Chesapeake Retail Space For
2324 Chesapeake Square Ring Rd Chesapeake, VA 23321
2324 Chesapeake Square Ring Rd, Chesapeake, VA, 23321
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For Sale
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Retail space in high-traffic Chesapeake Square submarket.
Property Size11,414 SF
Price / SF$205.89
Days on Market1151
Property Features for 2324 Chesapeake Square Ring Rd
General Information
- Standard status
- Active
- Size
- 11,414 SF
- Property subtype
- Retail
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 Checked: Jul 17 at 3:40 am
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.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $163.0k | $14.28 |
| − Vacancy | −$8.8k | −$0.77 |
| EGI | $154.2k | $13.51 |
| − OpEx | −$46.3k | −$4.05 |
| NOI | $107.9k | $9.46 |
11,414 SF · lease $14.28/SF/yr · vacancy 5.40% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.54M
$1.35M – $1.80M
NOI $107,933 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.37M
$2.95M – $3.94M
NOI $236,133 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
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 $2,350,000.
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.
