Chesapeake Retail Space For
For Sale
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2324 Chesapeake Square Ring Rd, Chesapeake, VA 23321
Retail space in high-traffic Chesapeake Square submarket.
Property Size11,414 SF
Price / SF$192.75
Days on Market1196
Property Features for 2324 Chesapeake Square Ring Rd
General Information
Standard status
Active
Size
11,414 SF
Property subtype
Retail
Zoning
B-2
Building Details
Year Built
1997
Listing Agency:
Colliers - Norfolk, Virginia
(757) 228-1829
Listed By:
Ned Brooks · License #VA 0225113184
Source:
Crexi
Added: May 25, 2023
Changed: Aug 26
Last Checked: Aug 31 at 11:58PM
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
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$107,933
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,158,660
$2.2M
Cap Rate 7%
$1,541,900
$1.5M
Cap Rate 9%
$1,199,256
$1.2M
Market Conditions
NOI Build-Up for 11,414 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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
NOI $236,133 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.
