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    Industrial and Retail Shop Property Title is generated by Realmo AI

    140 Chesapeake Drive, White Stone, VA 22578

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    Two industrial buildings with paved parking and public utilities offer shop space and retail/office versatility.

    Type:Retail, Industrial
    Property size:
    10,940 SF
    Price / SF:
    $81/SF
    Added:
    Feb 7, 2026
    Days on Market:
    121
    Last Refresh:
    Jun 6 at 5:21 am

    Property Features for 140 Chesapeake Drive

    General Information

    Standard status
    Active
    Size
    10,940 SF
    Property subtype
    Retail, Industrial

    Building Details

    Year Built
    1965

    We can help!

    Listing Contact
    Emily Carter
    Emily Carter

    Listing agent Emily Carter License #0225024367

    Listing office Jim & Pat Carter Real Estate Inc

    Listing date Feb 7, 2026

    Source Crexi

    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 Jim & Pat Carter Real Estate Inc

    HighLights

    • Two industrial‑type buildings: 7,520 SF (auto repair history) plus a 3,420 SF machine shop building
    • 7,520 SF building includes 1,200 SF retail space, 720 SF reception/office on the second floor, and 5,500+ SF shop space
    • Machine shop building totals 3,420 SF and is served by public utilities
    • Road frontage along Virginia Route 200 (Chesapeake Drive) toward Irvington
    • Most of the site is paved, providing ample parking
    • C‑1 general commercial district; public water, sewer, and high‑speed internet available

    Overview

    The property consists of two industrial-type buildings with a mostly paved site that supports on-site parking. Public water, sewer, and high-speed internet are available. One building previously operated as an automobile repair business and totals 7,520 square feet, including 1,200 square feet of retail space. It also includes a second-floor area of 720 square feet designated for reception and office use, along with more than 5,500 square feet of shop space. The second building totals 3,420 square feet and previously functioned as a machine shop.

    The site has road frontage along Virginia Route 200 (Chesapeake Drive), with frontage toward Irvington, and is located in White Stone. The C-1 general commercial district covers that portion of the community intended for conducting general business requiring direct and frequent public access. The C-1 designation includes uses such as retail stores, banks, theaters, business offices, beauty salons, restaurants, taverns, garages, and service stations.

    This configuration supports tenants or owners seeking an automotive-oriented work space alongside retail and front-office functionality within a single, utility-served site. With paved parking and C-1 zoning allowing a range of general business and service uses, the property can work for commercial and industrial applications that benefit from visibility and convenient public access.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Law Firm Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Gym & Fitness Center Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    White Stone
    County
    Lancaster
    State
    Virginia
    Longitude
    -76.393667
    Latitude
    37.6509786

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    FAQs

    What type of property is this?
    Flex space - Two industrial buildings with paved parking and public utilities offer shop space and retail/office versatility.
    Where is this flex space located?
    The property is located at 140 Chesapeake Drive White Stone, VA.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: Two industrial‑type buildings: 7,520 SF (auto repair history) plus a 3,420 SF machine shop building; 7,520 SF building includes 1,200 SF retail space, 720 SF reception/office on the second floor, and 5,500+ SF shop space; Machine shop building totals 3,420 SF and is served by public utilities
    (804) 436-4949 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Emily Carter
    Emily Carter
    Real Estate License ID: 0225024367
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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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    140 Chesapeake Drive, WHITE STONE, VA 22578
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