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

    2211 Military Hwy Chesapeake, VA 23320-5987

    • Strip malls
    • 38,530 SF
    • 4.70 lot acres
    OFF-MARKET
    Last Sale
    Jul 21, 2020
    $2,100,000
    Value Estimations
    $1,950,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1179166
    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

    • Top Expert Homes / Real Estate Consultant
    • Renters Hub / Real Estate Rental Agency
    • Twisted Pair Technologies / Computer Support And Services
    • Chesapeake Virtual Offices & Co-working / Coworking Space / Office Space Rental Agency
    • cloydhomecare / Home Health Care Service

    Property Details for 2211 Military Hwy

    Year built
    1986
    Lot size
    4.70 lot acres
    Property size
    38,530 SF
    Zone code
    B2: GENERAL BUSINESS
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    1670000000090
    APU
    1670000000090

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,900,000
      ML approach
      $1,710,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $3,080,000
      RESTAURANT
      $3,075,000
      MEDICAL BUILDING
      $2,430,000
      APARTMENT HOUSE (5+ UNITS)
      $2,065,000
      RETAIL STORES
      $1,560,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2691
    Latitude
    36.7783
    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
    $35,330
    $940,000
    $1,238,600
    $2,178,600
    -
    $940,000
    $1,238,600
    $2,178,600

    Comparable in this City

    • Value Estimation
      $905,000
      82,882 SF

      1701 Parkview Dr

      SHOPPING CENTER, STRIP CENTER • 82,882 SF
      1701 Parkview Dr, Chesapeake, VA 23320-2630
      View Details
    • Value Estimation
      $4,800,000
      77,073 SF

      910 Great Brg Blvd

      SHOPPING CENTER, STRIP CENTER • 77,073 SF
      910 Great Brg Blvd, Chesapeake, VA 23320-6642
      View Details
    • Value Estimation
      $1,745,000
      92,064 SF

      801 Volvo Pkwy

      SHOPPING CENTER, STRIP CENTER • 92,064 SF
      801 Volvo Pkwy, Chesapeake, VA 23320-2811
      View Details
    • Value Estimation
      $560,000
      18,200 SF

      1434 Sams Dr Ste, Unit 101

      SHOPPING CENTER, STRIP CENTER • 18,200 SF
      1434 Sams Dr Ste, Chesapeake, VA 23320-4753
      View Details
    • Value Estimation
      $1,325,000
      52,000 SF

      1433 Sams Dr Ste, Unit 201

      SHOPPING CENTER, STRIP CENTER • 52,000 SF
      1433 Sams Dr Ste, Chesapeake, VA 23320-4588
      View Details
    • Value Estimation
      $6,275,000
      85,820 SF

      701 Battlefield Blvd N S Ste

      SHOPPING CENTER, STRIP CENTER • 85,820 SF
      701 Battlefield Blvd N S Ste, Chesapeake, VA 23320-4943
      View Details

    Similar Nearby for Sale

    • $4,000,000
      28,400 SF

      Chesapeake Commercial/Industrial Opportunity For Sale

      Versatile commercial property with warehouse, office, and showroom spaces.
      4653 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • $1,375,000
      2,623 SF

      Restaurant Space on South Military

      High-visibility restaurant space centrally located on South Military Highway.
      1370 S Military Hwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      8.00 Acres

      Chesapeake Commercial Land - 8 Acres

      Prime 8-acre commercial lot, ideal for development.
      0 Debaun Loop, Chesapeake, VA 23320
      View Details
    • $722,171
      0.40 Acres

      Chesapeake Retail Space For Sale

      High-traffic retail space near Food Lion.
      865 Great Bridge Blvd, Chesapeake, VA 23320
      View Details
    • $650,000
      1.64 Acres

      Chesapeake Commercial Land - 1.64 Acres

      Prime Greenbrier development site, medical/office ready.
      501 Discovery Dr, Chesapeake, VA 23320
      View Details
    • Contact for pricing

      Commercial Land Near Battlefield Boulevard

      Commercial land with B-3 zoning near I-64.
      1512 Sams Cir, Chesapeake, VA 23320
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,400 SF

      Neighborhood Shopping Center Space Available

      Neighborhood shopping center near Chesapeake Regional Medical Center.
      817 Botetourt Ct, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space in Chesapeake, VA

      Retail space in a high-traffic Chesapeake location.
      1320 Kempsville Rd, Chesapeake, VA 23320
      View Details
    • Contact for pricing

      Retail Space in Greenbrier Hub

      Retail space available in Chesapeake's busy Greenbrier retail hub.
      1116 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      3,600 SF

      Retail Space in Woodford Square

      Retail space with high visibility and signage opportunities available for rent.
      701 Battlefield Blvd N, Chesapeake, VA 23320
      View Details
    • $16 SF/Yr
      2,500 SF

      Retail Space in Regional Center

      Retail space available in value-oriented shopping center.
      1905 S Military Hwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space in Busy Center

      Retail space available in a high-traffic Chesapeake location.
      501 Kempsville Rd, Chesapeake, VA 23320
      View Details
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    Chesapeake, VA 23320-5987
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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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