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    2324 Chesapeake Square Ring Rd Chesapeake, VA 23321

    Sponsored
    For Sale
    $2,350,000

    Prime Restaurant Space, 11,414 SF, Vacant.

    Property size:
    11,414 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional 11,414 square foot restaurant property, located at 2324 Chesapeake Square Ring Rd, Chesapeake, VA 23321, presents a unique investment opportunity. Built in 1997, the property sits on a 2.689-acre lot and is zoned B-2, offering flexibility for various commercial uses. Currently vacant, this former restaurant boasts a prime location within the thriving Chesapeake Square submarket, directly adjacent to major retail anchors including Target, Walmart, Sam's Club, and Burlington Coat Factory. The property benefits from excellent visibility and accessibility via the mall ring road and features prominent monument signage. The Chesapeake Square submarket is experiencing significant residential growth, further enhancing its appeal. The area is also poised for substantial future development, with a planned $20 million redevelopment project for the western half of the Chesapeake Square Mall. This strategic location offers convenient access to I-664, ensuring high traffic volume and strong potential for success. The asking price for this remarkable property is $2,350,000. This is an unparalleled chance to acquire a well-situated, sizable commercial property in a rapidly expanding market.

    Property Features for 2324 Chesapeake Square Ring Rd

    General Information

    Property type
    Restaurants
    Square Feet
    11,414 SF
    Lot Size
    117,133 SF

    Building Details

    Year Built
    1997

    HighLights

    • Excellent location, directly adjacent to Target, Walmart, Sam's Club, and Burlington Coat Factory.
    • Strategic location in a super‑regional submarket with convenient access to I‑664.
    • Significant $20 million redevelopment planned for the western half of Chesapeake Square Mall.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.4112213
    Latitude
    36.8257749

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    FAQs

    What type of property is this?
    Restaurant - Prime Restaurant Space, 11,414 SF, Vacant.
    Where is this restaurant 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 $2,350,000.
    What are key features of this property?
    This property features: Excellent location, directly adjacent to Target, Walmart, Sam's Club, and Burlington Coat Factory.; Strategic location in a super-regional submarket with convenient access to I-664.; Significant $20 million redevelopment planned for the western half of Chesapeake Square Mall.
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    Chesapeake, VA 23321
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    Realmo Value Estimation

    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.

    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.

    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
    2324 Chesapeake Square Ring Rd Chesapeake, VA 23321
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