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Property profile & analytics
OFF-MARKET
Estimated value
$515,000
Office buildings
1604 Steel St Chesapeake, VA 23323-6116
Entity Owned
3-yr Hold
Free & Clear
Property ID
US87-0138364
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1988
Total area
3,200 SF
Lot
11.29 ac (491,749 SF)
Zoning code
M2: GENERAL INDUSTRIAL
APN
260000000015
UPID
US87-0138364
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$618k
Blend (final)
Blend
$515k
Owner & transaction history
Hrep Steel Street LLC · 3 yrs held
Hrep Steel Street LLC
since 2023
4 recorded transactions
Zoning & alternative use
M2: GENERAL INDUSTRIAL · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$825,000
+83.6%
Retail stores
$600,000
+33.4%
Commercial (general)
$520,000
+16.0%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$450,000
Current use
AUTO REPAIR, GARAGE
$825,000
Change: +84% · Conversion: Difficult
RETAIL STORES
$600,000
Change: +33% · Conversion: Moderate
COMMERCIAL (GENERAL)
$520,000
Change: +16% · Conversion: Easy
WAREHOUSE, STORAGE
$430,000
Change: -4% · Conversion: Difficult
Blend value · Realmo final
$515k
Range $464k – $567k · ±10%
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
$161 / 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
$10,659
Tax year 2019
Assessed value
$1,070,800
Assessed 2023
Previous assessed
$1,070,000
+0.1% YoY
Effective rate
1.00%
On assessed value
Assessed land
$846,700
Assessed improvement
$224,100
Land market value
$846,700
Improvement market value
$224,100
Total market value
$1,070,800
Applied tax rate
12.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1988
Heating
HEAT PUMP
Stories
1
Units
1
Total area
3,200 SF
Lot
11.29 ac (491,749 SF)
Zoning code
M2: GENERAL INDUSTRIAL
APN
260000000015
UPID
US87-0138364
Jurisdiction
CHESAPEAKE CITY
Zoning & alternative use
M2: GENERAL INDUSTRIAL · Chesapeake, VA
Zoning M2: GENERAL INDUSTRIAL · permitted uses
M2: GENERAL INDUSTRIAL · 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
OFFICE BUILDING Current
Est. value
$450,000
AUTO REPAIR, GARAGE
Est. value
$825,000
RETAIL STORES
Est. value
$600,000
COMMERCIAL (GENERAL)
Est. value
$520,000
WAREHOUSE, STORAGE
Est. value
$430,000
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
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
1988
Heating
HEAT PUMP
Stories
1
Units
1
Lot
11.29 ac
Current owner
From public records · entity-resolved
Hrep Steel Street LLC
Entity
Free & Clear · 3 yrs held
Mailing address
2100 POWERS FRY RD SE STE #110, ATLANTA, GA 30339-5014
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 25, 2024
—
Hrep Steel Street LLC
—
Deed
related
$3,450,000 · Bayport Credit Union
May 11, 2023
—
Hrep Steel Street LLC
Hickory Holdings II LLC
Special Warranty Deed
—
Apr 18, 2023
$5,000
Hrep Steel Street LLC
Alan Richard Gregor JR
Quit Claim Deed
related
—
Apr 18, 2023
$3,300,000
Hrep Steel Street LLC
Steel Street Associates 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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