2324 Chesapeake Square Ring RdChesapeake, VA 23321

Property Details for 2324 Chesapeake Square Ring Rd

Year built

1997

Lot size

2.65 AC

Property size (Sq ft)

11,414 SF

Zone code

B2: GENERAL BUSINESS

Property type

Retail properties

Property subtype

Turn key restaurants

APN

106009000040

APU

106009000040

Description

This exceptional 11,414 square foot restaurant property, located at 2324 Chesapeake Square Ring Rd, Chesapeake, VA 23321, presents a unique investment opportunity. Built in 1997, the property sits on a 2.689-acre lot and is zoned B-2, offering flexibility for various commercial uses. Currently vacant, this former restaurant boasts a prime location within the thriving Chesapeake Square submarket, directly adjacent to major retail anchors including Target, Walmart, Sam's Club, and Burlington Coat Factory. The property benefits from excellent visibility and accessibility via the mall ring road and features prominent monument signage. The Chesapeake Square submarket is experiencing significant residential growth, further enhancing its appeal. The area is also poised for substantial future development, with a planned $20 million redevelopment project for the western half of the Chesapeake Square Mall. This strategic location offers convenient access to I-664, ensuring high traffic volume and strong potential for success. The asking price for this remarkable property is $2,350,000. This is an unparalleled chance to acquire a well-situated, sizable commercial property in a rapidly expanding market.

• CAP approach

  CAP return

  Valuation

  6%

  $3,112,996

  6.5%

  $2,873,534

  7%

  $2,668,282

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,228,130

  Geo Method

  $4,803,756

• Alternative Use

  Use

  Valuation

  Residential

  $2,423,934

  Hospitality

  $2,220,310

  Educational

  $1,847,272

  Medical

  $1,910,803

  Retail

  $2,873,534

Location Insight

City

Chesapeake

County

Chesapeake City

State

Virginia

Latitude

36.8257

Longitude

-76.4111

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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