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    Property profile & analytics

    1533 Volvo Pkwy Chesapeake, VA 23320

    • Office properties & Spaces
    • 12,732 SF
    For Sale
    View listing
    $5,110,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Throckmorton Maria V DDS / Dental Office
    • Dr. Jason Campbell / Dental Office
    • Jesse Washington Lee / Dental Office
    • Dr. Nicole Reddout / Dental Office
    • Dr. Jesse Lee / Dental Office

    Property Details for 1533 Volvo Pkwy

    Year built
    2011
    Property size
    12,732 SF
    Property type
    Office properties & Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional Class A medical office building, totaling 12,732 square feet, presents a compelling investment opportunity. Situated at 1533 Volvo Parkway in Chesapeake, Virginia, zip code 23320, this two-story building boasts prime frontage on a highly trafficked thoroughfare, ensuring excellent visibility and accessibility. Constructed in 2011, the property is currently home to established dental practices, Konikoff Dentistry and Klar Holmes Orthodontics, both affiliated with Dental Care Alliance. The building is located within the Greenbrier submarket of Chesapeake, a well-established and sought-after area. Greenbrier's office market comprises approximately 3.9 million square feet, with a current vacancy rate of 8.9%, indicating a strong and stable market. The asking price for this turnkey medical office building is $5,110,000. This property offers a unique blend of established tenancy, prime location, and strong market fundamentals, making it an ideal investment for discerning buyers. The property's address is easily accessible via Volvo Parkway, offering convenient access for patients and staff. This is a rare opportunity to acquire a high-quality medical office building in a thriving market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake
    State
    Virginia
    Longitude
    -76.205
    Latitude
    36.7628

    Comparable in this City

    • Value Estimation by Request
      27,476 SF

      725 Volvo Pkwy

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      7,656 SF

      433 Network Sta

      MEDICAL BUILDING • 7,656 SF
      433 Network Sta, Chesapeake, VA 23320-3851
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    • Value Estimation by Request
      6,000 SF

      817 Volvo Pkwy, Unit 100

      MEDICAL BUILDING • 6,000 SF
      817 Volvo Pkwy, Chesapeake, VA 23320-2855
      View Details
    • Value Estimation
      $920,000
      1.13 Acres

      1401 Kristina Way

      MEDICAL BUILDING • 1.13 Acres
      1401 Kristina Way, Chesapeake, VA 23320-8918
      View Details
    • Value Estimation
      $1,870,000
      61,086 SF

      300 Medical Pkwy

      MEDICAL BUILDING • 61,086 SF
      300 Medical Pkwy, Chesapeake, VA 23320-4985
      View Details
    • Value Estimation by Request
      2,016 SF

      1101 Battlefield N Blvd

      MEDICAL BUILDING • 2,016 SF
      1101 Battlefield N Blvd, Chesapeake, VA 23320-4735
      View Details

    Similar Nearby for Sale

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      Chesapeake Medical Office Building

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      1533 Volvo Pkwy, Chesapeake, VA 23320
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      12,732 SF

      Medical Office Building on Volvo

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    Similar Nearby for Lease

    • $25 SF/Yr
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      Class A Medical Office Space in Chesapeake, VA

      Prime Medical Office Suites Available in Greenbrier
      725 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • $25 SF/Yr

      Greenbrier Medical Office Building

      Class A medical office space in the heart of Greenbrier.
      725 Volvo Pkwy, Chesapeake, VA 23320
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    • $25 SF/Yr

      Greenbrier Medical Office Space

      Medical office suites available in Greenbrier, Chesapeake.
      733 Volvo Pkwy, Chesapeake, VA 23320
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      14,582 SF

      Office/Medical Space Near I-64

      Office or medical space available for rent near I-64.
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      Medical Office Space for Lease

      Medical office space available in Chesapeake Medical Center.
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      2,140 SF

      New Greenbrier Office Space

      New construction office space in the heart of Greenbrier.
      1401 Kristina Way, Chesapeake, VA 23320
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    Chesapeake, VA 23320
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    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
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