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    1933 Edwin Dr Chesapeake, VA 23322
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    1933 Edwin Dr Chesapeake, VA 23322

    View on Map
    • Medical Office Space
    • 59,374 SF
    • 12.00 lot acres
    For Lease
    $6,350,000
    View Listing →
    Shell Space Available For Lease For Lease
    $6,350,000
    12,327 SF

    Shell Space Available For Lease

    Up to 12,327 square feet of leasable shell space.

    1933 Edwin Dr, Chesapeake, VA 23322
    View Listing
    Property ID
    US87-2279823
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Medical Office Space

    Property Details for 1933 Edwin Dr

    Year built
    2016
    Lot size
    12.00 lot acres
    Property size
    59,374 SF
    Zone code
    PUD: PLANNED UNIT DEVELOP
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    730000001860
    APU
    730000001860

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,015,000
      Market price range: $1.78M - $6.22M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $3,920,000
      Current use
      COMMERCIAL (GENERAL)
      $9,830,000
      Change: +151% Conversion: Easy
      RESTAURANT
      $7,820,000
      Change: +100% Conversion: Difficult
      OFFICE BUILDING
      $7,330,000
      Change: +87% Conversion: Easy
      AUTO REPAIR, GARAGE
      $5,425,000
      Change: +38% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,935,000
      Change: +0% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2303
    Latitude
    36.6529
    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
    $147,385
    $4,200,000
    $10,041,400
    $14,241,400
    -
    $4,200,000
    $10,041,400
    $14,241,400

    Comparable in this City

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    • Value Estimation
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      1419 Cedar Rd

      MEDICAL BUILDING • 18,210 SF
      1419 Cedar Rd, Chesapeake, VA 23322-7492
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      1,248 SF

      369 Johnstown Rd

      MEDICAL BUILDING • 1,248 SF
      369 Johnstown Rd, Chesapeake, VA 23322-5309
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    • Value Estimation
      $1,470,000
      13,416 SF

      229 Hillcrest Pkwy

      MEDICAL BUILDING • 13,416 SF
      229 Hillcrest Pkwy, Chesapeake, VA 23322-2492
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    • Value Estimation
      $825,000
      3,906 SF

      160 Mt Pleasant Rd

      MEDICAL BUILDING • 3,906 SF
      160 Mt Pleasant Rd, Chesapeake, VA 23322-4152
      View Details
    • Value Estimation by Request
      6,000 SF

      1124 Battlefield S Blvd

      MEDICAL BUILDING • 6,000 SF
      1124 Battlefield S Blvd, Chesapeake, VA 23322-6603
      View Details

    Similar Nearby for Sale

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      12,298 SF

      Modern Medical Office Building

      Two-story medical office building in high-traffic Chesapeake location.
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      15,638 SF

      Medical Office Building For Sale

      Two-story medical office building in Southern Chesapeake submarket.
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      Medical Office Building For Sale

      Two-story medical office building in Southern Chesapeake submarket.
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      12,298 SF

      Medical Office Building in Chesapeake

      Two-story medical office building in Edinburgh development, Chesapeake.
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      Edinburgh North Development Opportunity

      Prime 1.32-acre parcel in Chesapeake's Edinburgh area.
      212 Carmichael Way, Chesapeake, VA 23322
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    • Contact for pricing
      6,048 SF

      Chesapeake Office Building For Sale

      6,048 SF office building available in Chesapeake, Virginia.
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    Similar Nearby for Lease

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      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
    • $28 SF/Yr

      Medical Office Space Available

      Medical office suites for lease in Chesapeake, Virginia.
      1933 Edwin Dr, Chesapeake, VA 23322
      View Details
    • Contact for pricing

      Full Service Retail/Office Suite

      Retail/office suite in Great Bridge trade area available for rent.
      520 S Battlefield Blvd, Chesapeake, VA 23322
      View Details
    • Contact for pricing

      Shell Space Available For Lease

      Up to 12,327 square feet of leasable shell space.
      1933 Edwin Dr, Chesapeake, VA 23322
      View Details
    • Contact for pricing

      Office Space For Rent

      990 SF office space available for rent.
      649 Cedar Rd, Chesapeake, VA 23322
      View Details
    • Contact for pricing

      Retail and Office Space Available

      Retail and office spaces for lease in Chesapeake, Virginia.
      1458 Mount Pleasant Rd, Chesapeake, VA 23322
      View Details
    View Listing
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    Chesapeake, VA 23322
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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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