311 Johnstown RdChesapeake, VA 23322

Property Details for 311 Johnstown Rd

Year built

1972

Lot size

0.07 AC

Property size (Sq ft)

1,120 SF

Zone code

B1: NEIGHBORHOOD BUSINESS

Property type

Office buildings

APN

481012000001

APU

481012000001

Description

This exceptional commercial property, located at 311 Johnstown Road in Chesapeake, Virginia, presents a fantastic opportunity for a diverse range of businesses. Priced at $200,000, this property offers versatile office space previously occupied by an optometrist's practice for many years. The interior is currently well-appointed and ready for immediate occupancy. The building enjoys a highly desirable location with over 15,000 vehicles passing by daily, ensuring excellent visibility and accessibility for your business. Strategic placement between an established insurance firm and a retail business provides a strong commercial synergy. This makes it an excellent choice for both start-up companies seeking a prime location and established businesses looking to expand their operations. The property's suitability extends beyond traditional office spaces

• CAP approach

  CAP return

  Valuation

  6%

  $207,798

  6.5%

  $191,814

  7%

  $178,113

• Comparable approach

  Method

  Valuation

  Relative Method

  $125,699

  Geo Method

  $187,051

• Alternative Use

  Use

  Valuation

  Residential

  $237,849

  Hospitality

  $217,868

  Educational

  $181,264

  Medical

  $187,498

  Retail

  $281,966

Location Insight

City

Chesapeake

County

Chesapeake City

State

Virginia

Latitude

36.7115

Longitude

-76.2386

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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