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    1000 Irvine Farm Road Covington, VA 24426

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    Claim this Listing
    For Sale
    $1,700,000

    COMMERCIAL - Covington, VA

    Lot size:
    68.50 Acres
    Added:
    Jan 7, 2026
    Days on Market:
    119
    Last Refresh:
    May 6 at 1:06 pm

    Property Features for 1000 Irvine Farm Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    M-1, Industrial
    Standard status
    Active
    APN
    04300-00-000-0100
    Lot size
    68.50 Acres

    Taxes and HOA fees

    Tax Description
    The Irvine Farm with 68.50 Acres as shown on attached survey by Greg Vess, Surveyor.
    Tax Annual Amount
    1043

    Utilities

    Water source
    Public
    Water front features
    Waterfront
    Water front
    1

    Building Details

    Year built
    1820
    Floors in Building
    2
    Building materials
    Vinyl Siding

    We can help!

    Listing Contact
    PAT CHARLTON

    Listing agent PAT CHARLTON

    Listing office CHARLTON ASSOCIATES 203 MAIN STREET, STE 1 P. O. BOX 178, New Castle, VA

    Listing date Jan 7, 2026

    MLS# 923760

    Copyright © 2026 Roanoke Valley Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 68.50 acres of land with high visibility along Interstate 64 (Mile Marker 22.8), offering significant development potential.
    • Prime location in the Alleghany Highlands, near Covington and Clifton Forge, with easy access to major population centers via I‑64.
    • Desirable physical characteristics including agreeable topography and stunning mountain views.
    • Zoned M‑1 Industrial District, allowing for industrial, commercial, or mixed‑use development with proper zoning change.
    • Most public utilities are on‑site or nearby.
    • Legacy property owned by the same family for 175 years, never before available for development.

    Overview

    Development Land Along I-64 Corridor

    This 68.5-acre property, known as the Irvine Farm, is located along the Interstate 64 corridor in the Low Moor area of Alleghany County, Virginia, at Mile Marker 22.8, approximately one mile from Exit 21 Low Moor interchange. Interstate 64 is a major east-west highway providing access to population centers in the eastern United States. The property has been owned by the same family for approximately 175 years and has never been available for development. The land offers possibilities for industrial and commercial development with proper zoning change, or mixed use with upscale residential. The site has high visibility from Interstate 64, agreeable topography, and views of the surrounding mountains. The property lies inside a horseshoe bend of the Jackson River, with Interstate 64 forming the southern boundary. Access is provided off the end of Irvine Farm Road (State Route 735). Improvements include a two-story farmhouse circa early 1800's and a frame barn. Most public utilities are on site or nearby. The current zoning is M-1, Industrial District. The property is centrally located between Covington and Clifton Forge near the Alleghany County Governmental Complex, LewisGale Hospital Alleghany, and Love's Travel Center. The area provides easy access to the Alleghany Highlands YMCA, Mountain Gateway Community College, and Mountain View Elementary School. Resort amenities are nearby at The Omni Homestead Resort and The Greenbrier. Business development and tax incentive programs could be available to assist in the future development of this property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Industrial land

    Map

    City
    Covington
    County
    Covington
    State
    Virginia
    Longitude
    -80.0632
    Latitude
    37.7731

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    FAQs

    What type of property is this?
    Industrial land - 68.5 acre development property with high visibility along I-64.
    Where is this industrial land located?
    The property is located at 1000 Irvine Farm Road Covington, VA.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: 68.50 acres of land with **high visibility along Interstate 64 (Mile Marker 22.8)**, offering significant development potential.; Prime location in the Alleghany Highlands, near Covington and Clifton Forge, with easy access to major population centers via I‑64.; Desirable physical characteristics including agreeable topography and **stunning mountain views.**
    (540) 864-6900
    We can help!
    Listing Contact
    PAT CHARLTON
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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