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

    2212 Military Hwy Chesapeake, VA 23320-5947

    • Drive through restaurants
    • 2,716 SF
    • 0.66 lot acres
    OFF-MARKET
    Last Sale
    Jun 28, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3918355
    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

    • KFC / Chicken Restaurant / Fast Food Restaurant
    • Taco Bell / Fast Food Restaurant / Lunch Restaurant

    Property Details for 2212 Military Hwy

    Year built
    1984
    Lot size
    0.66 lot acres
    Property size
    2,716 SF
    Zone code
    B3: HIGHWAY SERVICE
    Property type
    Drive through restaurants
    APN
    270000000084
    APU
    270000000084

    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
    -76.2681
    Latitude
    36.7773
    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
    $7,825
    $331,500
    $506,500
    $838,000
    -
    $331,500
    $506,500
    $838,000

    Comparable in this City

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      2,149 SF

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      DRIVE-THRU RESTAURANT, FAST FOOD • 2,149 SF
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    • Value Estimation by Request
      2,641 SF

      1444 Battlefield N Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,641 SF
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    • Value Estimation by Request
      4,688 SF

      1029 Battlefield N Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,688 SF
      1029 Battlefield N Blvd, Chesapeake, VA 23320-4733
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    • Value Estimation
      $915,000
      0.92 Acres

      1507 Sams Cir

      DRIVE-THRU RESTAURANT, FAST FOOD • 0.92 Acres
      1507 Sams Cir, Chesapeake, VA 23320-4694
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    • Value Estimation by Request
      3,839 SF

      1620 Military Hwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,839 SF
      1620 Military Hwy, Chesapeake, VA 23320-2610
      View Details
    • Value Estimation
      $1,910,000
      2,586 SF

      100 Woodlake Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,586 SF
      100 Woodlake Dr, Chesapeake, VA 23320-4509
      View Details

    Similar Nearby for Sale

    • $1,375,000
      2,623 SF

      Restaurant Space on South Military

      High-visibility restaurant space centrally located on South Military Highway.
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    • $4,000,000
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      Chesapeake Commercial/Industrial Opportunity For Sale

      Versatile commercial property with warehouse, office, and showroom spaces.
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    • $650,000
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      8.00 Acres

      Chesapeake Commercial Land - 8 Acres

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      Chesapeake Retail Space For Sale

      High-traffic retail space near Food Lion.
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      0.15 Acres

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      Land subject to Chesapeake Bay Preservation Act guidelines.
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    Similar Nearby for Lease

    • Contact for pricing
      6,435 SF

      Restaurant/Retail Space with Drive-Thru

      Restaurant or retail space with drive-thru and high visibility.
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    • Contact for pricing
      8,455 SF

      Prime Chesapeake Restaurant Space

      8,455 SF Freestanding Restaurant, Ideal Location
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      22,425 SF

      Chesapeake Harbor Watch Shoppes

      Prime Retail/Office Space Available
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      388,000 SF

      Greenbrier Retail Space Available

      Chesapeake, VA: Prime Retail/Restaurant Opportunity
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      5,000 SF

      Mixed-Use Development Retail Space

      Retail space available in a large mixed-use development.
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    • Contact for pricing
      2,185 SF

      Mixed-Use Development with Retail Space

      Mixed-use project with retail, office, and residential spaces for lease.
      Volvo Pkwy, Chesapeake, VA 23320
      View Details
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    Chesapeake, VA 23320-5947
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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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