Commercial Land with Existing
For Sale
$699,900
921 Cedar Road, Chesapeake, VA 23322
Commercial/Industrial, Chesapeake, VA
Property Size3,000 SF
Lot Size1.65 Acres
Price / SF$233.30
Days on Market96
Property Features for 921 Cedar Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R15S
Subdivision
GREAT BRIDGE
Standard status
Active
Size
3,000 SF
Lot size
1.65 Acres
Taxes and HOA fees
Tax Annual Amount
4500
Building Details
Year built
1973
Roof type
Composition
Listing Agency:
The Real Estate Group
(757) 410-8500
Listed By:
Jimmy Reece
(757) 572-4640
Added: Jul 14
Changed: Oct 1
Last Checked: Oct 17 at 5:06AM
MLS# 10644250
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.
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Investment Insights
Based on property information with market context.
This 1.65-acre commercial land offering includes an existing 3,000-square-foot, five-bedroom home conveyed as-is. Built in 1973, the structure has a composition roof and may provide a basis for reuse or redevelopment planning, subject to applicable City review.
The property occupies the corner of Cedar Road and Waters Road in Chesapeake and is identified as R15S zoning. Chesapeake’s Comprehensive Plan places the area within a Character District framework. The source information identifies possible consideration for a professional office, wellness center, neighborhood small business, or similar low-traffic activity where the proposed use supports a neighborhood-oriented setting.
The property occupies the corner of Cedar Road and Waters Road in Chesapeake and is identified as R15S zoning. Chesapeake’s Comprehensive Plan places the area within a Character District framework. The source information identifies possible consideration for a professional office, wellness center, neighborhood small business, or similar low-traffic activity where the proposed use supports a neighborhood-oriented setting.
Key Highlights
- 1.65‑acre commercial land offering
- Existing 3,000‑square‑foot five‑bedroom home conveyed as‑is
- Property built in 1973 with a composition roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,900
Cap Rate
6.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$918,000
$918.0K
Cap Rate 7%
$655,714
$655.7K
Cap Rate 9%
$510,000
$510.0K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$72.0K $24.00/SF
− Vacancy
−$10.8K −$3.60/SF
EGI
$61.2K $20.40/SF
− OpEx
−$15.3K −$5.10/SF
NOI
$45.9K $15.30/SF
Area
Chesapeake, VA
Vacancy
15.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$918,000
Cap Rate 7%
$655,714
Cap Rate 9%
$510,000
Alternative Uses
Best Use
Office B
$655.7K
$573.8K – $765.0K
NOI $45,900 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$886.6K
$775.8K – $1.03M
NOI $62,064 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 23322, VA
66,994
Population
22,386
Households
3
Avg Household Size
40
Median Age
42%
College-Educated
95%
High-School Grad
187.8 sq mi
ZIP Area
357
Density / Sq Mi
$133,522
Median Household Income
$55,549
Median Earnings
$1,870
Median Rent
$448,000
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Commercial land - Corner parcel with an existing structure and potential neighborhood-oriented office or small-business use subject to City consideration.
Where is this commercial land located?
The property is located at 921 Cedar Road Chesapeake, VA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 1.65‑acre commercial land offering; Existing 3,000‑square‑foot five‑bedroom home conveyed as‑is; Property built in 1973 with a composition roof
