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Property profile & analytics
OFF-MARKET
Estimated value
$2,065,000
Office buildings
103 Watson Rd Chesapeake, VA 23320-3928
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US87-1203202
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1986
Total area
13,083 SF
Lot
1.88 ac (81,893 SF)
Zoning code
B3: HIGHWAY SERVICE
APN
480000000472
UPID
US87-1203202
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Kursti Woolard Medicare Insurance Broker, Life & Annuity Agent Insurance Agency
-
Riverview Centre Hotel & Motel Resort
-
Watershed Security, LLC Security Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.27M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.83M
Blend (final)
Blend
$2.07M
Owner & transaction history
Red Sky Holdings LLC · 2 yrs held
Red Sky Holdings LLC
since 2023
Last sale
$2.1M
5 recorded transactions
Zoning & alternative use
B3: HIGHWAY SERVICE · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.5M
+33.0%
Commercial (general)
$2.2M
+18.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Chesapeake submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chesapeake submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,035,000
ML approach
$2,265,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,845,000
Current use
RETAIL STORES
$2,450,000
Change: +33% · Conversion: Moderate
COMMERCIAL (GENERAL)
$2,190,000
Change: +19% · Conversion: Easy
WAREHOUSE, STORAGE
$1,830,000
Change: -1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$1,525,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$2.07M
Range $1.86M – $2.27M · ±10% · vs last sale $2.10M (Dec 29 2023)
Last sale anchor
$2.10M
Dec 29 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$158 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2019Property tax & assessments
Tax year 2019
Tax billed
$20,078
Tax year 2019
Assessed value
$1,987,600
Assessed 2023
Previous assessed
$1,987,600
+0.0% YoY
Effective rate
1.01%
On assessed value
Assessed land
$621,000
Assessed improvement
$1,366,600
Land market value
$621,000
Improvement market value
$1,366,600
Total market value
$1,987,600
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1986
Heating
HEAT PUMP
Stories
20
Units
1
Total area
13,083 SF
Lot
1.88 ac (81,893 SF)
Zoning code
B3: HIGHWAY SERVICE
APN
480000000472
UPID
US87-1203202
Jurisdiction
CHESAPEAKE CITY
Zoning & alternative use
B3: HIGHWAY SERVICE · Chesapeake, VA
Zoning B3: HIGHWAY SERVICE · permitted uses
B3: HIGHWAY SERVICE · Chesapeake, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Chesapeake. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.8M
RETAIL STORES
Est. value
$2.5M
COMMERCIAL (GENERAL)
Est. value
$2.2M
WAREHOUSE, STORAGE
Est. value
$1.8M
INDUSTRIAL (GENERAL)
Est. value
$1.5M
OFFICE BUILDING Current
RETAIL STORES
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1986
Heating
HEAT PUMP
Stories
20
Units
1
Lot
1.88 ac
Current owner
From public records · entity-resolved
Red Sky Holdings LLC
Entity
Mailing address
222 AVONLEA POINTE, CHESAPEAKE, VA 23322-4279
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 10, 2026
—
Red Sky Holdings LLC
—
Deed
related
$1,155,000 · Atlantic Union Bank
Sep 11, 2024
—
Red Sky Holdings LLC
—
Deed
related
$948,000 · Business Finance Group INC
Dec 29, 2023
$2,100,000
Red Sky Holdings LLC
Watson Station LLC
Special Warranty Deed
$1,162,200 · The Old Point National Bank Of Phoe
May 17, 2023
—
Watson Station Ll
—
Deed
related
$400,000 · Wells Fargo Bank NA
Nov 22, 2019
$1,850,000
Watson Station LLC
Great Bridge Village LLC
Special Warranty Deed
$1,387,500 · Wells Fargo Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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