Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Cavalier Blvd Painter, VA 23422

    Sponsored
    For Sale
    $8,500,000

    93-Acre Industrial Land in Chesapeake, VA

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    407
    This exceptional 93.45-acre commercial land parcel, located in Chesapeake, Virginia (Accomack County, zip code 23422), presents a significant development opportunity. Zoned M-1 for light industrial use, this property boasts 27.46 acres of uplands and offers excellent access to infrastructure. City water and sewer are readily available along Cavalier Boulevard. The site enjoys significant road frontage, including 2,550 linear feet along South Military Highway, which sees a daily traffic volume of 17,855 vehicles, and an additional 685 linear feet along Cavalier Boulevard. A conceptual plan for a 217,500-square-foot distribution warehouse is available for review. The asking price for this prime industrial land is $8,500,000. Please note that the seller requires an option to buy back the wetlands area (as outlined in the attached conceptual plan) and a 50-foot utility easement. Detailed acreage information and the conceptual plan are available upon request. This property is ideally suited for a variety of light industrial uses and represents a compelling investment opportunity in a strategic location.

    Property Features for 0 Cavalier Blvd

    General Information

    Property type
    Land
    Lot Size
    4,070,682 SF

    We can help!

    Listing Contact
    Chip Worley

    Learn more

    HighLights

    • 93.45 total acres, including 27.46 acres of uplands.
    • M‑1 (Light Industrial) zoning.
    • City water and sewer available on Cavalier Boulevard.
    • 2,550 linear feet of frontage on S. Military Highway.
    • High traffic count: 17,855 vehicles per day on S. Military Highway.
    • 685 linear feet of frontage on Cavalier Boulevard.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Painter
    County
    Accomack
    State
    Virginia
    Longitude
    -75.8146269
    Latitude
    37.6304491

    Nearby Similar for Sale

    • $170,900
      2,400 SF

      Painter Commercial Opportunity on Lankford Highway

      2,400 sq ft commercial building on Lankford Highway in Painter, VA.
      34344 Lankford Hwy, Painter, VA 23420
      View Details
    • $110,000
      1,232 SF

      Lankford Highway Commercial Opportunity

      Commercial property with high visibility and redevelopment potential.
      33212 Lankford Hwy, Painter, VA 23420
      View Details

    FAQs

    What type of property is this?
    Land - 93-Acre Industrial Land in Chesapeake, VA
    Where is this land located?
    The property is located at Cavalier Blvd Painter, VA.
    What is the asking price?
    The asking price for this property is $8,500,000.
    What are key features of this property?
    This property features: 93.45 total acres, including 27.46 acres of uplands.; M-1 (Light Industrial) zoning.; City water and sewer available on Cavalier Boulevard.
    Request Owner's contact information
    Cavalier Blvd Painter, VA 23422
    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.
    Cavalier Blvd
    Painter, VA 23422
    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
    Cavalier Blvd Painter, VA 23422
    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

    We can help!
    Listing Contact
    Chip Worley
    Real Estate License ID: VA
    Learn more
    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.