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

    6215 Chesapeake Cir New Kent, VA 23124

    • Commercial real estate
    • 13,720 SF
    • 1.07 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Last Sale
    Jun 30, 2020
    $1,650,000
    Value Estimations
    $1,730,000
    Cap Rate Potential
    9.6%
    Commercial real estate
    Location Intelligence
    Property ID
    US87-1591681
    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

    • Top's China / Restaurant
    • Urban Escape Salon and Day Spa / Hair Salon / Nail Salon
    • Shaggy Paws Spa, LLC. / Pet Grooming Service
    • UPS Drop Box / Courier Service / Postal Service
    • The Daily Fix / Cafe & Coffee Shop

    Property Details for 6215 Chesapeake Cir

    Year built
    2006
    Lot size
    1.07 lot acres
    Property size
    13,720 SF
    Zone code
    PUD
    Property type
    Commercial real estate
    APN
    33B2 2
    APU
    33B22

    Description

    This vibrant New Kent County shopping center, totaling 4,300 square feet, offers 1,000 square feet of immediately available retail space. Located at 6215 Chesapeake Circle, New Kent, VA 23124, this property enjoys a high-traffic location directly off I-64 at Route 155, benefiting from proximity to over 1,500 homes in the Brickshire community and golf course. The available space is a blank canvas, perfect for a variety of businesses, from small startups to expanding enterprises. The center's strategic position also caters to the significant tourist traffic generated by the nearby Colonial Downs Horse Track. Potential tenants could include restaurants, general retail stores, a nail salon, coffee shop, auto parts store, pharmacy, health and fitness center, dry cleaner, medical or dental office, or professional services like insurance or legal practices. The property is situated in New Kent County and offers excellent visibility and accessibility. This is a unique opportunity to establish a business in a thriving community with strong potential for growth. The building is a multi-tenant shopping center with a total of 4,300 square feet. The available space is 1,000 square feet and is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,790,000
      ML approach
      $1,825,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New Kent
    County
    New Kent
    State
    Virginia
    Longitude
    -77.0265
    Latitude
    37.4913
    CBSA code
    40060
    CBSA name
    RICHMOND, VA 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
    2023
    $14,562
    $549,000
    $1,624,400
    $2,173,400
    -
    $549,000
    $1,624,400
    $2,173,400

    Comparable in this City

    • Value Estimation
      $810,000
      5,400 SF

      6791 Courthouse Rd

      COMMERCIAL (GENERAL) • 5,400 SF
      6791 Courthouse Rd, New Kent, VA 23124-2247
      View Details
    • Value Estimation
      $605,000
      4,161 SF

      8647 Angels Share Dr

      COMMERCIAL (GENERAL) • 4,161 SF
      8647 Angels Share Dr, New Kent, VA 23124-2867
      View Details
    • Value Estimation
      $580,000
      5,565 SF

      11833 Aspengraf Ln

      COMMERCIAL (GENERAL) • 5,565 SF
      11833 Aspengraf Ln, New Kent, VA 23124-2126
      View Details
    • Value Estimation
      $755,000
      5,002 SF

      Courthouse Rd

      COMMERCIAL (GENERAL) • 5,002 SF
      Courthouse Rd, New Kent, VA 23124
      View Details
    • Value Estimation
      $1,180,000
      8,755 SF

      8442 Old Church Rd

      COMMERCIAL (GENERAL) • 8,755 SF
      8442 Old Church Rd, New Kent, VA 23124-2700
      View Details
    • Value Estimation by Request

      Kent Hwy

      COMMERCIAL (GENERAL)
      Kent Hwy, New Kent, VA 23124
      View Details

    Similar Nearby for Sale

    • $130,000
      3.61 Acres

      New Kent Land For Sale

      3.6 acres conveniently located between Richmond and Williamsburg, Virginia.
      Poindexter Rd, New Kent, VA 23124
      View Details
    • Contact for pricing

      Winery, Brewery, and Wedding Venue

      Vineyard with winery, brewery, tasting room, and wedding venue.
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    • $110,000
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      Land in Desirable New Kent

      2.44 acres to build your dream home in New Kent.
      Clarke Rd, New Kent, VA 23124
      View Details
    • $220,000
      10.00 Acres

      Secluded Land in New Kent

      10 acres of secluded land, perfect for a dream home.
      5+ Macon Ln, New Kent, VA 23124
      View Details
    • Contact for pricing

      Winery, Brewery, and Wedding Venue

      Vineyard with winery, brewery, tasting room, and wedding venue.
      Angels Share Dr, New Kent, VA 23124
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    • $1,490,000
      142.05 Acres

      142 Acres of New Kent Land

      Large acreage development opportunity in New Kent, Virginia.
      9900 Tunstall Rd, New Kent, VA 23124
      View Details
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    6215 Chesapeake Cir
    New Kent, VA 23124
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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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