Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1312 Priority Ln Chesapeake, VA 23324-1313
    Back to Search
    Property profile & analytics

    1312 Priority Ln, Chesapeake, VA 23324-1313

    View on Map
    • Manufacturing properties
    • 82,881 SF
    • 12.79 lot acres
    Off-Market
    Last Sale Jun 29, 2022
    Property ID
    US87-1149440
    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
    $4,410,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Manufacturing properties

    Property Details for 1312 Priority Ln

    Year built
    1925
    Lot size
    12.79 lot acres
    Zone code
    M2: GENERAL INDUSTRIAL
    Property type
    Manufacturing properties
    APN
    1260000000050
    APU
    1260000000050

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 29, 2022 — Imerys Norfolk INC Imerys Norfolk INC Intrafamily Transfer · related —
    Jul 27, 2021 — Kerneos INC Roanoke Cement Company LLC Quit Claim Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $6,140,000
      6.5%
      $5,670,000
      7%
      $5,265,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2869
    Latitude
    36.8149
    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
    $131,686
    $2,520,000
    $12,083,200
    $14,603,200
    -
    $2,520,000
    $12,083,200
    $14,603,200

    Comparable in this City

    • Value Estimation
      $1,115,000
      24,679 SF

      4300 Buell St

      MANUFACTURING (LIGHT)
      4300 Buell St, Chesapeake, VA 23324-1008
      View Details
    • Value Estimation
      $8,435,000
      128,596 SF

      2001 Myers Rd

      MANUFACTURING (LIGHT)
      2001 Myers Rd, Chesapeake, VA 23324-3231
      View Details
    • Value Estimation
      $580,000
      13,230 SF

      550 Freeman Ave

      MANUFACTURING (LIGHT)
      550 Freeman Ave, Chesapeake, VA 23324-1065
      View Details
    • Value Estimation by Request
      3.16 Acres

      1333 Priority Ln

      MANUFACTURING (LIGHT)
      1333 Priority Ln, Chesapeake, VA 23324
      View Details
    • Value Estimation
      $2,475,000
      58,138 SF

      3900 Shannon St, Unit 4

      MANUFACTURING (LIGHT)
      3900 Shannon St, Chesapeake, VA 23324-1054
      View Details
    • Value Estimation by Request
      6,750 SF

      210 B St

      MANUFACTURING (LIGHT)
      210 B St, Chesapeake, VA 23324-2512
      View Details

    Similar Nearby for Sale

    • $349,000
      825 SF

      Renovated Commercial Building on Corner Lot

      Fully renovated commercial building on high-visibility corner lot for sale.
      1234 Bainbridge Blvd, Chesapeake, VA 23324
      View Details
    • $37,500
      0.07 Acres

      Residential Land in South Norfolk

      Residential land with development potential in Chesapeake, Virginia.
      407 B St, Chesapeake, VA 23324
      View Details
    • $37,500
      0.10 Acres

      Buildable Lot in South Norfolk

      Infill lot with redevelopment potential in Chesapeake, Virginia.
      403 B St, Chesapeake, VA 23324
      View Details
    • $95,000
      0.08 Acres

      Chesapeake Land with M-2 Zoning

      Land with M-2 zoning, ideal for commercial or industrial use.
      427 Freeman Ave, Chesapeake, VA 23324
      View Details
    • Contact for pricing
      13,813 SF

      Freestanding Retail Building with Drive-Thru

      Former drug store with drive-thru at signalized intersection.
      2040 Atlantic Ave, Chesapeake, VA 23324
      View Details
    • $75,000
      0.13 Acres

      Chesapeake Land Opportunity

      Two B1-zoned lots in South Norfolk, Chesapeake.
      1427 Atlantic Ave, Chesapeake, VA 23324
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Chesapeake Industrial Spaces Available

      Industrial spaces available for rent in Chesapeake, Virginia.
      500 Freeman Ave, Chesapeake, VA 23324
      View Details
    • $15 SF/Yr

      Retail Space in Liberty Plaza

      Retail space for lease in Chesapeake's South Norfolk submarket.
      1800 Liberty St, Chesapeake, VA 23324
      View Details
    • Contact for pricing

      Commercial Land Available For Lease

      Commercial land for lease, available November 1, 2024.
      192 Providence Rd, Chesapeake, VA 23324
      View Details
    • Contact for pricing

      Office Space For Rent

      Single tenant office space available for rent.
      4039 Buell St, Chesapeake, VA 23324
      View Details
    • Contact for pricing
      10,125 SF

      Regional Shopping Center Space Available

      Value-oriented shopping center with space for lease, Summer 2024 opening.
      1903 S Military Hwy, Chesapeake, VA 23324
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space in Regional Center

      Retail space available in value-oriented shopping center.
      1905 S Military Hwy, Chesapeake, VA 23324
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1312 Priority Ln
    Chesapeake, VA 23324-1313
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1312 Priority Ln, Chesapeake, VA, 23324
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!