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    2324 Chesapeake Square Ring Rd Chesapeake, VA 23321
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    Property profile & analytics

    2324 Chesapeake Square Ring Rd, Chesapeake, VA 23321

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    • Turn key restaurants
    • 11,414 SF
    • 2.65 lot acres
    For Sale
    $2,350,000
    View Listing →
    Chesapeake Retail Space For Sale For Sale
    $2,350,000
    11,414 SF

    Chesapeake Retail Space For Sale

    Retail space in high-traffic Chesapeake Square submarket.

    2324 Chesapeake Square Ring Rd, Chesapeake, VA 23321
    View Listing
    Property ID
    US87-0858936
    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

    • Turn key restaurants

    Property Details for 2324 Chesapeake Square Ring Rd

    Year built
    1997
    Lot size
    2.65 lot acres
    Zone code
    B2: GENERAL BUSINESS
    Property type
    Turn key restaurants
    APN
    106009000040
    APU
    106009000040

    Description

    This exceptional 11,414 square foot restaurant property, located at 2324 Chesapeake Square Ring Rd, Chesapeake, VA 23321, presents a unique investment opportunity. Built in 1997, the property sits on a 2.689-acre lot and is zoned B-2, offering flexibility for various commercial uses. Currently vacant, this former restaurant boasts a prime location within the thriving Chesapeake Square submarket, directly adjacent to major retail anchors including Target, Walmart, Sam's Club, and Burlington Coat Factory. The property benefits from excellent visibility and accessibility via the mall ring road and features prominent monument signage. The Chesapeake Square submarket is experiencing significant residential growth, further enhancing its appeal. The area is also poised for substantial future development, with a planned $20 million redevelopment project for the western half of the Chesapeake Square Mall. This strategic location offers convenient access to I-664, ensuring high traffic volume and strong potential for success. The asking price for this remarkable property is $2,350,000. This is an unparalleled chance to acquire a well-situated, sizable commercial property in a rapidly expanding market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $570,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $645,000
      Market price range: $575k - $1.42M

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.4111
    Latitude
    36.8257
    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
    $38,351
    $1,856,400
    $1,159,700
    $3,016,100
    -
    $1,856,400
    $1,159,700
    $3,016,100

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      12,282 SF

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      Anchored Regional Retail Power Center

      National-tenant power center anchored by Best Buy, Ross, Old Navy, and ALDI with strong visibility near major road access.
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      11,414 SF

      Chesapeake Retail Space For Sale

      Retail space in high-traffic Chesapeake Square submarket.
      2324 Chesapeake Square Ring Rd, Chesapeake, VA 23321
      View Details
    • Contact for pricing
      11,414 SF

      Retail Property Near Chesapeake Square

      Retail space adjacent to major retailers with redevelopment plans nearby.
      2324 Chesapeake Square Ring Rd, Chesapeake, VA 23321
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    • $2,425,000
      25.84 Acres

      Expansive Land Parcel in Chesapeake

      25.84-acre parcel in Western Branch, Chesapeake, ideal for development.
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      Land on Portsmouth Blvd For Sale

      Commercial land available on Portsmouth Blvd with high traffic volume.
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    Similar Nearby for Lease

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      Retail Space in Chesapeake Center

      Well-maintained neighborhood center suitable for retail and service providers.
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      Retail space available for lease in Chesapeake, Virginia.
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      Retail Power Center in Chesapeake

      Anchored retail center near I-664 and Chesapeake Square Mall.
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      Retail Space For Lease

      Retail space available for lease in Chesapeake, Virginia.
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      90,000 SF

      Retail Space in Chesapeake, VA

      Retail space available near new Amazon fulfillment centers and residences.
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      View Details
    View Listing
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    Chesapeake, VA 23321
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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.

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    2324 Chesapeake Square Ring Rd, Chesapeake, VA, 23321
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