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Chesapeake 23324 Indian River
708 Vellines Avenue
$165,000
● House - Off Market

708 Vellines Avenue

Chesapeake, VA 23324
bedrooms
3 Beds
bathrooms
2 Baths, 1 Half Bath
$985
Est. Monthly
14.03%
Cap Rate

About This Property

Attention investors and home renovators! 708 Vellines Ave is a fantastic opportunity for those looking to add value and make it their own. This 3-bedroom, 1.5-bathroom home needs some TLC but has great potential. Ideal for transforming into a rental property or resale.
Unit Size
-
Days on Market
262 days
Land Size
0.14 acres
Price per sqft
-
Property Type
House
Property Taxes
$179
HOA Dues
-
Year Built
1960

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 2 years ago (CVRMLS #2413481)

Price History

Date / Event Date Event Price
Feb 10, 2025 Sold
Premium
Sold
Oct 10, 2024 In contract -
In contract
Oct 3, 2024 Relisted $164,200
Relisted
Aug 1, 2024 In contract -
In contract
Jul 29, 2024 Price Decreased $160,000
↓ $20K (11.1%)
Price Decreased
Show More

Property Highlights

Air Conditioning
Fireplace

Building Info

Overview

    General

  • Year Built: 1960
  • Effective Year Built: 1960
  • Total Rooms: 5
  • Bedroom Count: 3
  • Bathroom Count: 2
  • Full Bathrooms: 1
  • Partial Bathrooms: 2
  • Building Condition: 2
  • Building Quality: 0
  • Construction Type: 6
  • Building Style: 0
  • Exterior Walls Type: 19
  • Interior Walls Type: 6
  • Roof Shape Type: 1
  • Roof Cover Type: 15
  • Floor Count: 100
  • Living Units: 1
  • Floor Cover: 15
  • Basement Type: 0
  • Basement Area: 0
  • Garage Type: 3
  • Parking Space Count: 0
  • Patio Type: 20
  • Porch Type: 7
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 5,968
  • Lot Size Depth Feet: 1,200
  • Lot Size Frontage Feet: 500
  • Total Building Area: 1,351
  • Building Area: 1,351
  • Building Area Measurement: L

    Heating and Cooling

  • Fireplace Count: 1
  • Air Conditioning: 13
  • Heating: 4
  • Heated Square Feet: 1,351
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 1
  • Water Service: 2

Building

  • Building Type: 0
  • Property Class: R
  • Subdivision: PLYMOUTH PARK
  • Land Acres: 0000000137
  • Standard Land Use Code: 1001
  • Legal Description 1: 7 VELLINES PLAT

Neighborhood

  • School District Name: Chesapeake City Public Schools
  • Census Tract: 020100

Zoning

  • Zoning: R8S: RESID

Geography

  • District: 31
  • Parcel: 1250000001780
  • Municipality: SOUTH NORFOLK - TIF
  • Latitude: 36.8214
  • Longitude: -76.2598

    Address

  • Full Address: 708 Vellines Ave
  • Address - House Number: 708
  • Address - Street Name: Vellines
  • Address - Suffix Type: Ave
  • State: VA
  • City Name: Chesapeake
  • Carrier Code: C001
  • 4-Digit Zip Code: 3649
  • Zip Code: 23324

Valuation

    Tax

  • Tax Year: 2022
  • Tax Amount: $185,840
  • Initial Tax Delinquent Year: 2021

    Appraisal Valuation

  • Standard Deviation: 0.12
  • Valuation Date: Sep 13, 2023
  • Confidence Score: 87
  • Final Value: 240,936
  • High Value: 269,868
  • Low Value: 212,004

    Market Valuation

  • Market Total Value: $212,300
  • Market Land Value: $80,000
  • Market Improvement Value: $132,300

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $212,300
  • Assessed Land Value: $80,000
  • Assessed Improvements Value: $132,300
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Indian River

Stats & Trends

Median Asking:

$385,000

Sale Price/ft²

$218

Above Asking

0.00%

Average Days on Market

118

Average Home Size

1293 ft²

Average Home Age

47 years

Currently For Sale

1 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

Rentals Near You

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CVR

Listed by: Kirby Dickerson, Luxe Living Realty Group
Last Updated: 2 years ago
Data Source: CVRMLS , MLS# 2413481
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listing s. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2026 Central Virginia Regional Multiple Listing Service, LLC. All rights reserved. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. Courtesy First Choice Realty.
Courtesy of RH Advisors, Inc. and RHP Realty NJ, Inc. CalDRE: 00494703

Frequently Asked Questions

When was property at 708 Vellines Avenue built and last sold?
The property at 708 Vellines Avenue was built in 1960 and last sold on Jan 1, 1970 for $0.
How much is this home worth?
The estimated value of the home located at 708 Vellines Avenue is $0.
What are some comparable homes to 708 Vellines Avenue?
There are currently no comparable homes to 708 Vellines Avenue.
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