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Property profile & analytics
OFF-MARKET
Estimated value
$1,220,000
Medical Office Space
204 Carmichael Way Chesapeake, VA 23322-2183
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US87-1112708
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2008
Total area
10,660 SF
Lot
1.67 ac (72,876 SF)
Zoning code
PUD: PLANNED UNIT DEVELOP
APN
730000001761
UPID
US87-1112708
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
-
Peter V Mitrev, MD Physician
-
Griffey Eye Care: Peter V. Mitrev, M.D. Ophthalmologist
-
Griffey Eye Care & Laser Center Eye Care Center Ophthalmologist
-
Griffey Eye Care: Tanya Lau, O.D. Physician
-
The Injectory Spa & Massage Center Alternative Medicine Practice
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.14M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.12M
Blend (final)
Blend
$1.22M
Owner & transaction history
Pmg Holdings LLC · 6 yrs held
Pmg Holdings LLC
since 2020
Last sale
$1.3M
3 recorded transactions
Zoning & alternative use
PUD: PLANNED UNIT DEVELOP · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.8M
+150.9%
Restaurant
$1.4M
+99.5%
Office building
$1.3M
+87.1%
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
$1,195,000
ML approach
$1,135,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,765,000
Change: +151% · Conversion: Easy
RESTAURANT
$1,405,000
Change: +100% · Conversion: Difficult
OFFICE BUILDING
$1,315,000
Change: +87% · Conversion: Easy
AUTO REPAIR, GARAGE
$975,000
Change: +38% · Conversion: Difficult
Blend value · Realmo final
$1.22M
Range $1.10M – $1.34M · ±10% · vs last sale $1.33M (Jan 27 2020)
Last sale anchor
$1.33M
Jan 27 2020
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
$114 / 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
$31,044
Tax year 2019
Assessed value
$3,279,600
Assessed 2023
Previous assessed
$2,780,900
+17.9% YoY
Effective rate
0.95%
On assessed value
Assessed land
$752,900
Assessed improvement
$2,526,700
Land market value
$752,900
Improvement market value
$2,526,700
Total market value
$3,279,600
Applied tax rate
23.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2008
Heating
HEAT PUMP
Stories
20
Units
1
Total area
10,660 SF
Lot
1.67 ac (72,876 SF)
Zoning code
PUD: PLANNED UNIT DEVELOP
APN
730000001761
UPID
US87-1112708
Jurisdiction
CHESAPEAKE CITY
Zoning & alternative use
PUD: PLANNED UNIT DEVELOP · Chesapeake, VA
Zoning PUD: PLANNED UNIT DEVELOP · permitted uses
PUD: PLANNED UNIT DEVELOP · 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
COMMERCIAL (GENERAL)
Est. value
$1.8M
RESTAURANT
Est. value
$1.4M
OFFICE BUILDING
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$975,000
COMMERCIAL (GENERAL)
RESTAURANT
OFFICE BUILDING
AUTO REPAIR, GARAGE
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
2008
Heating
HEAT PUMP
Stories
20
Units
1
Lot
1.67 ac
Current owner
From public records · entity-resolved
Pmg Holdings LLC
Entity
Mailing address
4340 SANDY BAY DR, VIRGINIA BEACH, VA 23455-1531
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 27, 2020
$1,325,000
Pmg Holdings LLC
Atlantic Union Bank
Special Warranty Deed
$1,325,000 · First Citizens Bank & Trust Company
Oct 3, 2006
$735,750
Hampton Roads Bankshares
W Preston Fussell
Warranty Deed
—
Oct 3, 2006
$735,700
W Preston Fussell
Precon Dev Corp
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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