Building Details

Building Size 28,400 SF

Year Built 1975

Stories 1

Listing Agency: Hogge Real Estate Inc

Listed By: Wendy Hogge · License #0225104842 Show Phone

Source: Hoggerealestate

Added: Oct 23 Changed: Oct 26 Last Checked: Oct 26 at 4:02AM

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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 Hogge Real Estate Inc

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Investment Insights

Based on property information with market context.

This mixed-use property comprises multiple buildings with a combined 28,400 square feet. The layout includes office suites, a showroom, and warehouse space with clear-span ceilings exceeding 18 feet, multiple bay doors, and no interior columns. On-site bathrooms, a well and septic system, two separate meters, and three-phase power serve the property.

The site spans nearly 14 acres and has an access cut-through from a four-lane road. Zoning is A1 B2. The improvements date to 1975.

Key Highlights

• 28,400 square feet across multiple buildings
• Nearly 14 acres; zoned A1 B2
• Warehouse ceilings exceed 18 feet, with multiple bay doors and no interior columns

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$350,811

Cap Rate

8.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,016,220 $7.0M

Cap Rate 7%

$5,011,586 $5.0M

Cap Rate 9%

$3,897,900 $3.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 28,400 SF

Gross rent

$613.4K $21.60/SF

− Vacancy

−$52.1K −$1.84/SF

EGI

$561.3K $19.76/SF

− OpEx

−$210.5K −$7.41/SF

NOI

$350.8K $12.35/SF

Area

Chesapeake, VA

Vacancy

8.50%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,016,220

Cap Rate 7%

$5,011,586

Cap Rate 9%

$3,897,900

Alternative Uses

Best Use

Mixed Use

$5.01M

$4.39M – $5.85M (±1% cap)

NOI $350,811 @ 7.0% cap · market cap 8.77%

Second Best

Retail

$3.84M

$3.36M – $4.48M (±1% cap)

NOI $268,557 @ 7.0% cap · market cap 6.71%

Theoretical Best

Office A

$8.39M

$7.34M – $9.79M (±1% cap)

NOI $587,539 @ 7.0% cap · market cap 14.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

U-Haul Neighborhood Dealer Car Rental Facility Bage Industries (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Plumbing Service Grocery & Convenience Store Kitchen & Bath Showroom Big Box & Wholesale Store Pet Store Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

45

Businesses Nearby

Explore this area Business Placement

Demographics for 23320, VA

60,412

Population

26,131

Households

2.3

Avg Household Size

39

Median Age

38%

College-Educated

93%

High-School Grad

31.7 sq mi

ZIP Area

1,906

Density / Sq Mi

$81,736

Median Household Income

$49,403

Median Earnings

$1,654

Median Rent

$323,800

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Multiple buildings combine office suites, a showroom, and warehouse areas with three-phase power on site.

Where is this mixed-use property located?

The property is located at 4653 Battlefield Blvd Chesapeake, VA.

What is the asking price?

The asking price for this property is $4,000,000.

What are key features of this property?

This property features: 28,400 square feet across multiple buildings; Nearly 14 acres; zoned A1 B2; Warehouse ceilings exceed 18 feet, with multiple bay doors and no interior columns