Retail Space with Central
For Sale
$1,500,000
3116 Western Branch Boulevard, Chesapeake, VA 23321
Commercial/Industrial, Chesapeake, VA
Property Size7,200 SF
Price / SF$208.33
Days on Market95
Property Features for 3116 Western Branch Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B4
Subdivision
WESTERN BRANCH
Standard status
Active
Size
7,200 SF
Taxes and HOA fees
Tax Annual Amount
99999
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1968
Roof type
Tar/Gravel
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 935-9000
Listed By:
Christina Pyon
(757) 690-0439
Added: Jun 2
Changed: Aug 19
Last Checked: Sep 4 at 11:06AM
MLS# 10637558
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering presents a business-only opportunity within a 7200-square-foot retail property at 3116 Western Branch Boulevard in Chesapeake, Virginia. Inventory is included with the sale. The building was constructed in 1968 and features forced-air heating, central air conditioning, and a tar/gravel roof.
The property carries B4 zoning and is located in Chesapeake’s 23321 postal area. The offering is for the business rather than the underlying real estate, providing a defined retail operation and its associated inventory.
The property carries B4 zoning and is located in Chesapeake’s 23321 postal area. The offering is for the business rather than the underlying real estate, providing a defined retail operation and its associated inventory.
Key Highlights
- Business‑only offering with inventory included
- 7200 square feet of retail space
- B4 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$68,085
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,361,700
$1.4M
Cap Rate 7%
$972,643
$972.6K
Cap Rate 9%
$756,500
$756.5K
Market Conditions
NOI Build-Up for 7,200 SF
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.
Gross rent
$102.8K $14.28/SF
− Vacancy
−$5.6K −$0.77/SF
EGI
$97.3K $13.51/SF
− OpEx
−$29.2K −$4.05/SF
NOI
$68.1K $9.46/SF
Area
Chesapeake, VA
Vacancy
5.40%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,361,700
Cap Rate 7%
$972,643
Cap Rate 9%
$756,500
Alternative Uses
Best Use
Retail
$972.6K
$851.1K – $1.13M
NOI $68,085 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.13M
$1.86M – $2.48M
NOI $148,954 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,222
Businesses Nearby
265k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Shops & Services 36%
Groceries 9%
Hotels & Casinos 1%
McDonald's
Dining
33,302 visits/mo
0.2 miles
Dollar Tree
Shops & Services
24,543 visits/mo
0.1 miles
Royal Farms
Shops & Services
24,286 visits/mo
0.2 miles
Roses Discount Store
Shops & Services
21,229 visits/mo
0.1 miles
Aldi
Groceries
15,018 visits/mo
0.5 miles
Demographics for 23321, VA
37,752
Population
14,836
Households
2.5
Avg Household Size
38
Median Age
39%
College-Educated
95%
High-School Grad
26.7 sq mi
ZIP Area
1,414
Density / Sq Mi
$98,257
Median Household Income
$51,133
Median Earnings
$1,434
Median Rent
$352,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - B4-zoned business offering with inventory included and a commercial location on Western Branch Boulevard.
Where is this retail space located?
The property is located at 3116 Western Branch Boulevard Chesapeake, VA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Business‑only offering with inventory included; 7200 square feet of retail space; B4 zoning
