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Property profile & analytics
FOR LEASE
Office buildings
510 Independence Pkwy Chesapeake, VA 23320
Entity Owned
7-yr Hold
Free & Clear
Property ID
US87-1082015
For Lease
1 / 2
$10,830,000
510 Independence Pkwy, Chesapeake, VA 23320
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Property summary
AI-generated overview
This exceptional 23,424 square foot executive office suite is located within the Battlefield Technology Center I, a single-story Class B building constructed in 1999. The property boasts a total of 97,081 square feet and offers a convenient, multiple-tenant occupancy arrangement. The suite features a 10-foot ceiling height and robust power capabilities with 480/277 volt, 2,000 amp service. Situated at 510 Independence Pkwy, Chesapeake, VA 23320, this location provides unparalleled access to major amenities. Within a three-mile radius, you'll find Greenbrier Mall, Greenbrier Country Club, Chesapeake General Hospital, numerous daycare centers, hotels, regional banks, a U.S. Post Office, and a wide variety of restaurants. The property enjoys a park-like setting with private lakefront jogging trails and high visibility from the Interstate. This is an exceptional opportunity to secure a substantial and well-located office space in a thriving business community. The building is located in Chesapeake city, Virginia.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1999
Total area
96,098 SF
Lot
9.97 ac (434,206 SF)
Zoning code
M1: LIGHT INDUSTRIAL
APN
360000002092
UPID
US87-1082015
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
-
Antech Systems Inc (Bike/Boat/Book/etc) Store Corporate Office
-
Pariser Dermatology Specialists, LTD Physician Medical Clinic
-
Todd Feldman, PA Physician Medical Clinic
-
FYZICAL Therapy & Balance Centers Physician
-
CKS Financial Bank Credit Union
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$11.26M
Blend (final)
Blend
$10.83M
Owner & transaction history
Hampton Roads Mezz B LLC · 7 yrs held
Hampton Roads Mezz B LLC
since 2019
2 recorded transactions
Zoning & alternative use
M1: LIGHT INDUSTRIAL · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$18.0M
+33.0%
Commercial (general)
$16.1M
+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
$13,540,000
Current use
RETAIL STORES
$18,005,000
Change: +33% · Conversion: Moderate
COMMERCIAL (GENERAL)
$16,075,000
Change: +19% · Conversion: Easy
WAREHOUSE, STORAGE
$13,435,000
Change: -1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$11,190,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$10.83M
Range $9.75M – $11.91M · ±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
$113 / 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
$131,532
Tax year 2019
Assessed value
$12,230,700
Assessed 2023
Previous assessed
$12,785,000
-4.3% YoY
Effective rate
1.08%
On assessed value
Assessed land
$1,993,600
Assessed improvement
$10,237,100
Land market value
$1,993,600
Improvement market value
$10,237,100
Total market value
$12,230,700
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
1
Units
1
Total area
96,098 SF
Lot
9.97 ac (434,206 SF)
Zoning code
M1: LIGHT INDUSTRIAL
APN
360000002092
UPID
US87-1082015
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
$13.5M
RETAIL STORES
Est. value
$18.0M
COMMERCIAL (GENERAL)
Est. value
$16.1M
WAREHOUSE, STORAGE
Est. value
$13.4M
INDUSTRIAL (GENERAL)
Est. value
$11.2M
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
1999
Heating
PACKAGE
Cooling
Yes
Stories
1
Units
1
Lot
9.97 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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 31, 2019
—
Hampton Roads Mezz B LLC
2015 Hampton Roads Reit B LLC
Deed
—
Mar 17, 2005
$10,800,000
Liberty Prop Ltd Ptnrshp
Battlefield Lakes L C
Warranty 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.
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