Back to Search
Property profile & analytics
FOR LEASE
Warehouses
1828 S Military Hwy Chesapeake, VA 23320
Entity Owned
2-yr Hold
Free & Clear
Property ID
US87-1690201
For Lease
1 / 2
$2,730,000
1828 S Military Hwy, Chesapeake, VA 23320
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1975
Total area
19,380 SF
Lot
2.93 ac (127,544 SF)
Zoning code
M1: LIGHT INDUSTRIAL
APN
272009000020
UPID
US87-1690201
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
Current use
Occupant on record · Public records
-
Hampton Roads Tire Service (Bike/Boat/Book/etc) Store Auto Parts Store
-
Causeway Plumbing LLC Plumbing Service General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.73M
CAP Approach
CAP
$2.37M
Comparable Approach
Comparable
$1.81M
Blend (final)
Blend
$2.73M
Owner & transaction history
1828 S Military Highway LLC · 2 yrs held
1828 S Military Highway LLC
since 2024
Last sale
$2.7M
1 recorded transaction
Zoning & alternative use
M1: LIGHT INDUSTRIAL · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.6M
+34.0%
Commercial (general)
$3.2M
+19.7%
Office building
$2.7M
+0.8%
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
$2,730,000
ML approach
$2,730,000
CAP Approach
CAP Return
Estimation
6%
$2,570,000
6.5%
$2,370,000
7%
$2,205,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$2,710,000
Current use
RETAIL STORES
$3,630,000
Change: +34% · Conversion: Moderate
COMMERCIAL (GENERAL)
$3,240,000
Change: +20% · Conversion: Difficult
OFFICE BUILDING
$2,730,000
Change: +1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$2,255,000
Change: -17% · Conversion: Easy
Blend value · Realmo final
$2.73M
Range $2.46M – $3.00M · ±10% · vs last sale $2.73M (May 23 2024)
Last sale anchor
$2.73M
May 23 2024
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
$141 / 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
$10,575
Tax year 2019
Assessed value
$1,210,900
Assessed 2023
Previous assessed
$1,210,900
+0.0% YoY
Effective rate
0.87%
On assessed value
Assessed land
$512,400
Assessed improvement
$698,500
Land market value
$512,400
Improvement market value
$698,500
Total market value
$1,210,900
Applied tax rate
43.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Year built
1975
Heating
HEAT PUMP
Stories
1
Units
1
Total area
19,380 SF
Lot
2.93 ac (127,544 SF)
Zoning code
M1: LIGHT INDUSTRIAL
APN
272009000020
UPID
US87-1690201
Jurisdiction
CHESAPEAKE CITY
Zoning & alternative use
M1: LIGHT INDUSTRIAL · Chesapeake, VA
Zoning M1: LIGHT INDUSTRIAL · permitted uses
M1: LIGHT 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
WAREHOUSE, STORAGE Current
Est. value
$2.7M
RETAIL STORES
Est. value
$3.6M
COMMERCIAL (GENERAL)
Est. value
$3.2M
OFFICE BUILDING
Est. value
$2.7M
INDUSTRIAL (GENERAL)
Est. value
$2.3M
WAREHOUSE, STORAGE Current
RETAIL STORES
COMMERCIAL (GENERAL)
OFFICE BUILDING
INDUSTRIAL (GENERAL)
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
1975
Heating
HEAT PUMP
Stories
1
Units
1
Lot
2.93 ac
Current owner
From public records · entity-resolved
1828 S Military Highway LLC
Entity
Free & Clear · 2 yrs held
Mailing address
95 RIV ST STE #210, HOBOKEN, NJ 07030-5612
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 23, 2024
$2,732,000
1828 S Military Highway LLC
Spencer Chesapeake Lc
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
