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

    201 Hillcrest Pkwy Chesapeake, VA 23322-2485

    • Outlet malls
    • 153,854 SF
    • 20.35 lot acres
    OFF-MARKET
    Value Estimations
    $12,680,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0727015
    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

    • Walmart Patio & Garden Services / Landscaper
    • MoneyGram / Money Transfer Service
    • Redbox / Movie Rental Kiosk / Dvd Store
    • Walmart Money Center / Money Transfer Service / Money Order Service
    • Coinstar / Money Transfer Service

    Property Details for 201 Hillcrest Pkwy

    Year built
    2011
    Lot size
    20.35 lot acres
    Property size
    153,854 SF
    Zone code
    PUD: PLANNED UNIT DEVELOP
    Property type
    Outlet malls
    APN
    730000001811
    APU
    730000001811

    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
    -76.2336
    Latitude
    36.6543
    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
    $181,019
    $6,104,400
    $16,133,000
    $22,237,400
    -
    $6,104,400
    $16,133,000
    $22,237,400

    Comparable in this City

    • Value Estimation
      $9,450,000
      125,594 SF

      233 Carmichael Way

      WHOLESALE OUTLET, DISCOUNT STORE • 125,594 SF
      233 Carmichael Way, Chesapeake, VA 23322-2182
      View Details
    • Value Estimation
      $16,565,000
      213,740 SF

      632 Grassfield Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE • 213,740 SF
      632 Grassfield Pkwy, Chesapeake, VA 23322-7449
      View Details
    • Value Estimation
      $7,620,000
      110,805 SF

      157 Hillcrest Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE • 110,805 SF
      157 Hillcrest Pkwy, Chesapeake, VA 23322-2180
      View Details
    • Value Estimation
      $770,000
      46,564 SF

      401 Centerville S Tpke

      SHOPPING CENTER, STRIP CENTER • 46,564 SF
      401 Centerville S Tpke, Chesapeake, VA 23322-3907
      View Details
    • Value Estimation
      $665,000
      58,190 SF

      1245 Cedar Rd Ste L

      SHOPPING CENTER, STRIP CENTER • 58,190 SF
      1245 Cedar Rd Ste L, Chesapeake, VA 23322-7141
      View Details
    • Value Estimation by Request
      22,600 SF

      1249 Cedar Rd Ste, Unit 101

      SHOPPING CENTER, STRIP CENTER • 22,600 SF
      1249 Cedar Rd Ste, Chesapeake, VA 23322-7292
      View Details

    Similar Nearby for Sale

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      Chesapeake Land Parcel For Sale

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      Chesapeake Office Building For Sale

      6,048 SF office building available in Chesapeake, Virginia.
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    • $1,450,000

      Land Near Hillcrest Parkway

      A-1 Zoned land with commercial potential in Edinburgh.
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    • $495,000
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      Chesapeake Commercial Land For Sale

      1.262 acres of commercial land in Chesapeake, Virginia.
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      Modern Medical Office Building

      Two-story medical office building in high-traffic Chesapeake location.
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      Premium land in a desirable neighborhood, ready for development.
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    Similar Nearby for Lease

    • Contact for pricing
      1,080 SF

      Retail Space in Kroger-Anchored Center

      Retail space available in Chesapeake, Virginia, anchored by Kroger.
      1464 Mount Pleasant Rd, Chesapeake, VA 23322
      View Details
    • $21 SF/Yr
      100,000 SF

      Battlefield Blvd Retail Center

      Chesapeake, VA: Prime Retail Space Available
      237 Battlefield Blvd, Chesapeake, VA 23322
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    • Contact for pricing

      Retail Space Near Tidewater College

      Retail space available near Tidewater Community College.
      1628 Cedar Rd, Chesapeake, VA 23322
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      4,800 SF

      Renovated Shopping Center Retail Space

      Recently renovated shopping center anchored by Food Lion and Fitness 19.
      1245 Cedar Rd, Chesapeake, VA 23322
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    • Contact for pricing
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      Retail Space in Battlefield Blvd

      Retail space available with abundant parking and established tenants.
      729 Battlefield Blvd S, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      1,750 SF

      Renovated Shopping Center Retail Space

      Retail space available in renovated shopping center anchored by Food Lion.
      1253 Cedar Rd, Chesapeake, VA 23322
      View Details
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    Chesapeake, VA 23322-2485
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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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