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    509 Freeman Ave Chesapeake, VA 23324-1066
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    509 Freeman Ave Chesapeake, VA 23324-1066

    View on Map
    • Distribution centers
    • 11,195 SF
    • 3.42 lot acres
    Off-Market
    Property ID
    US87-0913815
    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
    $1,035,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Prasher Self Storage Facility / Storage Facility

    Property Details for 509 Freeman Ave

    Year built
    1962
    Lot size
    3.42 lot acres
    Property size
    11,195 SF
    Zone code
    M2: GENERAL INDUSTRIAL
    Property type
    Distribution centers
    APN
    1510000000030
    APU
    1510000000030

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,485,000
      6.5%
      $1,370,000
      7%
      $1,270,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $673,000
      Market price range: $237k - $966k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,500,000
      Current use
      OFFICE BUILDING
      $1,570,000
      Change: +5% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,305,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2884
    Latitude
    36.7874
    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
    $8,715
    $342,000
    $815,300
    $1,157,300
    -
    $342,000
    $815,300
    $1,157,300

    Comparable in this City

    • Value Estimation
      $3,310,000
      31,340 SF

      129 Robert Hall Ct

      DISTRIBUTION WAREHOUSE • 31,340 SF
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    • Value Estimation
      $1,400,000
      10,800 SF

      828 Seaboard Ave

      DISTRIBUTION WAREHOUSE • 10,800 SF
      828 Seaboard Ave, Chesapeake, VA 23324-2645
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    • Value Estimation
      $3,490,000
      88,550 SF

      1559 Poindexter St

      DISTRIBUTION WAREHOUSE • 88,550 SF
      1559 Poindexter St, Chesapeake, VA 23324-2467
      View Details
    • Value Estimation by Request
      10,129 SF

      1541 Poindexter St

      DISTRIBUTION WAREHOUSE • 10,129 SF
      1541 Poindexter St, Chesapeake, VA 23324-2467
      View Details
    • Value Estimation by Request
      1.98 Acres

      Gallop Ave

      Land • 1.98 Acres
      0 Gallop Ave, Chesapeake, VA 23324
      View Details
    • Value Estimation by Request
      31.97 Acres

      Rosemont Ave

      BULK STORAGE, TANKS • 31.97 Acres
      Rosemont Ave, Chesapeake, VA 23324
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Redevelopment Site in Chesapeake

      Prime commercial land for redevelopment with excellent interstate access.
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      View Details
    • $37,500
      0.07 Acres

      Residential Land in South Norfolk

      Residential land with development potential in Chesapeake, Virginia.
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    • $37,500
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      Buildable Lot in South Norfolk

      Infill lot with redevelopment potential in Chesapeake, Virginia.
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    • Contact for pricing
      13,813 SF

      Freestanding Retail Building with Drive-Thru

      Former drug store with drive-thru at signalized intersection.
      2040 Atlantic Ave, Chesapeake, VA 23324
      View Details
    • $95,000
      0.08 Acres

      Chesapeake Land with M-2 Zoning

      Land with heavy industrial zoning, development potential, and existing structure.
      427 Freeman Ave, Chesapeake, VA 23324
      View Details
    • $349,000
      825 SF

      Renovated Commercial Building on Corner Lot

      Fully renovated commercial building on high-visibility corner lot.
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    Similar Nearby for Lease

    • Contact for pricing

      Chesapeake Industrial Spaces Available

      Industrial spaces available for rent in Chesapeake, Virginia.
      500 Freeman Ave, Chesapeake, VA 23324
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    • $15 SF/Yr

      Retail Space in Liberty Plaza

      Retail space for lease in Chesapeake's South Norfolk submarket.
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    • Contact for pricing
      2,400 SF

      Restaurant Space Off Interstate 664

      Restaurant space available in Chesapeake with developable land.
      4021-4027 Bainbridge Blvd, Chesapeake, VA 23324
      View Details
    • Contact for pricing

      Office Space For Rent

      Single tenant office space available for rent.
      4039 Buell St, Chesapeake, VA 23324
      View Details
    • Contact for pricing

      Chesapeake Land Available For Rent

      Land available for rent in Chesapeake, Virginia.
      5428 Bainbridge Blvd, Chesapeake, VA 23324
      View Details
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    Chesapeake, VA 23324-1066
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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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