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940-944 Canal Dr 0.93 Acres of Commercial Land Offered at $626,080 CAD in Chesapeake, VA 23323
Investment Highlights
- Two-parcel assemblage totaling approximately 0.932 acres with B-2 General Business zoning.
- Existing improvements include two structures totaling ±2,840 square feet.
- Offered at $450,000, providing an attractive entry point for redevelopment or investment.
- Located along Canal Drive with convenient access to South Military Highway and major interstates.
- Positioned in a mixed-use area with strong residential and commercial presence.
- Close proximity to Norfolk, Portsmouth, and key Hampton Roads transportation routes.
Executive Summary
This property presents a unique redevelopment opportunity in Chesapeake, Virginia, with nearly one acre of land zoned B-2 for General Business use. The site consists of two parcels totaling approximately 0.932 acres, currently improved with two structures offering a combined ±2,840 square feet. Its location along Canal Drive provides direct access to South Military Highway, a major commercial corridor that connects to key regional routes, including I-64 and I-464, ensuring strong connectivity to Norfolk, Portsmouth, and the greater Hampton Roads area.
The property’s B-2 zoning allows for a wide range of commercial uses, making it suitable for retail, office, or mixed-use development. With a sale price of $450,000, this site offers investors and developers the flexibility to reposition the existing improvements or pursue a ground-up redevelopment project. The surrounding area features a mix of residential neighborhoods and commercial businesses, creating a built-in customer base and workforce population.
The property’s B-2 zoning allows for a wide range of commercial uses, making it suitable for retail, office, or mixed-use development. With a sale price of $450,000, this site offers investors and developers the flexibility to reposition the existing improvements or pursue a ground-up redevelopment project. The surrounding area features a mix of residential neighborhoods and commercial businesses, creating a built-in customer base and workforce population.
Property Facts
| Price | $626,080 CAD | Proposed Use | Commercial |
| Sale Type | Investment | Total Lot Size | 0.93 AC |
| No. Lots | 1 | Year Built | 1754 |
| Property Type | Land | Opportunity Zone |
Yes
|
| Property Subtype | Commercial | ||
| Zoning | B-2 - (General Business) | ||
| Price | $626,080 CAD |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Commercial |
| Total Lot Size | 0.93 AC |
| Year Built | 1754 |
| Opportunity Zone |
Yes |
| Zoning | B-2 - (General Business) |
1 Lot Available
Lot
| Price | $626,080 CAD | Lot Size | 0.93 AC |
| Price Per AC | $673,204.81 CAD |
| Price | $626,080 CAD |
| Price Per AC | $673,204.81 CAD |
| Lot Size | 0.93 AC |
Description
The property consists of two parcels located at 940-944 Canal Drive in Chesapeake, Virginia, totaling approximately 0.932 acres. It is zoned B-2 for General Business use and includes two existing structures with a combined area of approximately 2,840 square feet. The site is situated along Canal Drive near South Military Highway, providing access to regional transportation routes including I-64 and I-464. The surrounding area includes residential neighborhoods and commercial properties.
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $74,434 CAD | |
| Land Assessment | $427,961 CAD | Total Assessment | $502,395 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$427,961 CAD
Improvements Assessment
$74,434 CAD
Total Assessment
$502,395 CAD
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940-944 Canal Dr
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