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Property profile & analytics
FOR SALE
Office buildings
500 Independence Pkwy Chesapeake, VA 23320
Entity Owned
7-yr Hold
Free & Clear
Property ID
US87-0725908
For Sale
1 / 2
$5,580,000
500 Independence Pkwy, Chesapeake, VA 23320
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2000
Total area
48,848 SF
Lot
4.94 ac (215,099 SF)
Zoning code
M1: LIGHT INDUSTRIAL
APN
360000002091
UPID
US87-0725908
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.73M
Blend (final)
Blend
$5.58M
Owner & transaction history
Hampton Roads Vi Owner LLC · 7 yrs held
Hampton Roads Vi Owner LLC
since 2019
1 recorded transaction
Zoning & alternative use
M1: LIGHT INDUSTRIAL · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$9.2M
+33.0%
Commercial (general)
$8.2M
+18.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Chesapeake submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chesapeake submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$6,885,000
Current use
RETAIL STORES
$9,155,000
Change: +33% · Conversion: Moderate
COMMERCIAL (GENERAL)
$8,170,000
Change: +19% · Conversion: Easy
WAREHOUSE, STORAGE
$6,830,000
Change: -1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$5,690,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$5.58M
Range $5.02M – $6.14M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$114 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2019Property tax & assessments
Tax year 2019
Tax billed
$69,098
Tax year 2019
Assessed value
$6,217,000
Assessed 2023
Previous assessed
$6,498,800
-4.3% YoY
Effective rate
1.11%
On assessed value
Assessed land
$987,600
Assessed improvement
$5,229,400
Land market value
$987,600
Improvement market value
$5,229,400
Total market value
$6,217,000
Applied tax rate
42.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Sale
Year built
2000
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
1
Units
1
Total area
48,848 SF
Lot
4.94 ac (215,099 SF)
Zoning code
M1: LIGHT INDUSTRIAL
APN
360000002091
UPID
US87-0725908
Jurisdiction
CHESAPEAKE CITY
Zoning & alternative use
M1: LIGHT INDUSTRIAL · Chesapeake, VA
Zoning M1: LIGHT INDUSTRIAL · permitted uses
M1: LIGHT INDUSTRIAL · Chesapeake, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Chesapeake. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$6.9M
RETAIL STORES
Est. value
$9.2M
COMMERCIAL (GENERAL)
Est. value
$8.2M
WAREHOUSE, STORAGE
Est. value
$6.8M
INDUSTRIAL (GENERAL)
Est. value
$5.7M
OFFICE BUILDING Current
RETAIL STORES
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2000
Heating
PACKAGE
Cooling
Yes
Stories
1
Units
1
Lot
4.94 ac
Current owner
From public records · entity-resolved
Hampton Roads Vi Owner LLC
Entity
Free & Clear · 7 yrs held
Mailing address
2727 LYNDON B JOHNSON FWY STE #806, DALLAS, TX 75234-7334
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 31, 2019
—
Hampton Roads Vi Owner LLC
Hampton Roads Mezz B LLC
Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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