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Property profile & analytics
FOR SALE
Medical Office Space

501 Discovery Dr Chesapeake, VA 23320

23,825 SF 6.58 ac lot Built 2016
Entity Owned 10-yr Hold ~ Est. High Equity
Property ID
US87-1896362
501 Discovery Dr, Chesapeake, VA 23320 For Sale
$715,000 23,825 SF
501 Discovery Dr, Chesapeake, VA 23320
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Property summary
AI-generated overview

This exceptional 1.64-acre commercial land parcel in Chesapeake, Virginia (zip code 23320, address 501 Discovery Dr) presents a remarkable opportunity for development. Zoned PUD, it boasts a fully engineered site plan for a 7,000-10,000 square foot building, perfect for medical or general office use. The property's prime location offers quick access to Route 168 and other major thoroughfares, ensuring excellent visibility and convenient access for clients and employees. Its strategic proximity to over a dozen medical providers and Chesapeake Regional Medical Center creates a strong potential patient referral base, making it particularly attractive for healthcare practices. The site features convenient ingress/egress points and ample parking. Developers can customize the floor plan to meet specific needs. Existing infrastructure includes completed stormwater retention. The asking price is $650,000. A significant advantage is the high average household income (AHI) of $117,000 within a 5-mile radius, indicating a strong and affluent market. This turnkey opportunity combines a desirable location with pre-planning, minimizing development hurdles and maximizing return on investment.

Property profile
Verified
Property type Medical Office Space
Use group MEDICAL BUILDING
Year built 2016
Total area 23,825 SF
Lot 6.58 ac (286,755 SF)
Zoning code PUD: PLANNED UNIT DEVELOP
APN 482010000060
UPID US87-1896362
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
Current use
Occupant on record · Public records
  • Dr. Geoffrey Wright Physician
  • Jeremy L. Walters, DPM FACFAS Physician
  • Dr. Alireza Jamali Physician
  • Dr. Samuel Brown Physician
  • Dr. Catherine Rapp Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$1.32M
Owner & transaction history
Chesapeake Real Estate Inv Group Ll · 10 yrs held
Chesapeake Real Estate Inv Group Ll
since 2015
1 recorded transaction
2015
$1.4M
Zoning & alternative use
PUD: PLANNED UNIT DEVELOP · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building $2.1M +41.5%
Auto repair, garage $1.9M +26.8%
Restaurant $1.9M +26.6%
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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