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    1415 Cedar Rd Chesapeake, VA 23322-7107
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    Property profile & analytics

    1415 Cedar Rd Chesapeake, VA 23322-7107

    View on Map
    • Drug stores
    • 14,550 SF
    • 4.03 lot acres
    Off-Market
    Property ID
    US87-1348903
    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
    $2,030,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rite Aid Pharmacy / Pharmacy
    • Chad R. Deuvall, PharmD / Pharmacy
    • Rite Aid / Pharmacy
    • Coinhub Bitcoin ATM Teller / Atm
    • Western Union / Bank / Credit Union

    Property Details for 1415 Cedar Rd

    Year built
    2003
    Lot size
    4.03 lot acres
    Property size
    14,550 SF
    Zone code
    PUD: PLANNED UNIT DEVELOP
    Property type
    Drug stores
    APN
    464001000002
    APU
    464001000002

    Description

    This exceptional 14,550-square-foot freestanding retail building, formerly a Rite Aid pharmacy, presents a compelling investment opportunity in Chesapeake, Virginia. Built in 2003, the property boasts a convenient drive-thru and sits on a sizable 4.025-acre lot. Its zoning is designated as PUD. Strategically located in the Great Bridge retail submarket, the building enjoys high visibility at the signalized intersection of Greens Edge Drive and Cedar Road. This prime location offers easy access to a significant customer base, enhanced by its proximity to Tidewater Community College and a Walmart Supercenter. Further bolstering its appeal is the imminent construction of a new Publix grocery store directly on Cedar Road, west of the property, promising increased foot traffic and enhanced retail synergy. The building is in excellent condition and ready for immediate occupancy or redevelopment, making it an ideal asset for a variety of retail uses. The property's address is 1415 Cedar Road, Chesapeake, VA 23322.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,295,000
      6.5%
      $2,115,000
      7%
      $1,965,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,380,000
      Market price range: $389k - $1.62M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,725,000
      Current use
      COMMERCIAL (GENERAL)
      $2,370,000
      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
    -76.2911
    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
    $43,403
    $1,648,800
    $3,647,700
    $5,296,500
    -
    $1,648,800
    $3,647,700
    $5,296,500

    Comparable in this City

    • Value Estimation
      $6,035,000
      13,644 SF

      1418 Cedar Rd

      DRUG STORE, PHARMACY • 13,644 SF
      1418 Cedar Rd, Chesapeake, VA 23322-7172
      View Details
    • Value Estimation
      $3,780,000
      13,703 SF

      321 Battlefield S Blvd

      DRUG STORE, PHARMACY • 13,703 SF
      321 Battlefield S Blvd, Chesapeake, VA 23322-5311
      View Details
    • Value Estimation
      $1,520,000
      10,983 SF

      240 Battlefield S Blvd

      DRUG STORE, PHARMACY • 10,983 SF
      240 Battlefield S Blvd, Chesapeake, VA 23322-5233
      View Details
    • Value Estimation
      $6,935,000
      14,736 SF

      201 Hanbury E Rd

      DRUG STORE, PHARMACY • 14,736 SF
      201 Hanbury E Rd, Chesapeake, VA 23322-6613
      View Details
    • Value Estimation
      $2,675,000
      14,563 SF

      1458 Mt Pleasant Rd

      DRUG STORE, PHARMACY • 14,563 SF
      1458 Mt Pleasant Rd, Chesapeake, VA 23322-3934
      View Details
    • Value Estimation
      $3,955,000
      35,550 SF

      500 Battlefield Blvd S Ste, Unit 1

      RETAIL STORES (PERSONAL SERVICES) • 35,550 SF
      500 Battlefield Blvd S Ste, Chesapeake, VA 23322-5367
      View Details

    Similar Nearby for Sale

    • $2,795,439

      Retail Property Near National Tenants

      Retail property surrounded by national tenants with high population density.
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      Edinburgh North Development Opportunity

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      Chesapeake Retail Building For Sale

      4,786 SF single tenant building in Great Bridge/Cedar Road.
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      39 Acres Development Opportunity

      39 acres in Chesapeake, Virginia, for development.
      Battlefield Blvd And Hickory Rd, Chesapeake, VA 23322
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      Corner Lot for Retail

      Prime corner lot suitable for grocery, retail, or multifamily use.
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      Commercial Land in Great Bridge

      Commercial real estate with potential in Great Bridge area.
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    Similar Nearby for Lease

    • Contact for pricing
      1,080 SF

      Retail Space in Kroger-Anchored Center

      Retail space available in Chesapeake, Virginia, anchored by Kroger.
      1464 Mount Pleasant Rd, Chesapeake, VA 23322
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      1,200 SF

      Retail Space Near Publix

      Retail space available near Tidewater Community College and Publix.
      1620 Cedar Rd, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      1,750 SF

      Renovated Shopping Center Retail Space

      Retail space available in renovated shopping center anchored by Food Lion.
      1253 Cedar Rd, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      3,990 SF

      Retail Space on Battlefield Blvd

      Stand-alone retail building with high visibility and ample parking.
      202 Battlefield Blvd S, Chesapeake, VA 23322
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      1,870 SF

      Retail Space in Chesapeake, VA

      Retail space available for lease in Chesapeake, Virginia.
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      View Details
    • Contact for pricing
      10,500 SF

      Retail/Office/Medical Space For Lease

      Corner lot retail/office/medical space for lease. Delivering Q4 2020.
      1004 Hillwell Rd, Chesapeake, VA 23322
      View Details
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    Chesapeake, VA 23322-7107
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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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