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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    535 Independence Pkwy Chesapeake, VA 23320-5176

    • Office buildings
    • 96,960 SF
    • 12.95 lot acres
    OFF-MARKET
    Last Sale
    Feb 06, 2025
    $8,389,178
    Value Estimations
    $9,860,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0414062
    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.

    Current Use by Public Records

    • Sentara Home Care Services / Home Health Care Service
    • Nancy A. Harding, RD / Nutritionist
    • Sentara Hospice Services / Hospice
    • Proprium Pharmacy / Pharmacy
    • Battlefield Corporate Center / Business Center

    Property Details for 535 Independence Pkwy

    Year built
    1987
    Lot size
    12.95 lot acres
    Property size
    96,960 SF
    Zone code
    M1: LIGHT INDUSTRIAL
    Property type
    Office buildings
    APN
    360000003520
    APU
    360000003520

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $9,990,000
      ML approach
      $10,065,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,472,000
      Market price range: $9.16M - $18.2M
      AI Estimate
      $5,997,000
      Market price range: $2.67M - $15.1M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $13,660,000
      Current use
      COMMERCIAL (GENERAL)
      $16,220,000
      Change: +19% Conversion: Easy
      WAREHOUSE, STORAGE
      $13,555,000
      Change: -1% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $11,290,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2608
    Latitude
    36.7626
    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
    $113,862
    $1,919,200
    $8,367,000
    $10,286,200
    -
    $1,919,200
    $8,367,000
    $10,286,200

    Comparable in this City

    • Value Estimation
      $340,000
      12,364 SF

      2005 Old Greenbrier Rd

      OFFICE BUILDING • 12,364 SF
      2005 Old Greenbrier Rd, Chesapeake, VA 23320-2649
      View Details
    • Value Estimation
      $360,000
      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
      $715,000
      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
      $420,000
      2,259 SF

      126 Kempsville Rd

      OFFICE BUILDING • 2,259 SF
      126 Kempsville Rd, Chesapeake, VA 23320-3716
      View Details
    • Value Estimation
      $210,000
      7,802 SF

      1100 Madison Plz Ste C

      OFFICE BUILDING • 7,802 SF
      1100 Madison Plz Ste C, Chesapeake, VA 23320-5201
      View Details
    • Value Estimation
      $230,000
      1,024 SF

      1844 Military Hwy

      OFFICE BUILDING • 1,024 SF
      1844 Military Hwy, Chesapeake, VA 23320
      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
    • $4,750,000
      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
    • $5,110,000
      12,732 SF

      Chesapeake Medical Office Building

      Class A, 12,732 SF Medical Office
      1533 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • $825,000
      2.16 Acres

      Chesapeake Commercial Land - B-2 Zoning

      Prime 2.16-Acre Lot, High Visibility
      423 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • $325,000
      2,000 SF

      Industrial Space with Office

      2,000 SF industrial space with office component for sale.
      820 Greenbrier Cir, Chesapeake, VA 23320
      View Details
    • $1,375,000
      2,623 SF

      Restaurant Space on South Military

      High-visibility restaurant space centrally located on South Military Highway.
      1370 S Military Hwy, Chesapeake, VA 23320
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      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
    • $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 23320
      View Details
    • $24 SF/Yr
      2,571 SF

      Class A Office Building

      Class A office space with lakefront views and walking trails.
      501 Independence Pkwy, Chesapeake, VA 23320
      View Details
    • $22 SF/Yr
      5,206 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
    • $24 SF/Yr
      24,935 SF

      Executive Boulevard Office Building For Rent

      Office building with lakefront views and ample parking available.
      1313 Executive Blvd, Chesapeake, VA 23320
      View Details
    • $24 SF/Yr
      9,819 SF

      Class A Office Space Available

      Two-story office building with lake views and walking trails.
      1301 Executive Blvd, Chesapeake, VA 23320
      View Details
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    Chesapeake, VA 23320-5176
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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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