New Kent, 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 visitors daily at the entrance to Colonial Downs and Rosie's Gaming Emporium.; - Strong growth potential: Located in New Kent County, experiencing a surge in new residences, businesses, and tourism.
    (757) 229-1507
    Request Owner's contact information
    6201 Chesapeake Cir New Kent, VA 23124
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    New Kent, VA 23124
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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.

    More about this property
    6201 Chesapeake Cir New Kent, VA 23124
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    Listing Contact
    David Burks
    David Burks
    (757) 229-1507
    Learn more
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