Back to Search
Property profile & analytics
FOR LEASE
Office buildings
505 Independence Pkwy Chesapeake, VA 23320
Entity Owned
7-yr Hold
Free & Clear
Property ID
US87-1213006
For Lease
1 / 2
$24 SF/Yr
505 Independence Pkwy, Chesapeake, VA 23320
View Listing →
Property summary
AI-generated overview
Lake Center II, a three-story Class A office building in Chesapeake, Virginia's Battlefield Corporate Center, offers 63,568 square feet of executive office space. Currently, 32,862 square feet is available, divisible into units ranging from 1,812 to 22,126 contiguous square feet. The building boasts ample parking (5 spaces per 1,000 square feet), 24-hour key card access, and stunning lakefront views complemented by private jogging trails. Built in 1999, this property is located at 505 Independence Parkway, Chesapeake, VA 23320, within a designated Verizon “Smart Park,” providing high-tech fiber optic services and state-of-the-art telecommunications infrastructure. Additional amenities include a well-equipped fitness center with separate men's and women's showers and lockers. The building comprises four total suites, making it ideal for businesses seeking flexible and modern office solutions in a prime Chesapeake location. This exceptional property offers a unique blend of functionality, convenience, and attractive surroundings. Contact us today to explore leasing opportunities.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1999
Total area
64,959 SF
Lot
6.33 ac (275,517 SF)
Zoning code
M1: LIGHT INDUSTRIAL
APN
360000003690
UPID
US87-1213006
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
-
LPL Financial - David Webber Bank Credit Union
-
Bob Smith Homes Real Estate Agency
-
MBP Engineer
-
RE/MAX Allegiance - John Berger Real Estate Agency
-
RE/MAX Allegiance - Lisa Saunders Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$7.46M
Blend (final)
Blend
$7.24M
Owner & transaction history
Hampton Roads Mezz B LLC · 7 yrs held
Hampton Roads Mezz B 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
Commercial (general)
$10.9M
+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
$9,155,000
Current use
COMMERCIAL (GENERAL)
$10,865,000
Change: +19% · Conversion: Easy
WAREHOUSE, STORAGE
$9,080,000
Change: -1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$7,565,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$7.24M
Range $6.51M – $7.96M · ±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
$111 / 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
$88,660
Tax year 2019
Assessed value
$8,102,200
Assessed 2023
Previous assessed
$8,972,900
-9.7% YoY
Effective rate
1.09%
On assessed value
Assessed land
$1,052,300
Assessed improvement
$7,049,900
Land market value
$1,052,300
Improvement market value
$7,049,900
Total market value
$8,102,200
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 Lease
Year built
1999
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
30
Units
1
Total area
64,959 SF
Lot
6.33 ac (275,517 SF)
Zoning code
M1: LIGHT INDUSTRIAL
APN
360000003690
UPID
US87-1213006
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
$9.2M
COMMERCIAL (GENERAL)
Est. value
$10.9M
WAREHOUSE, STORAGE
Est. value
$9.1M
INDUSTRIAL (GENERAL)
Est. value
$7.6M
OFFICE BUILDING Current
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
1999
Heating
PACKAGE
Cooling
Yes
Stories
30
Units
1
Lot
6.33 ac
Current owner
From public records · entity-resolved
Hampton Roads Mezz B 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 Mezz B LLC
2015 Hampton Roads Reit 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?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
