Freestanding Retail Building with
2040 Atlantic Ave Chesapeake, VA
For Sale
Contact for pricing
Former drug store with drive-thru at signalized intersection.
Property Size13,813 SF
Lot Size1.78 Acres
Price / SF$209.95
Days on Market247
Property Features for 2040 Atlantic Ave
General Information
Standard status
Active
Size
13,813 SF
Lot size
1.78 Acres
Property subtype
RETAIL
Listing Agency:
Colliers | Norfolk
(757) 450-5198
Listed By:
Chris Read
(757) 450-5198
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Jul 6
Last Checked: Jul 21 at 8:27AM
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 Colliers | Norfolk
Investment Insights
Based on property information with market context.
The subject property is a freestanding former drug store building with a drive-thru, situated at the signalized intersection of Atlantic Avenue and Campostella Road. It is located adjacent to a busy Food Lion center and surrounded by an abundance of retail establishments, including Dollar General, CVS, Dollar Tree, and AutoZone. The former Rite Aid offers excellent visibility to Atlantic Avenue. The building appears to be in generally good condition and features a grade-level roll-up door. Building and pylon signage are available. The property size is 13,813 square feet.
Key Highlights
- Located at a signalized intersection of Atlantic Avenue and Campostella Road with excellent visibility.
- Freestanding former drug store building with drive‑thru.
- Adjacent to a busy Food Lion center and surrounded by retail including Dollar General, CVS, Dollar Tree, and AutoZone.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $215.5k | $15.60 |
| − Vacancy | −$9.7k | −$0.70 |
| EGI | $205.8k | $14.90 |
| − OpEx | −$51.4k | −$3.72 |
| NOI | $154.3k | $11.17 |
13,813 SF · lease $15.60/SF/yr · vacancy 4.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.20M
$1.93M – $2.57M
NOI $154,340 @ 7.0% cap · market cap 5.32%
Second Best
Retail
$1.87M
$1.63M – $2.18M
NOI $130,619 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$4.08M
$3.57M – $4.76M
NOI $285,763 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Rite Aid Pharmacy — 2040 Atlantic Ave, Chesapeake, VA 23324
- Rite Aid — 2040 Atlantic Ave, Chesapeake, VA 23324
- MP Essentials LLC — 2004 Brookland Dr, Chesapeake, VA 23324
- John Parker — 2040 Atlantic Ave, Chesapeake, VA 233243004
- Carnell Hendrick, RPH — 1921 robert hall blvd, chesapeake, va 23324
Frequently Asked Questions
What type of property is this?
Drug store - Former drug store with drive-thru at signalized intersection.
Where is this drug store located?
The property is located at 2040 Atlantic Ave Chesapeake, VA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Located at a signalized intersection of Atlantic Avenue and Campostella Road with excellent visibility.; Freestanding former drug store building with drive‑thru.; Adjacent to a busy Food Lion center and surrounded by retail including Dollar General, CVS, Dollar Tree, and AutoZone.
