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    Property profile & analytics

    111 Mill Creek Pkwy Chesapeake, VA 23323

    • Office buildings
    • 19,200 SF
    • 1.70 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0768538
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Kingdom Horizon LLC / Business Management Consultant / Business To Business Service
    • Elizabeth Carol Robins / Marriage Or Relationship Counselor
    • Dr. James N. Rhodes / Dental Office
    • Seema Ahmed / Physician

    Property Details for 111 Mill Creek Pkwy

    Year built
    1989
    Lot size
    1.70 lot acres
    Property size
    19,200 SF
    Zone code
    B1: NEIGHBORHOOD BUSINESS
    Property type
    Office buildings
    APN
    452001000005
    APU
    452001000005

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,309,000
      Market price range: $1.81M - $3.71M
      AI Estimate
      $1,419,000
      Market price range: $1.06M - $2.29M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,695,000
      Current use
      RETAIL STORES
      $3,600,000
      Change: +33% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $3,125,000
      Change: +16% Conversion: Easy
      WAREHOUSE, STORAGE
      $2,575,000
      Change: -4% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $2,235,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.3464
    Latitude
    36.7401
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2019
    $21,752
    $340,400
    $1,602,700
    $1,943,100
    -
    $340,400
    $1,602,700
    $1,943,100

    Comparable in this City

    • Value Estimation by Request
      3,074 SF

      3769 Military Hwy

      OFFICE BUILDING • 3,074 SF
      3769 Military Hwy, Chesapeake, VA 23323-1503
      View Details
    • Value Estimation
      $515,000
      3,200 SF

      1604 Steel St

      OFFICE BUILDING • 3,200 SF
      1604 Steel St, Chesapeake, VA 23323-6116
      View Details
    • Value Estimation
      $1,320,000
      10,166 SF

      3815 Holland Blvd

      OFFICE BUILDING • 10,166 SF
      3815 Holland Blvd, Chesapeake, VA 23323-1518
      View Details
    • Value Estimation by Request
      1,855 SF

      164 George Washington S Hwy

      OFFICE BUILDING • 1,855 SF
      164 George Washington S Hwy, Chesapeake, VA 23323-1701
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    • Value Estimation by Request
      624 SF

      701 Butler St

      OFFICE BUILDING • 624 SF
      701 Butler St, Chesapeake, VA 23323
      View Details
    • Value Estimation by Request
      1,787 SF

      1041 George Washington N Hwy

      OFFICE BUILDING • 1,787 SF
      1041 George Washington N Hwy, Chesapeake, VA 23323-3505
      View Details

    Similar Nearby for Sale

    • New
      $250,000
      3.70 Acres

      Chesapeake Land with Development Potential

      3.7-acre lot with city utilities and development potential.
      3.1+Ac Cedar Rd, Chesapeake, VA 23323
      View Details
    • Contact for pricing

      Land Adjacent to 7-Eleven

      Land with high visibility and access near George Washington Highway.
      136 George Washington Hwy N, Chesapeake, VA 23323
      View Details
    • $369,000
      14.91 Acres

      Chesapeake Land Opportunity

      14.91 acres of land in the Grassfield area.
      2 Shillelagh Rd, Chesapeake, VA 23323
      View Details
    • $395,000
      0.60 Acres

      Chesapeake Commercial Land Parcel

      High-traffic, B-3 zoned land near 7-Eleven.
      136 George Washington Hwy, Chesapeake, VA 23323
      View Details
    • $350,000
      1.24 Acres

      Chesapeake Waterfront Commercial Land

      Prime B-1 Zoned Acreage, Canal Views
      128 George Washington Hwy, Chesapeake, VA 23323
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    • $10,000,000

      63.33 Acres Mixed-Use Land

      63.33 acres of land with multiple zoning designations.
      3133 Old Mill Rd, Chesapeake, VA 23323
      View Details

    Similar Nearby for Lease

    • $1,800 /Mo
      1,500 SF

      Industrial Unit with Office Space

      Flex space with offices and bay area, easy highway access.
      3936 Holland Blvd, Chesapeake, VA 23323
      View Details
    • $20 SF/Yr
      2,500 SF

      Office Space in Chesapeake

      1,600 SF office space available for lease.
      111 Mill Creek Pkwy, Chesapeake, VA 23323
      View Details
    • Contact for pricing
      1,800 SF

      Chesapeake Retail/Office Space Available

      Retail/office space with high visibility, near Interstates 64 and 664.
      2947 S Military Hwy, Chesapeake, VA 23323
      View Details
    • Contact for pricing
      8,214 SF

      Chesapeake Warehouse Space Available

      Warehouse space for rent featuring dock loading and radiant heating.
      3804 Cook Blvd, Chesapeake, VA 23323
      View Details
    • $9 SF/Yr
      66,755 SF

      Prime Chesapeake Warehouse Space

      Class A warehouse, multiple suites available, Southside location.
      1400 Cavalier Blvd, Chesapeake, VA 23323
      View Details
    • Contact for pricing
      10,273 SF

      Industrial Warehouse with Outside Storage

      Centrally located warehouse with cross-dock and outside storage available.
      1305 Cavalier Blvd, Chesapeake, VA 23323
      View Details
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    Chesapeake, VA 23323
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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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