Building Details

Year Built 1997

Listing Agency: Colliers - Norfolk, Virginia

Listed By: Ned Brooks · License #VA 0225113184 Show Phone

Source: Crexi

Added: May 25, 2023 Changed: Oct 10 Last Checked: Oct 16 at 9:26AM

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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 Colliers - Norfolk, Virginia

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Investment Insights

Based on property information with market context.

Located in the Chesapeake Square submarket of Chesapeake, Virginia, this property benefits from its proximity to Chesapeake Square Mall and numerous retail anchors and restaurants. The area is experiencing residential growth, with further development planned. The property offers access to the mall ring road and includes monument signage. The property size is 11414 square feet.

Key Highlights

• Located in the Chesapeake Square submarket, surrounded by retail anchors and restaurants.
• Anchored by Chesapeake Square Mall.
• Submarket experiencing a surge of recent residential growth.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$107,933

Cap Rate

4.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,158,660 $2.2M

Cap Rate 7%

$1,541,900 $1.5M

Cap Rate 9%

$1,199,256 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 11,414 SF

Gross rent

$163.0K $14.28/SF

− Vacancy

−$8.8K −$0.77/SF

EGI

$154.2K $13.51/SF

− OpEx

−$46.3K −$4.05/SF

NOI

$107.9K $9.46/SF

Area

Chesapeake, VA

Vacancy

5.40%

Lease Rate

$14.28 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,158,660

Cap Rate 7%

$1,541,900

Cap Rate 9%

$1,199,256

Alternative Uses

Best Use

Retail

$1.54M

$1.35M – $1.80M (±1% cap)

NOI $107,933 @ 7.0% cap · market cap 4.91%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.37M

$2.95M – $3.94M (±1% cap)

NOI $236,133 @ 7.0% cap · market cap 10.73%

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

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Building Supply Law Firm Dental Office Real Estate Agency Big Box & Wholesale Store Auto Repair Shop

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

Location Intelligence

Trade Area within ½ mile

737

Businesses Nearby

902k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Superstores 36% Dining 25% Shops & Services 11% Groceries 7%

Walmart Superstores

111,788 visits/mo 0.4 miles

Target Superstores

96,168 visits/mo 0.2 miles

Sam's Club Superstores

78,816 visits/mo 0.4 miles

Chick-fil-A Dining

55,047 visits/mo 0.4 miles

BJ's Wholesale Club Superstores

38,209 visits/mo 0.4 miles

Demographics for 23321, VA

37,752

Population

14,836

Households

2.5

Avg Household Size

38

Median Age

39%

College-Educated

95%

High-School Grad

26.7 sq mi

ZIP Area

1,414

Density / Sq Mi

$98,257

Median Household Income

$51,133

Median Earnings

$1,434

Median Rent

$352,000

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - Retail space in high-traffic Chesapeake Square submarket.

Where is this retail space located?

The property is located at 2324 Chesapeake Square Ring Rd Chesapeake, VA.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: Located in the Chesapeake Square submarket, surrounded by retail anchors and restaurants.; Anchored by Chesapeake Square Mall.; Submarket experiencing a surge of recent residential growth.