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Property profile & analytics
OFF-MARKET
Estimated value
$1,655,000
Drug stores
1156 George Washington N Hwy, Chesapeake, VA 23323-4908
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US87-0606157
Property profile
Verified
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Year built
1996
Total area
11,683 SF
Lot
1.33 ac (58,065 SF)
Zoning code
B1: NEIGHBORHOOD BUSINESS
APN
251001000160
UPID
US87-0606157
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
-
Deep Creek Floral (Bike/Boat/Book/etc) Store Florist
-
Lawrence Pharmacy Pharmacy
-
Leigh B. Williams, RPH Pharmacy
-
MoneyGram Bank Credit Union
-
Amazon Counter - Lawrence Pharmacy Courier Service Postal Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.54M
CAP Approach
CAP
$1.70M
Comparable Approach
Comparable
$1.39M
Blend (final)
Blend
$1.66M
Owner & transaction history
Mercer Real Estate LLC · 4 yrs held
Mercer Real Estate LLC
since 2022
Last sale
$1.9M
3 recorded transactions
Zoning & alternative use
B1: NEIGHBORHOOD BUSINESS · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$1,550,000
ML approach
$1,535,000
CAP Approach
CAP Return
Estimation
6%
$1,840,000
6.5%
$1,700,000
7%
$1,580,000
Alternative Use
Use
Estimation
RETAIL STORES
$2,190,000
Current use
COMMERCIAL (GENERAL)
$1,905,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$1.66M
Range $1.49M – $1.82M · ±10% · vs last sale $1.87M (Jan 28 2022)
Last sale anchor
$1.87M
Jan 28 2022
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
$142 / 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
$19,481
Tax year 2019
Assessed value
$2,709,900
Assessed 2023
Previous assessed
$2,307,000
+17.5% YoY
Effective rate
0.72%
On assessed value
Assessed land
$399,900
Assessed improvement
$2,310,000
Land market value
$399,900
Improvement market value
$2,310,000
Total market value
$2,709,900
Applied tax rate
12.0000
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
Drug stores
Use group
DRUG STORE, PHARMACY
Status
Off-Market
Year built
1996
Heating
HEAT PUMP
Stories
1
Units
1
Total area
11,683 SF
Lot
1.33 ac (58,065 SF)
Zoning code
B1: NEIGHBORHOOD BUSINESS
APN
251001000160
UPID
US87-0606157
Jurisdiction
CHESAPEAKE CITY
Zoning & alternative use
B1: NEIGHBORHOOD BUSINESS · Chesapeake, VA
Zoning B1: NEIGHBORHOOD BUSINESS · permitted uses
B1: NEIGHBORHOOD BUSINESS · 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
RETAIL STORES Current
Est. value
$2.2M
COMMERCIAL (GENERAL)
Est. value
$1.9M
RETAIL STORES Current
COMMERCIAL (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
1996
Heating
HEAT PUMP
Stories
1
Units
1
Lot
1.33 ac
Current owner
From public records · entity-resolved
Mercer Real Estate LLC
Entity
Mailing address
1156 GEORGE WASHINGTON HWY N, CHESAPEAKE, VA 23323-4908
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 12, 2022
—
Mercer Real Estate LLC
—
Deed
related
$865,000 · Business Finance Group INC
Jan 28, 2022
$1,872,000
Mercer Real Estate LLC
Patricia S Lawrence
Warranty Deed
$1,050,000 · Farmers Bank
Jan 28, 2022
—
Mercer Real Estate LLC
—
Deed
related
$840,000 · Farmers Bank
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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