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    The Largest CRE Database in the US with Over 1 Million Listings

    232 Neck Rd Chesapeake, VA 23322

    Sponsored
    For Sale
    Contact for pricing

    276 acres, prime location, high traffic

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    407
    This exceptional 276-acre commercial land parcel presents a unique investment opportunity in Chesapeake, Virginia. Strategically located on 232 Neck Rd, zip code 23322, this property boasts A1 and GB zoning, allowing for diverse development possibilities. Its high-profile location is south of the thriving Edinburgh project, home to major retailers such as Target, Walmart, Home Depot, and numerous restaurants. The area is experiencing significant residential growth, with established communities like Edinburgh Farms, Hickory Landing, and Hickory Manor nearby, along with planned developments like Red Knot Apartments and the expansive Currituck Station (a 3,000-acre mixed-use project in nearby Moyock). This property benefits from its position as a primary access point for the millions of visitors traveling to the Outer Banks annually, ensuring consistent high traffic volume year-round. Well-known landmarks such as the Border Station and Southland Restaurant further enhance its visibility and accessibility. This substantial acreage offers unparalleled potential for a variety of commercial ventures, capitalizing on the area's robust growth and prime location. The property is offered for sale by owner.

    Property Features for 232 Neck Rd

    General Information

    Property type
    Land
    Lot Size
    12,022,560 SF

    We can help!

    Listing Contact
    Jay O'Donnell
    Jay O'Donnell

    Learn more

    Property Insight Report

    HighLights

    • Approximately 277 acres available in Chesapeake, VA.
    • Prominent location near Border Station and Southland Restaurant.
    • South of the Edinburgh Project, near Edinburgh Farms, Hickory Landing, and other residential communities.
    • Major access point for Outer Banks traffic.
    • Surrounded by new and planned residential developments.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Wholesale Shop Hair Salon Clothing Store Nail Salon Auto Parts Store Kitchen & Bath

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.188941
    Latitude
    36.55431

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    FAQs

    What type of property is this?
    Land - 276 acres, prime location, high traffic
    Where is this land located?
    The property is located at 232 Neck Rd Chesapeake, VA.
    What are key features of this property?
    This property features: Approximately 277 acres available in Chesapeake, VA.; Prominent location near Border Station and Southland Restaurant.; South of the Edinburgh Project, near Edinburgh Farms, Hickory Landing, and other residential communities.
    (434) 284-4019
    Request Owner's contact information
    232 Neck Rd Chesapeake, VA 23322
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    Chesapeake, VA 23322
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    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
    232 Neck Rd Chesapeake, VA 23322
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    We can help!
    Listing Contact
    Jay O'Donnell
    Jay O'Donnell
    Real Estate License ID: VA 0225091328
    (434) 284-4019
    Learn more
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