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

    3254 Western Br Blvd Chesapeake, VA 23321-5220

    • Individual retail properties
    • 2,800 SF
    • 0.51 lot acres
    OFF-MARKET
    Last Sale
    Aug 10, 2020
    $680,000
    Value Estimations
    $615,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0819213
    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

    • Churchland Cleaners / Dry Cleaner

    Property Details for 3254 Western Br Blvd

    Year built
    1973
    Lot size
    0.51 lot acres
    Property size
    2,800 SF
    Zone code
    B2: GENERAL BUSINESS
    Property type
    Individual retail properties
    APN
    50000000928
    APU
    50000000928

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $615,000
      ML approach
      $525,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $530,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.4082
    Latitude
    36.8652
    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
    $7,280
    $304,800
    $671,000
    $975,800
    -
    $304,800
    $671,000
    $975,800

    Comparable in this City

    • Value Estimation
      $265,000
      2,400 SF

      4101 Portsmouth Blvd

      DRY CLEANER • 2,400 SF
      4101 Portsmouth Blvd, Chesapeake, VA 23321-2127
      View Details
    • Value Estimation
      $505,000
      60,314 SF

      4628 Portsmouth Blvd

      GYM, HEALTH SPA • 60,314 SF
      4628 Portsmouth Blvd, Chesapeake, VA 23321-2106
      View Details
    • Value Estimation
      $250,000
      4,000 SF

      3101 Western Br Blvd

      DRY CLEANER • 4,000 SF
      3101 Western Br Blvd, Chesapeake, VA 23321-5543
      View Details
    • Value Estimation
      $350,000
      11,578 SF

      3356 Western Br Blvd E E Ste

      RETAIL STORES (PERSONAL SERVICES) • 11,578 SF
      3356 Western Br Blvd E E Ste, Chesapeake, VA 23321-5138
      View Details
    • Value Estimation
      $345,000
      6,422 SF

      3113 Western Br Blvd

      FINANCIAL BUILDING • 6,422 SF
      3113 Western Br Blvd, Chesapeake, VA 23321-5543
      View Details
    • Value Estimation
      $310,000
      2,640 SF

      3100 Churchland Blvd

      CONVENIENCE STORE • 2,640 SF
      3100 Churchland Blvd, Chesapeake, VA 23321-5606
      View Details

    Similar Nearby for Sale

    • $2,350,000
      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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    • $499,000
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      Unique Commercial Space For Sale

      Commercial space suitable for art gallery, studio, or boutique.
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    • $2,350,000
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      Chesapeake Restaurant - $2.35M

      Prime Restaurant Space, 11,414 SF, Vacant.
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    • $79,900
      0.53 Acres

      Buildable Lot in Chesapeake, VA

      Half-acre-plus buildable lot in Chesapeake, Virginia.
      14 Truitt Rd, Chesapeake, VA 23321
      View Details
    • $170,000

      Land in Western Branch District

      Land suitable for building a dream home or tranquil retreat.
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      Chesapeake Office Condo For Sale

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    Similar Nearby for Lease

    • Contact for pricing
      660 SF

      Retail Space in Chesapeake, VA

      Retail space available for lease in Chesapeake, Virginia.
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      View Details
    • Contact for pricing
      1,540 SF

      Retail Space in Chesapeake, VA

      Retail space available near new Amazon fulfillment centers and residences.
      4200 Portsmouth Blvd, Chesapeake, VA 23321
      View Details
    • Contact for pricing
      2,400 SF

      Dunedin Shops: Retail Spaces Available

      Two retail suites, prime location. Ideal for startups.
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    • Contact for pricing
      185,322 SF

      Prime Chesapeake Executive Office Space

      Spacious suites, ample parking, high visibility.
      4300 Portsmouth Blvd, Chesapeake, VA 23321
      View Details
    • Contact for pricing
      25,000 SF

      Chesapeake Square Retail Space For Lease

      Prime Retail Space, 1,600 sq ft available.
      2125 Starmount Pkwy, Chesapeake, VA 23321
      View Details
    • Contact for pricing
      198,741 SF

      Chesapeake Commons Retail Center

      High-traffic retail space available.
      4107 Portsmouth Blvd, Chesapeake, VA 23321
      View Details
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    Chesapeake, VA 23321-5220
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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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