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    1324 Cedar Rd Chesapeake, VA 23322
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    1324 Cedar Rd, Chesapeake, VA 23322

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    • Assisted living facilities
    • 59,712 SF
    • 8.33 lot acres
    For Sale
    $3,630,000
    View Listing →
    Chesapeake Land on Cedar Road For Sale
    $3,630,000
    8.45 Acres

    Chesapeake Land on Cedar Road

    8.45 acres of vacant land in Chesapeake, Virginia.

    1324 Cedar Rd, Chesapeake, VA
    View Listing
    Property ID
    US87-1021978
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commonwealth Senior Living at Cedar Manor / Community Center

    Property Details for 1324 Cedar Rd

    Year built
    2001
    Lot size
    8.33 lot acres
    Zone code
    O-I: OFFICE & INSTITUTION
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    460000000212
    APU
    460000000212

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 30, 2026 — Mcap Cedar Manor LLC — Deed · related $5.5M · Trustmark National Bank
    Jan 22, 2024 — Mcap Cedar Manor Land LLC Mcap Cedar Manor LLC Special Warranty Deed —
    Nov 20, 2020 $6,250 Mcap Cedar Manor LLC Chesapeake Hospital Authority Special Warranty Deed $8.5M · Atlantic Union Bank
    Nov 20, 2020 — Mcap Cedar Manor LLC — Deed · related $8.5M · Atlantic Union Bank

    Description

    This exceptional 8.45-acre commercial land parcel presents a unique investment opportunity in Chesapeake, Virginia. Located at 1324 Cedar Road, this property boasts excellent visibility and accessibility. The O-I (Office Institutional) zoning allows for a variety of development options, making it suitable for a range of commercial projects. The site benefits from high traffic volume, with Cedar Road seeing over 26,000 vehicles per day, ensuring significant exposure for any development. Its strategic location offers close proximity to Chesapeake City Hall, less than five miles from the I-64/I-464 interchange, providing easy access to major transportation arteries. The property is further enhanced by its adjacency to a Class A senior housing facility and is surrounded by a dense residential population, creating a strong potential customer base. The 23322 zip code offers a desirable location within Chesapeake County. This vacant land presents a compelling opportunity for developers seeking a high-traffic, well-located site in a thriving community. The substantial lot size provides ample space for a significant development project, catering to a variety of commercial needs. Serious inquiries are encouraged to explore the potential of this remarkable property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,627,000
      Market price range: $1.07M - $6.01M

    • Alternative Use

      Use
      Estimation
      HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING)
      $3,140,000
      Current use
      AUTO REPAIR, GARAGE
      $5,455,000
      Change: +74% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,955,000
      Change: +26% Conversion: Difficult
      MEDICAL BUILDING
      $3,940,000
      Change: +26% Conversion: Difficult
      RETAIL STORES
      $2,995,000
      Change: -5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2877
    Latitude
    36.7215
    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
    $0.00
    $1,848,300
    $9,256,800
    $11,105,100
    -
    $1,848,300
    $9,256,800
    $11,105,100

    Comparable in this City

    • Value Estimation
      $11,570,000
      103,693 SF

      933 Cedar Rd

      HOMES (RETIRED, NURSING)
      933 Cedar Rd, Chesapeake, VA 23322-7415
      View Details
    • Value Estimation
      $505,000
      6,653 SF

      238 Ballahack Rd

      HOMES (RETIRED, NURSING)
      238 Ballahack Rd, Chesapeake, VA 23322-2414
      View Details
    • Value Estimation
      $1,725,000
      5.87 Acres

      1909 Edinburgh Ln

      HOMES (RETIRED, NURSING)
      1909 Edinburgh Ln, Chesapeake, VA 23322-6522
      View Details
    • Value Estimation by Request
      3,183 SF

      912 Battlefield S Blvd

      HOMES (RETIRED, NURSING)
      912 Battlefield S Blvd, Chesapeake, VA 23322-4213
      View Details
    • Value Estimation by Request
      4,215 SF

      133 Whitehurst Rd, Unit A

      HOMES (RETIRED, NURSING)
      133 Whitehurst Rd, Chesapeake, VA 23322-4236
      View Details
    • Value Estimation by Request
      6.33 Acres

      757 Cedar Rd

      HOMES (RETIRED, NURSING)
      757 Cedar Rd, Chesapeake, VA 23322-7663
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      10,500 SF

      Retail/Office/Medical Space For Lease

      Corner lot retail/office/medical space for lease. Delivering Q4 2020.
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      1,200 SF

      Retail Space Near Publix

      Retail space available near Tidewater Community College and Publix.
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      1,750 SF

      Renovated Shopping Center Retail Space

      Retail space available in renovated shopping center anchored by Food Lion.
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      View Details
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    Chesapeake, VA 23322
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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.

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