Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    505 Independence Pkwy Chesapeake, VA 23320
    Back to Search
    Property profile & analytics

    505 Independence Pkwy Chesapeake, VA 23320

    View on Map
    • Office buildings
    • 64,959 SF
    • 6.33 lot acres
    For Lease
    $24 SF/Yr
    View Listing →
    Class A Office Space Available For Lease
    $24 SF/Yr
    1,762 SF

    Class A Office Space Available

    High-quality office space with lakefront views and walking trails.

    505 Independence Pkwy, Chesapeake, VA
    View Listing
    Property ID
    US87-1213006
    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

    • 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

    Property Details for 505 Independence Pkwy

    Year built
    1999
    Lot size
    6.33 lot acres
    Property size
    64,959 SF
    Zone code
    M1: LIGHT INDUSTRIAL
    Property type
    Office buildings
    APN
    360000003690
    APU
    360000003690

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,461,000
      Market price range: $6.14M - $12.2M
      AI Estimate
      $4,724,000
      Market price range: $1.79M - $10.1M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2587
    Latitude
    36.7619
    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
    $88,660
    $1,052,300
    $7,049,900
    $8,102,200
    -
    $1,052,300
    $7,049,900
    $8,102,200

    Comparable in this City

    • Value Estimation
      $5,580,000
      48,848 SF

      500 Independence Pkwy Ste, Unit 100

      OFFICE BUILDING • 48,848 SF
      500 Independence Pkwy Ste, Chesapeake, VA 23320-5197
      View Details
    • Value Estimation
      $1,425,000
      12,364 SF

      2005 Old Greenbrier Rd

      OFFICE BUILDING • 12,364 SF
      2005 Old Greenbrier Rd, Chesapeake, VA 23320-2649
      View Details
    • Value Estimation
      $3,225,000
      17,200 SF

      2006 Old Greenbrier Rd Ste 1a

      OFFICE BUILDING • 17,200 SF
      2006 Old Greenbrier Rd Ste 1a, Chesapeake, VA 23320-3408
      View Details
    • Value Estimation by Request
      1,024 SF

      1844 Military Hwy

      OFFICE BUILDING • 1,024 SF
      1844 Military Hwy, Chesapeake, VA 23320
      View Details
    • Value Estimation by Request
      1,538 SF

      760 Oak Grv Rd

      OFFICE BUILDING • 1,538 SF
      760 Oak Grv Rd, Chesapeake, VA 23320-3728
      View Details
    • Value Estimation by Request
      1,316 SF

      752 Oak Grv Rd

      OFFICE BUILDING • 1,316 SF
      752 Oak Grv Rd, Chesapeake, VA 23320-3728
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      51,000 SF

      51,000 SF Single-Story Building

      51,000 SF building with suite available for lease.
      500 Independence Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      12,732 SF

      Two-Story Medical Office Building

      Two-story medical office building in the Greenbrier submarket.
      1533 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      12,732 SF

      Medical Office Building on Volvo

      Two-story medical office building in the Greenbrier submarket.
      1533 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      14,582 SF

      Office/Medical Space Near I-64

      Office or medical space available for rent near I-64.
      1100 Eden Way N, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      2,000 SF

      Chesapeake Office and Industrial Space

      2,000 SqFt office space available for sale in Chesapeake.
      820 Greenbrier Cir, Chesapeake, VA 23320
      View Details
    • Contact for pricing

      Medical Office Condo For Sale

      New Class A medical office condo in Chesapeake, VA.
      900 Battlefield Blvd North, Chesapeake, VA 23320
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      14,100 SF

      Office Space Near Major HQs

      Single-story office building with highway access and signage available.
      530 Independence Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      5,964 SF

      Class A Office Space Available

      High-quality office space with lakefront views and walking trails.
      505 Independence Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      3,205 SF

      Class A Office Building

      Class A office space with lakefront views and walking trails.
      501 Independence Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      2,482 SF

      Class A Office Space Available

      Class A office space for rent with modern finishes.
      870 Greenbrier Cir, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      11,593 SF

      Class A Office Space Available

      Two-story office building with lake views and walking trails.
      1301 Executive Blvd, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      11,291 SF

      Class A Office Campus Available

      Two-story office buildings with flexible floor plans and ample parking.
      1434 Crossways Blvd, Chesapeake, VA 23320
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    505 Independence Pkwy
    Chesapeake, VA 23320
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    505 Independence Pkwy, Chesapeake, VA, 23320
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!