Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    601 Volvo Pkwy Chesapeake, VA 23320
    Back to Search
    Property profile & analytics

    601 Volvo Pkwy, Chesapeake, VA 23320

    View on Map
    • Neighborhood centers
    • 39,940 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 601 Volvo Pkwy

    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional Class A retail strip center, located at 601 Volvo Parkway in Chesapeake, Virginia (zip code 23320), offers a total of 39,940 square feet across a 5.3-acre lot. The property boasts a six-story building with multiple tenancies, currently offering 39,940 square feet of vacant space. Individual spaces range from a minimum of 1,200 square feet to a maximum contiguous space of 8,220 square feet, providing flexibility for various retail concepts. Situated in the desirable Greenbrier submarket of Norfolk County, this location benefits from excellent visibility along Volvo Parkway, experiencing over 25,000 vehicles per day. The property's strategic location is directly across from the Summit Pointe development, a significant mixed-use project encompassing 1,000,000 square feet of office space and 1,400 residential units, ensuring a substantial and growing customer base. This presents a unique opportunity to establish a presence in a thriving commercial area with high traffic volume and strong surrounding demographics. The property is ideally suited for businesses seeking high visibility and access to a dense population. Building G offers approximately 2,431 square feet and includes a drive-thru option. The property is a new development.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2388
    Latitude
    36.7672

    Comparable in this City

    • Value Estimation by Request
      29,990 SF

      1422 Battlefield Blvd

      Neighborhood centers
      1422 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • Value Estimation by Request
      7,440 SF

      1744 Sentinel Dr

      Lifestyle centers
      1744 Sentinel Dr, Chesapeake, VA 23320
      View Details
    • Value Estimation
      $1,745,000
      92,064 SF

      801 Volvo Pkwy

      SHOPPING CENTER, STRIP CENTER
      801 Volvo Pkwy, Chesapeake, VA 23320-2811
      View Details
    • Value Estimation
      $905,000
      82,882 SF

      1701 Parkview Dr

      SHOPPING CENTER, STRIP CENTER
      1701 Parkview Dr, Chesapeake, VA 23320-2630
      View Details
    • Value Estimation
      $1,950,000
      38,530 SF

      2211 Military Hwy

      SHOPPING CENTER, STRIP CENTER
      2211 Military Hwy, Chesapeake, VA 23320-5987
      View Details
    • Value Estimation
      $1,325,000
      52,000 SF

      1433 Sams Dr Ste, Unit 201

      SHOPPING CENTER, STRIP CENTER
      1433 Sams Dr Ste, Chesapeake, VA 23320-4588
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,623 SF

      Restaurant Space on South Military

      High-visibility restaurant space centrally located on South Military Highway.
      1370 S Military Hwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      7,071 SF

      Restaurant Opportunity in Retail Corridor

      Fully equipped restaurant in a high-traffic retail area.
      1672 Sentinel Dr, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      2,896 SF

      Freestanding Building on Corner Parcel

      2,896 SF building on one-acre corner parcel in Chesapeake, VA.
      740 Eden Way N, Chesapeake, VA 23320
      View Details
    • $4,000,000
      28,400 SF

      Versatile Commercial Property in Chesapeake

      Multi-building commercial property with warehouse, office, and showroom spaces.
      4653 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      10,000 SF

      Industrial Warehouse in Greenbrier Park

      10,000 SF industrial warehouse in Greenbrier Commerce Park.
      908 Executive Ct, Chesapeake, VA 23320
      View Details
    • Contact for pricing

      Chesapeake Land Development Opportunity

      Approximately 6 acres of land available for development in Chesapeake.
      Debaun Loop, Chesapeake, VA 23320
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Mixed-Use Project in Coastal Virginia

      Mixed-use development with residential, office, and retail spaces available.
      500 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing

      717-741 Eden Way N, Chesapeake, VA 23320

      Mixed-use properties
      717-741 Eden Way N, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      1,274 SF

      Mixed-Use Space in Greenbrier

      Mixed-use space with retail, restaurants, apartments, and hotel.
      717 Eden Way N, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      1,540 SF

      Retail Space in Chesapeake, VA

      Retail space available with established tenants and high daytime traffic.
      109 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing

      Retail Space in Greenbrier District

      Located in the bustling Greenbrier shopping district.
      109 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    601 Volvo Pkwy
    Chesapeake, VA 23320
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    601 Volvo Pkwy, Chesapeake, VA, 23320
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!