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

    233 Carmichael Way Chesapeake, VA 23322-2182

    • Outlet malls
    • 125,594 SF
    • 11.80 lot acres
    OFF-MARKET
    Value Estimations
    $9,450,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0868239
    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

    • Target / Shoe Store / Department Store
    • Target Mobile / Cell Phone Store / Cell Phone Accessory Store
    • Coinhub Bitcoin ATM Teller / Atm
    • CVS Pharmacy / Pharmacy
    • Christine Gosik / Pharmacy

    Property Details for 233 Carmichael Way

    Year built
    2006
    Lot size
    11.80 lot acres
    Property size
    125,594 SF
    Zone code
    PUD: PLANNED UNIT DEVELOP
    Property type
    Outlet malls
    APN
    730000001730
    APU
    730000001730

    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
    -76.234
    Latitude
    36.6585
    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
    $132,796
    $4,131,100
    $10,880,600
    $15,011,700
    -
    $4,131,100
    $10,880,600
    $15,011,700

    Comparable in this City

    • 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
      $12,680,000
      153,854 SF

      201 Hillcrest Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE • 153,854 SF
      201 Hillcrest Pkwy, Chesapeake, VA 23322-2485
      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
      $765,000
      43,523 SF

      717 Battlefield Blvd S Ste 7b

      SHOPPING CENTER, STRIP CENTER • 43,523 SF
      717 Battlefield Blvd S Ste 7b, Chesapeake, VA 23322-5462
      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

    Similar Nearby for Sale

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      0.54 Acres

      building and garage need work but tons of potential! Property qualifies for The Great Bridge Facade Enhancement Project. They will pay 1\/2

      up to $20
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    • $4,450,000
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    • $3,300,000

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      Prime corner lot suitable for grocery, retail, or multifamily use.
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      Two parcels of land totaling over 37 acres.
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      Chesapeake Land For Sale

      Land available in Chesapeake, Virginia.
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    Similar Nearby for Lease

    • Contact for pricing
      1,080 SF

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      Retail space available in Chesapeake, Virginia, anchored by Kroger.
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    • $21 SF/Yr
      100,000 SF

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      Chesapeake, VA: Prime Retail Space Available
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      Retail Space Near Tidewater College

      Retail space available near Tidewater Community College.
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      Recently renovated shopping center anchored by Food Lion and Fitness 19.
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      Retail Space in Battlefield Blvd

      Retail space available with abundant parking and established tenants.
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    • 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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    233 Carmichael Way
    Chesapeake, VA 23322-2182
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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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