Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    601 Innovation Dr Chesapeake, VA 23320-3869

    • Medical Office Space
    • 11,025 SF
    • 1.55 lot acres
    OFF-MARKET
    Value Estimations
    $525,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0661778
    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

    • Dr. Jean Hendricks / Pediatrician / Medical Clinic
    • Dr. Jose Ongkingco / Pediatrician / Medical Clinic
    • Monica Baker, MD / Pediatrician / Medical Clinic
    • Adam Drewes, MD / Pediatrician / Medical Clinic
    • Dr. Julia A. Cronin, MD / Pediatrician / Medical Clinic

    Property Details for 601 Innovation Dr

    Year built
    2008
    Lot size
    1.55 lot acres
    Property size
    11,025 SF
    Zone code
    PUD: PLANNED UNIT DEVELOP
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    482010000310
    APU
    482010000310

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $325,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $723,000
      Market price range: $312k - $1.29M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $695,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $590,000
      Change: -15% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.2186
    Latitude
    36.7346
    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
    $20,334
    $386,500
    $1,880,400
    $2,266,900
    -
    $386,500
    $1,880,400
    $2,266,900

    Comparable in this City

    • Value Estimation by Request
      7,656 SF

      433 Network Sta

      MEDICAL BUILDING • 7,656 SF
      433 Network Sta, Chesapeake, VA 23320-3851
      View Details
    • Value Estimation by Request
      6,000 SF

      817 Volvo Pkwy, Unit 100

      MEDICAL BUILDING • 6,000 SF
      817 Volvo Pkwy, Chesapeake, VA 23320-2855
      View Details
    • Value Estimation
      $920,000
      1.13 Acres

      1401 Kristina Way

      MEDICAL BUILDING • 1.13 Acres
      1401 Kristina Way, Chesapeake, VA 23320-8918
      View Details
    • Value Estimation
      $1,870,000
      61,086 SF

      300 Medical Pkwy

      MEDICAL BUILDING • 61,086 SF
      300 Medical Pkwy, Chesapeake, VA 23320-4985
      View Details
    • Value Estimation by Request
      2,016 SF

      1101 Battlefield N Blvd

      MEDICAL BUILDING • 2,016 SF
      1101 Battlefield N Blvd, Chesapeake, VA 23320-4735
      View Details
    • Value Estimation by Request
      3,624 SF

      1341 Military Hwy

      MEDICAL BUILDING • 3,624 SF
      1341 Military Hwy, Chesapeake, VA 23320-2513
      View Details

    Similar Nearby for Sale

    • $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
    • 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
      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

      Medical Office Condo For Sale

      New Class A medical office condo in Chesapeake, VA.
      900 Battlefield Blvd North, Chesapeake, VA 23320
      View Details
    • $4,000,000
      28,400 SF

      Chesapeake Commercial/Industrial Opportunity For Sale

      Versatile commercial property with warehouse, office, and showroom spaces.
      4653 Battlefield Blvd, Chesapeake, VA 23320
      View Details
    • 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

    Similar Nearby for Lease

    • $25 SF/Yr
      27,476 SF

      Class A Medical Office Space in Chesapeake, VA

      Prime Medical Office Suites Available in Greenbrier
      725 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      2,140 SF

      New Greenbrier Office Space

      New construction office space in the heart of Greenbrier.
      1401 Kristina Way, Chesapeake, VA 23320
      View Details
    • $25 SF/Yr

      Medical Office Space For Rent

      Medical office building in the heart of Greenbrier, Chesapeake, Virginia.
      733 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • $25 SF/Yr

      Greenbrier Medical Office Space

      Medical office suites available in Greenbrier, Chesapeake.
      733 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    • Contact for pricing
      1,233 SF

      Medical Office Space for Lease

      Medical office space available in Chesapeake Medical Center.
      300 Medical Pkwy, Chesapeake, VA 23320
      View Details
    • $25 SF/Yr

      Greenbrier Medical Office Building

      Class A medical office space in the heart of Greenbrier.
      725 Volvo Pkwy, Chesapeake, VA 23320
      View Details
    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.
    601 Innovation Dr
    Chesapeake, VA 23320-3869
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!