Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    634 Prosperity Way Chesapeake, VA 23320-7029

    • Commercial real estate
    • 1,530 SF
    • 0.03 lot acres
    OFF-MARKET
    Last Sale
    Dec 18, 2024
    $320,000
    Value Estimations
    $235,000
    Show details
    Cap Rate Potential
    8.4%
    Commercial real estate
    Location Intelligence
    Property ID
    US87-0983146
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 634 Prosperity Way

    Year built
    2007
    Lot size
    0.03 lot acres
    Property size
    1,530 SF
    Zone code
    O-I: OFFICE & INSTITUTION
    Property type
    Commercial real estate
    APN
    363016000180
    APU
    363016000180

    Description

    This 1,530-square-foot flex condominium is situated in Chesapeake, Virginia's Riverwalk Commerce Center at 634 Prosperity Way, zip code 23320. Priced at $360,000 ($235.29/SF), this single-tenant property boasts a convenient location with easy access to Route 168, Battlefield Boulevard, and Interstate 64 (within 2 miles). Built in 1999, the unit features a functional layout combining office space and a small warehouse area. The warehouse includes a 10' x 14' grade-level door and impressive 14-foot ceilings. The office space has recently undergone an update, presenting a modern and efficient workspace. The property sits on a 0.031-acre lot (APN: 0363016000180) and is zoned O-I. Parking is ample, with a ratio of 2.5 spaces per 1,000 square feet. Monthly condo fees are $175. The property is a short commute from Chesapeake Regional Medical Center (7 minutes) and Greenbrier, Chesapeake (under 10 minutes). This is an excellent opportunity for a business seeking a well-located, versatile space with updated amenities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $225,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $315,000
      6.5%
      $290,000
      7%
      $270,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $278,000
      Market price range: $174k - $334k
      AI Estimate
      $265,000
      Market price range: $181k - $330k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2578
    Latitude
    36.7451
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2019
    $1,993
    $35,700
    $181,900
    $217,600
    -
    $35,700
    $181,900
    $217,600

    Comparable in this City

    • Value Estimation by Request
      0.65 Acres

      843 Battlefield Blvd

      Land • 0.65 Acres
      843 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • Value Estimation
      $240,000
      1,200 SF

      813 Professional Pl W Ste A101

      COMMERCIAL CONDOMINUIM • 1,200 SF
      813 Professional Pl W Ste A101, Chesapeake, VA 23320-3629
      View Details
    • Value Estimation
      $240,000
      1,008 SF

      936 Professional Pl Bldg, Unit 1

      COMMERCIAL CONDOMINUIM • 1,008 SF
      936 Professional Pl Bldg, Chesapeake, VA 23320-3627
      View Details
    • Value Estimation
      $235,000
      1,100 SF

      1226 Executive Blvd Ste, Unit 113

      COMMERCIAL CONDOMINUIM • 1,100 SF
      1226 Executive Blvd Ste, Chesapeake, VA 23320-2889
      View Details
    • Value Estimation
      $240,000
      1,100 SF

      1226 Executive Blvd Ste, Unit 117

      COMMERCIAL CONDOMINUIM • 1,100 SF
      1226 Executive Blvd Ste, Chesapeake, VA 23320-3693
      View Details
    • Value Estimation
      $230,000
      1,000 SF

      811 Juniper Cres Ste, Unit 4

      COMMERCIAL CONDOMINUIM • 1,000 SF
      811 Juniper Cres Ste, Chesapeake, VA 23320-2633
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      8.00 Acres

      Chesapeake Commercial Land - 8 Acres

      Prime 8-acre commercial lot, ideal for development.
      0 Debaun Loop, Chesapeake, VA 23320
      View Details
    • $722,171
      0.40 Acres

      Chesapeake Retail Space For Sale

      High-traffic retail space near Food Lion.
      865 Great Bridge Blvd, Chesapeake, VA 23320
      View Details
    • $650,000
      1.64 Acres

      Chesapeake Commercial Land - 1.64 Acres

      Prime Greenbrier development site, medical/office ready.
      501 Discovery Dr, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      1.90 Acres

      Chesapeake Office Space: Build-to-Suit

      Class A office, build-to-suit, 3,024 sq ft.
      409 Innovation Dr, Chesapeake, VA 23320
      View Details
    • $950,000
      0.65 Acres

      Chesapeake Commercial Land - $950K

      Prime 0.653-acre lot, build-to-suit.
      843 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      0.37 Acres

      Chesapeake Outlot - Sam's Club Area

      High-traffic commercial land, excellent location.
      1512 Cir, Chesapeake, VA 23320
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,455 SF

      Prime Chesapeake Restaurant Space

      8,455 SF Freestanding Restaurant, Ideal Location
      1712 Ring Road Chesapeake, VA 23320, Chesapeake, VA 23320
      View Details
    • $23 SF/Yr
      29,990 SF

      Battlefield Marketplace Retail Space

      Chesapeake, VA Strip Center Space Available
      1422 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • Contact for pricing

      Chesapeake Commercial Land For Lease

      11.59 Acres, Prime Location
      900 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • $17 SF/Yr
      8,000 SF

      Parkview Shopping Center: Chesapeake, VA

      Chesapeake Retail Space: Prime Location, High Visibility
      1735 Parkview Dr, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      22,425 SF

      Chesapeake Harbor Watch Shoppes

      Prime Retail/Office Space Available
      200 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      388,000 SF

      Greenbrier Retail Space Available

      Chesapeake, VA: Prime Retail/Restaurant Opportunity
      717-741 Eden Way, Chesapeake, VA 23320
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    634 Prosperity Way
    Chesapeake, VA 23320-7029
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.