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    Property profile & analytics

    644 Grassfield Pkwy Ste, Unit 21 Chesapeake, VA 23322-7463

    • Strip malls
    • 71,438 SF
    • 20.14 lot acres
    OFF-MARKET
    Last Sale
    Dec 11, 2020
    $5,100,000
    Value Estimations
    $5,120,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0959695
    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

    • Strip malls

    Property Details for 644 Grassfield Pkwy Ste

    Year built
    2007
    Lot size
    20.14 lot acres
    Property size
    71,438 SF
    Zone code
    B2: GENERAL BUSINESS
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    460000001610
    APU
    460000001610

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,610,000
      ML approach
      $5,665,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $6,525,000
      APARTMENT HOUSE (5+ UNITS)
      $4,735,000
      MEDICAL BUILDING
      $4,715,000
      RETAIL STORES
      $3,580,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesapeake
    County
    Chesapeake City
    State
    Virginia
    Longitude
    -76.3073
    Latitude
    36.719
    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
    $68,670
    $4,603,700
    $1,950,800
    $6,554,500
    -
    $4,603,700
    $1,950,800
    $6,554,500

    Comparable in this City

    • Value Estimation
      $770,000
      46,564 SF

      401 Centerville S Tpke

      SHOPPING CENTER, STRIP CENTER • 46,564 SF
      401 Centerville S Tpke, Chesapeake, VA 23322-3907
      View Details
    • Value Estimation
      $765,000
      43,523 SF

      717 Battlefield Blvd S Ste 7b

      SHOPPING CENTER, STRIP CENTER • 43,523 SF
      717 Battlefield Blvd S Ste 7b, Chesapeake, VA 23322-5462
      View Details
    • Value Estimation
      $1,750,000
      99,662 SF

      237 Hanbury Rd E Ste, Unit 8

      SHOPPING CENTER, STRIP CENTER • 99,662 SF
      237 Hanbury Rd E Ste, Chesapeake, VA 23322-6621
      View Details
    • Value Estimation
      $660,000
      27,696 SF

      237 Battlefield Blvd S Ste 17b

      SHOPPING CENTER, STRIP CENTER • 27,696 SF
      237 Battlefield Blvd S Ste 17b, Chesapeake, VA 23322-5231
      View Details
    • Value Estimation
      $875,000
      35,962 SF

      1464 Mt Pleasant Rd

      SHOPPING CENTER, STRIP CENTER • 35,962 SF
      1464 Mt Pleasant Rd, Chesapeake, VA 23322-4043
      View Details
    • Value Estimation
      $665,000
      58,190 SF

      1245 Cedar Rd Ste L

      SHOPPING CENTER, STRIP CENTER • 58,190 SF
      1245 Cedar Rd Ste L, Chesapeake, VA 23322-7141
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      276.00 Acres

      Chesapeake, VA Commercial Land

      276 acres, prime location, high traffic
      232 Neck Rd, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      8.45 Acres

      Chesapeake Commercial Land - 8.45 Acres

      Prime Chesapeake commercial land, ideal for development.
      1324 Cedar Rd, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      0.65 Acres

      Landlocked Residential Lot in Chesapeake

      Landlocked 0.65 acre residential lot with no road frontage.
      65ac Simons Ln, Chesapeake, VA 23322
      View Details
    • $1,650,000

      Heavily Wooded Acreage in Chesapeake

      72+ acres of wooded land in Great Bridge area.
      72 Johnstown Rd, Chesapeake, VA 23322
      View Details
    • New
      Contact for pricing
      0.23 Acres

      Chesapeake Land For Sale

      Land available in Chesapeake, Virginia.
      1611 Binford St, Chesapeake, VA 23322
      View Details
    • New
      Contact for pricing

      Chesapeake Land For Sale

      Land available in Chesapeake, Virginia. Three parcels included.
      1615 Binford St, Chesapeake, VA 23322
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      100,000 SF

      Battlefield Blvd Retail Center

      Chesapeake, VA: Prime Retail Space Available
      237 Battlefield Blvd, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      1,080 SF

      Retail Space in Kroger-Anchored Center

      Retail space available in Chesapeake, Virginia, anchored by Kroger.
      1464 Mount Pleasant Rd, Chesapeake, VA 23322
      View Details
    • Contact for pricing

      Retail Space Near Tidewater College

      Retail space available near Tidewater Community College.
      1628 Cedar Rd, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      4,800 SF

      Renovated Shopping Center Retail Space

      Recently renovated shopping center anchored by Food Lion and Fitness 19.
      1245 Cedar Rd, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      1,540 SF

      Retail Space in Battlefield Blvd

      Retail space available with abundant parking and established tenants.
      729 Battlefield Blvd S, Chesapeake, VA 23322
      View Details
    • Contact for pricing
      1,750 SF

      Renovated Shopping Center Retail Space

      Retail space available in renovated shopping center anchored by Food Lion.
      1253 Cedar Rd, Chesapeake, VA 23322
      View Details
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    Chesapeake, VA 23322-7463
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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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