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    2524 Chesapeake Sq Ring Rd Chesapeake, VA 23321-2187
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    Property profile & analytics

    2524 Chesapeake Sq Ring Rd, Chesapeake, VA 23321-2187

    View on Map
    • Community centers
    • 178,266 SF
    • 26.16 lot acres
    Off-Market
    Last Sale Jun 6, 2024
    $118,847,000
    Property ID
    US87-1316261
    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

    • Red Robin Gourmet Burgers and Brews / Restaurant

    Property Details for 2524 Chesapeake Sq Ring Rd

    Year built
    1989
    Lot size
    26.16 lot acres
    Property size
    178,266 SF
    Zone code
    B2: GENERAL BUSINESS
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    106009000080
    APU
    106009000080

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      Off market
      ML approach
      Off market

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.4204
    Latitude
    36.826
    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
    $226,618
    $5,341,000
    $15,901,300
    $21,242,300
    -
    $5,341,000
    $15,901,300
    $21,242,300

    Comparable in this City

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    • Value Estimation
      $1,340,000
      114,956 SF

      4107 Portsmouth Blvd Ste 114a

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    • Value Estimation
      $6,410,000
      86,279 SF

      4300 Portsmouth Blvd Ste, Unit 100

      WHOLESALE OUTLET, DISCOUNT STORE • 86,279 SF
      4300 Portsmouth Blvd Ste, Chesapeake, VA 23321-2137
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    • Value Estimation
      $8,135,000
      117,242 SF

      2301 Taylor Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 117,242 SF
      2301 Taylor Rd, Chesapeake, VA 23321-2219
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    • Value Estimation
      $9,750,000
      135,309 SF

      4708 Portsmouth Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 135,309 SF
      4708 Portsmouth Blvd, Chesapeake, VA 23321-1420
      View Details
    • Value Estimation
      $17,465,000
      224,077 SF

      2448 Chesapeake Sq Ring Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 224,077 SF
      2448 Chesapeake Sq Ring Rd, Chesapeake, VA 23321-2173
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,414 SF

      Retail Property Near Chesapeake Square

      Retail space adjacent to major retailers with redevelopment plans nearby.
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      11,414 SF

      Chesapeake Retail Space For Sale

      Retail space in high-traffic Chesapeake Square submarket.
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      12,282 SF

      Historic Truck Stop For Sale

      Established truck stop with restaurant and comprehensive trucking services.
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      Land on Portsmouth Blvd For Sale

      Commercial land available on Portsmouth Blvd with high traffic volume.
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      25.84 Acres

      Expansive Land Parcel in Chesapeake

      25.84-acre parcel in Western Branch, Chesapeake, ideal for development.
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      Adaptable office space in a desirable Chesapeake location.
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    Similar Nearby for Lease

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      Retail Power Center in Chesapeake

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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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      Retail Space in Chesapeake Center

      Well-maintained neighborhood center suitable for retail and service providers.
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      660 SF

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      Retail space available for lease in Chesapeake, Virginia.
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      Retail Space For Lease

      Retail space available for lease in Chesapeake, Virginia.
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      Commercial Space for Lease

      Retail and office spaces available for lease.
      4300 Portsmouth Blvd, Chesapeake, VA 23321
      View Details
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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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