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    1156 George Washington N Hwy Chesapeake, VA 23323-4908
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    Property profile & analytics

    1156 George Washington N Hwy Chesapeake, VA 23323-4908

    View on Map
    • Drug stores
    • 11,683 SF
    • 1.33 lot acres
    Off-Market
    Last Sale Jan 28, 2022
    $1,872,000
    Property ID
    US87-0606157
    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.
    Value Estimations
    $1,655,000
    Show details
    Cap Rate Potential
    7.1%
    Drug stores
    Location Intelligence

    Current Use by 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

    Property Details for 1156 George Washington N Hwy

    Year built
    1996
    Lot size
    1.33 lot acres
    Property size
    11,683 SF
    Zone code
    B1: NEIGHBORHOOD BUSINESS
    Property type
    Drug stores
    APN
    251001000160
    APU
    251001000160

    Value 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

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,392,000
      Market price range: $362k - $1.39M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,190,000
      Current use
      COMMERCIAL (GENERAL)
      $1,905,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.3346
    Latitude
    36.7838
    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
    $19,481
    $399,900
    $2,310,000
    $2,709,900
    -
    $399,900
    $2,310,000
    $2,709,900

    Comparable in this City

    • Value Estimation
      $2,105,000
      14,452 SF

      1168 George Washington N Hwy

      DRUG STORE, PHARMACY • 14,452 SF
      1168 George Washington N Hwy, Chesapeake, VA 23323-4908
      View Details
    • Value Estimation
      $1,780,000
      12,117 SF

      2981 Military Hwy

      DRUG STORE, PHARMACY • 12,117 SF
      2981 Military Hwy, Chesapeake, VA 23323-5810
      View Details
    • Value Estimation
      $1,810,000
      12,418 SF

      3005 Old Ml Rd

      DRUG STORE, PHARMACY • 12,418 SF
      3005 Old Ml Rd, Chesapeake, VA 23323-1809
      View Details
    • Value Estimation
      $3,005,000
      33,678 SF

      1100 George Washington N Hwy

      RETAIL STORES (PERSONAL SERVICES) • 33,678 SF
      1100 George Washington N Hwy, Chesapeake, VA 23323-4908
      View Details
    • Value Estimation
      $1,250,000
      16,100 SF

      3330 Military Hwy Ste 101b

      RETAIL STORES (PERSONAL SERVICES) • 16,100 SF
      3330 Military Hwy Ste 101b, Chesapeake, VA 23323-3544
      View Details
    • Value Estimation
      $1,095,000
      8,540 SF

      3302 Military Hwy

      RETAIL STORES (PERSONAL SERVICES) • 8,540 SF
      3302 Military Hwy, Chesapeake, VA 23323-3545
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,346 SF

      Retail Property on George Washington

      Retail space with high visibility and convenient highway access.
      1161 George Washington Hwy N, Chesapeake, VA 23323
      View Details
    • Contact for pricing

      Retail Outparcels For Sale

      Retail outparcels available in Chesapeake, Virginia.
      2800 Yadkin 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
    • Contact for pricing

      Commercial Land Near 7-Eleven

      Land for sale adjacent to 7-Eleven with high visibility.
      136 George Washington Hwy N, Chesapeake, VA 23323
      View Details
    • $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
    • $369,000
      14.91 Acres

      Chesapeake Land Opportunity

      14.91 acres of land in the Grassfield area.
      Shillelagh Rd, Chesapeake, VA 23323
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,100 SF

      Retail Space on George Washington

      Retail space available for lease on George Washington Highway.
      1080 George Washington Hwy N, 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

      Retail Space with Anchor Tenants

      Retail property anchored by Food Lion and Dollar General.
      2605-2617 Moses Grandy Trl, 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
    • Contact for pricing
      68,601 SF

      Chesapeake Commercial Property for Rent

      Commercial property available for rent in Chesapeake, Virginia.
      3808 Cook 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 23323-4908
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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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