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Property profile & analytics
FOR LEASE
Retail space
141 Hillcrest Pkwy Chesapeake, VA 23322
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US87-0685115
For Lease
1 / 3
$3,285,000
141 Hillcrest Pkwy, Chesapeake, VA 23322
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2006
Total area
10,740 SF
Lot
1.96 ac (85,203 SF)
Zoning code
PUD: PLANNED UNIT DEVELOP
APN
730000001790
UPID
US87-0685115
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.41M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.53M
Blend (final)
Blend
$3.29M
Owner & transaction history
Keepsake Storage LLC · 4 yrs held
Keepsake Storage LLC
since 2021
Last sale
$3.2M
3 recorded transactions
Zoning & alternative use
PUD: PLANNED UNIT DEVELOP · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$4.8M
+137.2%
Restaurant
$4.0M
+96.6%
Auto repair, garage
$2.8M
+37.6%
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
$3,380,000
ML approach
$3,410,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$2,010,000
Current use
APARTMENT HOUSE (5+ UNITS)
$4,775,000
Change: +137% · Conversion: Difficult
RESTAURANT
$3,955,000
Change: +97% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,770,000
Change: +38% · Conversion: Difficult
Blend value · Realmo final
$3.29M
Range $2.96M – $3.61M · ±10% · vs last sale $3.18M (Aug 25 2021)
Last sale anchor
$3.18M
Aug 25 2021
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
$306 / 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
$26,758
Tax year 2019
Assessed value
$2,594,700
Assessed 2023
Previous assessed
$2,433,500
+6.6% YoY
Effective rate
1.03%
On assessed value
Assessed land
$1,564,800
Assessed improvement
$1,029,900
Land market value
$1,564,800
Improvement market value
$1,029,900
Total market value
$2,594,700
Applied tax rate
23.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Lease
Year built
2006
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
1
Units
1
Total area
10,740 SF
Lot
1.96 ac (85,203 SF)
Zoning code
PUD: PLANNED UNIT DEVELOP
APN
730000001790
UPID
US87-0685115
Jurisdiction
CHESAPEAKE CITY
Zoning & alternative use
PUD: PLANNED UNIT DEVELOP · Chesapeake, VA
Zoning PUD: PLANNED UNIT DEVELOP · permitted uses
PUD: PLANNED UNIT DEVELOP · 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
$2.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.8M
RESTAURANT
Est. value
$4.0M
AUTO REPAIR, GARAGE
Est. value
$2.8M
RETAIL STORES Current
APARTMENT HOUSE (5+ UNITS)
RESTAURANT
AUTO REPAIR, GARAGE
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
2006
Heating
PACKAGE
Cooling
Yes
Stories
1
Units
1
Lot
1.96 ac
Current owner
From public records · entity-resolved
Keepsake Storage LLC
Entity
Mailing address
6651 DRUNKARD RD, JETERSVILLE, VA 23083-2863
Ownership since
2021
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
Aug 25, 2021
$3,175,000
Keepsake Storage LLC
Ktk Chesapeake LLC
Special Warranty Deed
$1,825,000 · Hometrust Bank
Dec 2, 2015
$2,800,000
Ktk Chesapeake LLC A Virginia Limit
Edinburgh East LLC A Virginia Limit
Special Warranty Deed
$1,260,000 · M & T Bank
Jan 24, 2008
$650,000
Paul Schmidt Enterprises
Edinburgh East LLC
Special Warranty Deed
—
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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