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

    240 Progress Dr Chesapeake, VA 23322-7206

    • Warehouses
    • 2,400 SF
    • 2.90 lot acres
    OFF-MARKET
    Value Estimations
    $225,000
    Show details
    Cap Rate Potential
    8.5%
    Warehouses
    Location Intelligence
    Property ID
    US87-0606682
    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

    • Frank Ifko Jr., Inc./ Heavy and Specialized Hauling / Trucking Company
    • JR Enterprises LLC / Iron Works / Pipe Supplier

    Property Details for 240 Progress Dr

    Year built
    1987
    Lot size
    2.90 lot acres
    Property size
    2,400 SF
    Zone code
    M1: LIGHT INDUSTRIAL
    Property type
    Warehouses
    APN
    470000000172
    APU
    470000000172

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $225,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $320,000
      6.5%
      $295,000
      7%
      $275,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $148,000
      Market price range: $46.4k - $172k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $320,000
      Current use
      OFFICE BUILDING
      $335,000
      Change: +5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2725
    Latitude
    36.7197
    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
    $2,742
    $174,000
    $123,700
    $297,700
    -
    $174,000
    $123,700
    $297,700

    Comparable in this City

    • Value Estimation
      $580,000
      36,550 SF

      216 Las Gaviotas Blvd

      MINI-WAREHOUSE, STORAGE • 36,550 SF
      216 Las Gaviotas Blvd, Chesapeake, VA 23322-7066
      View Details
    • Value Estimation
      $705,000
      46,615 SF

      124 Bruton S Ct

      MINI-WAREHOUSE, STORAGE • 46,615 SF
      124 Bruton S Ct, Chesapeake, VA 23322-4371
      View Details
    • Value Estimation
      $725,000
      8.26 Acres

      1115 Whittamore Rd

      MINI-WAREHOUSE, STORAGE • 8.26 Acres
      1115 Whittamore Rd, Chesapeake, VA 23322-1808
      View Details
    • Value Estimation
      $310,000
      9,336 SF

      107 Kegman W Rd

      WAREHOUSE, STORAGE • 9,336 SF
      107 Kegman W Rd, Chesapeake, VA 23322-4305
      View Details
    • Value Estimation
      $205,000
      5,625 SF

      500 Tidewater Chemical Rd

      WAREHOUSE, STORAGE • 5,625 SF
      500 Tidewater Chemical Rd, Chesapeake, VA 23322-2025
      View Details
    • Value Estimation
      $405,000
      15,530 SF

      2703 Battlefield S Blvd

      MINI-WAREHOUSE, STORAGE • 15,530 SF
      2703 Battlefield S Blvd, Chesapeake, VA 23322-2302
      View Details

    Similar Nearby for Sale

    • $495,000
      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
      372 Battlefield Blvd, Chesapeake, VA 23322
      View Details
    • $4,450,000
      39.00 Acres

      Chesapeake, VA Residential Land

      39 Acres, Prime Development Opportunity
      0 Battlefield Blvd And Hickory Rd, Chesapeake, VA 23322
      View Details
    • $4,760,000
      10,903 SF

      Retail Strip Center For Sale

      10,903 SF retail strip center in Chesapeake, Virginia.
      141 Hillcrest Pkwy, Chesapeake, VA 23322
      View Details
    • $3,300,000

      Corner Lot for Retail

      Prime corner lot suitable for grocery, retail, or multifamily use.
      1025 Battlefield Blvd S, Chesapeake, VA 23322
      View Details
    • $189,000

      4 Acres of Industrial Land

      4 acres of M2 zoned land with city utilities.
      960 Bells Mill Rd, Chesapeake, VA 23322
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    • $949,000
      37.00 Acres

      37 Acres of Cleared Land

      Two parcels of land totaling over 37 acres.
      3016 Cedarville Rd, Chesapeake, VA 23322
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,080 SF

      Retail Space in Kroger-Anchored Center

      Retail space available in Chesapeake, Virginia, anchored by Kroger.
      1464 Mount Pleasant Rd, Chesapeake, VA 23322
      View Details
    • Contact for pricing

      Retail Land in Chesapeake, VA

      Land available at Kroger anchored shopping center in Chesapeake.
      Mount Pleasant Rd, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      51,525 SF

      Wilson Village Retail End Cap

      Chesapeake, VA: 12,250 SF Available
      348 Battlefield Blvd, Chesapeake, VA 23322
      View Details
    • 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
    • Contact for pricing

      Land for Lease Chesapeake

      Land available for lease in Chesapeake, Virginia.
      634 Grassfield Pkwy, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space Near Publix

      Retail space available near Tidewater Community College and Publix.
      1620 Cedar Rd, Chesapeake, VA 23322
      View Details
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    Chesapeake, VA 23322-7206
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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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