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    2508 Hemple St Chesapeake, VA 23324
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    Property profile & analytics

    2508 Hemple St, Chesapeake, VA 23324

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    • Churches & religious facilities
    Off-Market
    Property ID
    US87-1105873
    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

    • Churches & religious facilities

    Property Details for 2508 Hemple St

    Year built
    1962
    Property type
    Churches & religious facilities
    Property subtype
    Commercial real estate

    Description

    Beautiful one story church on corner lot. Includes offices, kitchen, and women/men restrooms. Office equipment does not convey.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake
    State
    Virginia
    Longitude
    -76.2608209
    Latitude
    36.7948002

    Comparable in this City

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      825 SF

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      Commercial Land with Approved Plans

      0.426 acres of commercial land with approved construction plans.
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      42,000 SF

      Chesapeake Office Condos For Sale

      Office condos available for purchase in Chesapeake, Virginia.
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    • $145,000
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      Established Restaurant and Lounge For Sale

      Turnkey restaurant and lounge with seating for 160.
      2139 Chesapeake Dr, Chesapeake, VA 23324
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      Commercially Zoned Land For Sale

      Two partially wooded, level parcels with street frontage available.
      Oldwood St, Chesapeake, VA 23324
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      Redevelopment Site in Chesapeake

      Prime redevelopment site with interstate access in Chesapeake, Virginia.
      4102 Bainbridge Blvd, Chesapeake, VA 23324
      View Details

    Similar Nearby for Sale

    • $349,000
      825 SF

      Renovated Commercial Building on Corner Lot

      Fully renovated commercial building on high-visibility corner lot for sale.
      1234 Bainbridge Blvd, Chesapeake, VA 23324
      View Details
    • Contact for pricing

      Commercial Land with Approved Plans

      0.426 acres of commercial land with approved construction plans.
      Broad St, Chesapeake, VA 23324
      View Details
    • Contact for pricing
      42,000 SF

      Chesapeake Office Condos For Sale

      Office condos available for purchase in Chesapeake, Virginia.
      801 Poindexter St, Chesapeake, VA 23324
      View Details
    • Contact for pricing

      Redevelopment Site in Chesapeake

      Prime redevelopment site with interstate access in Chesapeake, Virginia.
      4102 Bainbridge Blvd, Chesapeake, VA 23324
      View Details
    • Contact for pricing

      Commercially Zoned Land For Sale

      Two partially wooded, level parcels with street frontage available.
      Oldwood St, Chesapeake, VA 23324
      View Details
    • $145,000
      3,200 SF

      Established Restaurant and Lounge For Sale

      Turnkey restaurant and lounge with seating for 160.
      2139 Chesapeake Dr, Chesapeake, VA 23324
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Chesapeake Industrial Spaces Available

      Industrial spaces available for rent in Chesapeake, Virginia.
      500 Freeman Ave, Chesapeake, VA 23324
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    • $15 SF/Yr

      Retail Space in Liberty Plaza

      Retail space for lease in Chesapeake's South Norfolk submarket.
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      Commercial Land Available For Lease

      Commercial land for lease, available November 1, 2024.
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      Retail Space in Regional Center

      Retail space available in value-oriented shopping center.
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      Value-Oriented Regional Shopping Center Space

      Retail space available in value-oriented regional shopping center.
      1951-1989 S Military Hwy, Chesapeake, VA 23324
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      Office Space For Rent

      Single tenant office space available for rent.
      4039 Buell St, Chesapeake, VA 23324
      View Details
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    Chesapeake, VA 23324
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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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