501 Discovery DrChesapeake, VA 23320

Property Details for 501 Discovery Dr

Year built

2016

Lot size

6.58 AC

Property size (Sq ft)

23,825 SF

Zone code

PUD: PLANNED UNIT DEVELOP

Property type

Healthcare properties

Property subtype

Medical offices

APN

482010000060

APU

482010000060

Description

This exceptional 1.64-acre commercial land parcel in Chesapeake, Virginia (zip code 23320, address 501 Discovery Dr) presents a remarkable opportunity for development. Zoned PUD, it boasts a fully engineered site plan for a 7,000-10,000 square foot building, perfect for medical or general office use. The property's prime location offers quick access to Route 168 and other major thoroughfares, ensuring excellent visibility and convenient access for clients and employees. Its strategic proximity to over a dozen medical providers and Chesapeake Regional Medical Center creates a strong potential patient referral base, making it particularly attractive for healthcare practices. The site features convenient ingress/egress points and ample parking. Developers can customize the floor plan to meet specific needs. Existing infrastructure includes completed stormwater retention. The asking price is $650,000. A significant advantage is the high average household income (AHI) of $117,000 within a 5-mile radius, indicating a strong and affluent market. This turnkey opportunity combines a desirable location with pre-planning, minimizing development hurdles and maximizing return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $4,420,346

  6.5%

  $4,080,319

  7%

  $3,788,868

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,673,902

  Geo Method

  $3,979,013

• Alternative Use

  Use

  Valuation

  Residential

  $5,059,596

  Hospitality

  $4,634,562

  Educational

  $3,855,901

  Medical

  $3,988,512

  Retail

  $5,998,068

Location Insight

City

Chesapeake

County

Chesapeake City

State

Virginia

Latitude

36.7354

Longitude

-76.2219

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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