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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1601 Military Hwy Chesapeake, VA 23320-2609

    • Automotive properties
    • 6,013 SF
    • 1.91 lot acres
    OFF-MARKET
    Last Sale
    Feb 06, 2020
    Value Estimations
    $585,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0983520
    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

    • Little Joe's Mitsubishi / Oil Change Service / Tire Shop

    Property Details for 1601 Military Hwy

    Year built
    1990
    Lot size
    1.91 lot acres
    Property size
    6,013 SF
    Zone code
    B2: GENERAL BUSINESS
    Property type
    Automotive properties
    APN
    200000000233
    APU
    200000000233

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $390,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $774,000
      Market price range: $243k - $850k

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2387
    Latitude
    36.7955
    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
    $16,969
    $764,400
    $1,507,200
    $2,271,600
    -
    $764,400
    $1,507,200
    $2,271,600

    Comparable in this City

    • Value Estimation
      $535,000
      4,683 SF

      1025 Battlefield N Blvd

      VEHICLE SALES, RENTALS • 4,683 SF
      1025 Battlefield N Blvd, Chesapeake, VA 23320-4733
      View Details
    • Value Estimation
      $590,000
      6,340 SF

      849 Battlefield N Blvd

      VEHICLE SALES, RENTALS • 6,340 SF
      849 Battlefield N Blvd, Chesapeake, VA 23320-4871
      View Details
    • Value Estimation
      $630,000
      7,056 SF

      113 Debaun Loop

      VEHICLE SALES, RENTALS • 7,056 SF
      113 Debaun Loop, Chesapeake, VA 23320-4451
      View Details
    • Value Estimation
      $700,000
      10,662 SF

      1216 Military Hwy Ste F

      VEHICLE SALES, RENTALS • 10,662 SF
      1216 Military Hwy Ste F, Chesapeake, VA 23320-2257
      View Details
    • Value Estimation
      $1,470,000
      23,615 SF

      1552 Military Hwy

      VEHICLE SALES, RENTALS • 23,615 SF
      1552 Military Hwy, Chesapeake, VA 23320-2608
      View Details
    • Value Estimation by Request
      12,000 SF

      916 Live Oak Dr

      VEHICLE SALES, RENTALS • 12,000 SF
      916 Live Oak Dr, Chesapeake, VA 23320
      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
    • $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
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    • 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

    • $14 SF/Yr
      4,316 SF

      Versatile Flex Space in Chesapeake

      4,316 SF flex space with automotive use permitted.
      936 Professional Pl, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      1,530 SF

      Retail Spaces Available for Lease

      Retail spaces available from 1,000 to 27,000 square feet.
      836 Eden Way N, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      5,904 SF

      Retail Spaces For Lease

      Retail spaces available, ranging from 1,000 to 27,000 square feet.
      1600 Crossways Blvd, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      8,455 SF

      Prime Chesapeake Restaurant Space

      8,455 SF Freestanding Restaurant, Ideal Location
      1712 Ring Road Chesapeake, VA 23320, Chesapeake, VA 23320
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    • $23 SF/Yr
      29,990 SF

      Battlefield Marketplace Retail Space

      Chesapeake, VA Strip Center Space Available
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      View Details
    • $17 SF/Yr
      8,000 SF

      Parkview Shopping Center: Chesapeake, VA

      Chesapeake Retail Space: Prime Location, High Visibility
      1735 Parkview Dr, Chesapeake, VA 23320
      View Details
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    Chesapeake, VA 23320-2609
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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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