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Property profile & analytics
FOR LEASE
Office buildings
535 Independence Pkwy Chesapeake, VA 23320
Individually Owned
1-yr Hold
Free & Clear
Property ID
US87-0414062
For Lease
1 / 3
$9,260,000
535 Independence Pkwy, Chesapeake, VA 23320
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1987
Total area
96,960 SF
Lot
12.95 ac (564,102 SF)
Zoning code
M1: LIGHT INDUSTRIAL
APN
360000003520
UPID
US87-0414062
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
-
Sentara Home Care Services Home Health Care Service
-
Nancy A. Harding, RD Physician
-
Sentara Hospice Services Nursing Home
-
Proprium Pharmacy Pharmacy
-
Battlefield Corporate Center Business Service Center Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$10.07M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$9.47M
Blend (final)
Blend
$9.26M
Owner & transaction history
Battlefield Corporate Center Owner · 1 yrs held
Battlefield Corporate Center Owner
since 2025
Last sale
$8.4M
3 recorded transactions
Zoning & alternative use
M1: LIGHT INDUSTRIAL · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$9,990,000
ML approach
$10,065,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$13,660,000
Current use
WAREHOUSE, STORAGE
$13,555,000
Change: -1% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$11,290,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$9.26M
Range $8.33M – $10.19M · ±10% · vs last sale $8.39M (Feb 6 2025)
Last sale anchor
$8.39M
Feb 6 2025
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
$96 / 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
$113,862
Tax year 2019
Assessed value
$10,286,200
Assessed 2023
Previous assessed
$11,287,200
-8.9% YoY
Effective rate
1.11%
On assessed value
Assessed land
$1,919,200
Assessed improvement
$8,367,000
Land market value
$1,919,200
Improvement market value
$8,367,000
Total market value
$10,286,200
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
1987
Heating
PACKAGE
Cooling
AC.PACKAGE
Stories
1
Units
1
Total area
96,960 SF
Lot
12.95 ac (564,102 SF)
Zoning code
M1: LIGHT INDUSTRIAL
APN
360000003520
UPID
US87-0414062
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
$13.7M
WAREHOUSE, STORAGE
Est. value
$13.6M
INDUSTRIAL (GENERAL)
Est. value
$11.3M
OFFICE BUILDING Current
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
1987
Heating
PACKAGE
Cooling
Yes
Stories
1
Units
1
Lot
12.95 ac
Current owner
From public records · entity-resolved
Battlefield Corporate Center Owner
Individual
Free & Clear · 1 yrs held
Mailing address
7519 STANDISH PL STE #300, ROCKVILLE, MD 20855-7715
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 6, 2025
$8,389,178
Battlefield Corporate Center Owner
Ip Dsc Battlefield-535 LLC
Special Warranty Deed
—
Dec 17, 2018
$12,900,000
Ip Dsc Battlefield 535 LLC
Fp 535 Independence Parkway LLC
Special Warranty Deed
—
Oct 29, 2010
$8,000,000
Fp 535 Independence Pkway LLC
Mackenzie Fibres Intl INC
Special Warranty Deed
$4,300,000 · Private
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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