Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1587 Crossways Blvd Chesapeake, VA 23320

    • Community centers
    • 152,611 SF
    • 12.38 lot acres
    OFF-MARKET
    Value Estimations
    $1,935,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0842052
    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.

    Current Use by Public Records

    • Community centers

    Property Details for 1587 Crossways Blvd

    Year built
    1991
    Lot size
    12.38 lot acres
    Property size
    152,611 SF
    Zone code
    B2: GENERAL BUSINESS
    Property type
    Community centers
    APN
    280000000711
    APU
    280000000711

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.235
    Latitude
    36.7792
    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
    $205,519
    $4,950,400
    $13,167,200
    $18,117,600
    -
    $4,950,400
    $13,167,200
    $18,117,600

    Comparable in this City

    • Value Estimation
      $3,150,000
      168,391 SF

      836 Eden Way N Ste 145b

      MINI-MALL • 168,391 SF
      836 Eden Way N Ste 145b, Chesapeake, VA 23320-0202
      View Details
    • Value Estimation
      $945,000
      54,922 SF

      1412 Greenbrier Pkwy

      MINI-MALL • 54,922 SF
      1412 Greenbrier Pkwy, Chesapeake, VA 23320-2832
      View Details
    • Value Estimation
      $2,020,000
      95,354 SF

      1212 Greenbrier Pkwy

      MINI-MALL • 95,354 SF
      1212 Greenbrier Pkwy, Chesapeake, VA 23320-2899
      View Details
    • Value Estimation
      $1,695,000
      151,805 SF

      1903 Military Hwy Ste, Unit 101

      MINI-MALL • 151,805 SF
      1903 Military Hwy Ste, Chesapeake, VA 23320-4438
      View Details
    • Value Estimation by Request
      7,440 SF

      1744 Sentinel Dr

      Lifestyle centers • 7,440 SF
      1744 Sentinel Dr, Chesapeake, VA 23320
      View Details
    • Value Estimation
      $28,790,000
      121,111 SF

      1501 Sentinel Dr

      MINI-MALL • 121,111 SF
      1501 Sentinel Dr, Chesapeake, VA 23320-4465
      View Details

    Similar Nearby for Sale

    • $1,375,000
      2,623 SF

      Restaurant Space on South Military

      High-visibility restaurant space centrally located on South Military Highway.
      1370 S Military Hwy, Chesapeake, VA 23320
      View Details
    • New
      $4,000,000
      28,400 SF

      Chesapeake Commercial/Industrial Opportunity For Sale

      Versatile commercial property with warehouse, office, and showroom spaces.
      4653 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • $650,000
      1.64 Acres

      Chesapeake Commercial Land - 1.64 Acres

      Prime Greenbrier development site, medical/office ready.
      501 Discovery Dr, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      8.00 Acres

      Chesapeake Commercial Land - 8 Acres

      Prime 8-acre commercial lot, ideal for development.
      0 Debaun Loop, Chesapeake, VA 23320
      View Details
    • $722,171
      0.40 Acres

      Chesapeake Retail Space For Sale

      High-traffic retail space near Food Lion.
      865 Great Bridge Blvd, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      0.15 Acres

      Chesapeake Land for Sale

      Land subject to Chesapeake Bay Preservation Act guidelines.
      5004 Bainbridge Blvd, Chesapeake, VA 23320
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,480 SF

      Retail Space in Greenbrier Village

      Vibrant retail space near I-64 and Greenbrier Mall.
      732 Eden Way N, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space in Chesapeake, VA

      Retail space in a high-traffic Chesapeake location.
      1320 Kempsville Rd, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      371,735 SF

      Crossways Shopping Center: Prime Retail Space

      Chesapeake, VA Power Center with High Traffic
      1412 Greenbrier Pkwy, Chesapeake, VA 23320
      View Details
    • $32 SF/Yr
      6,000 SF

      Retail Space Near Kroger Marketplace

      Retail space available Summer 2020 near major retailers.
      1653 Sentinel Dr, Chesapeake, VA 23320
      View Details
    • $9 SF/Yr
      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 23320
      View Details
    • Contact for pricing
      1,200 SF

      Neighborhood Shopping Center Space Available

      Neighborhood shopping center near Chesapeake Regional Medical Center.
      805 Battlefield Blvd N, Chesapeake, VA 23320
      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.
    1587 Crossways Blvd
    Chesapeake, VA 23320
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.