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    Redevelopment Duplex Lot Title is generated by Realmo AI

    1210 CHERRY AVE, Charlottesville, VA 22903

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    For Sale
    $499,000

    MULTI_FAMILY - CHARLOTTESVILLE, VA

    Property size:
    1,440 SF
    Lot size:
    0.22 Acres
    Price / SF:
    $346/SF
    Added:
    Jun 5, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 5 at 1:06 pm

    Property Features for 1210 CHERRY AVE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2
    Standard status
    Active
    APN
    230175000
    Size
    1,440 SF
    Lot size
    0.22 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    Lot 9
    Tax Annual Amount
    3515

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    Ductless, Zoned
    Water source
    Public

    Building Details

    Year built
    1952
    Number of units
    2

    We can help!

    Listing Contact
    VALORIE YOUNG

    Listing agent VALORIE YOUNG License #0225179163

    Listing office EXP REALTY LLC - STAFFORD 800 Corporate Drive Suite 301, Richmond, VA

    Listing date Jun 5, 2026

    MLS# 678063 Listing URL

    Copyright © 2026 Charlottesville Area 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

    • 0.22‑acre R‑B redevelopment site in Charlottesville along the Cherry Avenue corridor, a short walk to UVA Medical Center and downtown.
    • Zoned Residential‑B under the 2024 Development Code: up to 6 dwelling units by‑right; up to 12 with the affordability bonus; no off‑street parking required.
    • Existing duplex with two 2BR/1BA units; one unit delivered vacant at closing while the other remains occupied (do not disturb occupants).
    • Renovated in 2023 and sold as‑is; interior available by appointment.
    • Utilities include public water and public sewer; electric heating.
    • Cooling is ductless and zoned.

    Overview

    This 0.22-acre redevelopment site includes an existing duplex improved with two 2-bedroom, 1-bath units. The property was renovated in 2023, and it generates income to support the development process while permits and plans are underway. Per the seller’s remarks, one of the units will be delivered vacant at closing. The duplex is being sold as-is, so buyers should plan accordingly for any future updates related to redevelopment.

    The parcel is located along the Cherry Avenue corridor in the City of Charlottesville. The seller states the property is zoned Residential-B under the 2024 Development Code, allowing up to 6 dwelling units by-right and up to 12 with the affordability bonus, and that no off-street parking is required. The location offers walkable access to UVA Medical Center and downtown Charlottesville, with proximity noted to Tonsler Park, West Main, IX Park, and 5th Street Station. Major travel connections include I-64 and Amtrak, and the seller notes the site is a short walk to UVA Medical Center.

    For builders and investors, the opportunity centers on land value and entitlements, with room to design based on the stated lot size. Buyers should bring their development plans and confirm the final buildable unit count and all development potential with the City. Drive-by viewing is welcomed, with interior inspections by appointment and occupants to be respected.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Charlottesville
    County
    Charlottesville
    State
    Virginia
    Longitude
    -78.499864
    Latitude
    38.026844

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    FAQs

    What type of property is this?
    Duplex - Residential-B redevelopment site with an income-producing duplex on a 0.22-acre parcel in Charlottesville.
    Where is this duplex located?
    The property is located at 1210 CHERRY AVE Charlottesville, VA.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: 0.22‑acre R‑B redevelopment site in Charlottesville along the Cherry Avenue corridor, a short walk to UVA Medical Center and downtown.; Zoned Residential‑B under the 2024 Development Code: up to 6 dwelling units by‑right; up to 12 with the affordability bonus; no off‑street parking required.; Existing duplex with two 2BR/1BA units; one unit delivered vacant at closing while the other remains occupied (do not disturb occupants).
    (434) 327-6900
    We can help!
    Listing Contact
    VALORIE YOUNG
    Real Estate License ID: 0225179163
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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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