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    15586 Bishop Rd Chilhowie, VA 24319

    Sponsored
    For Sale
    $399,999

    MULTI_FAMILY - Chilhowie, VA

    Property size:
    900 SF
    Lot size:
    11.82 Acres
    Days on Market:
    6
    Last Refresh:
    Jan 23 at 3:06 am

    Property Features for 15586 Bishop Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Window features
    Single Pane Window(s)
    Zoning
    A1
    Rooms
    Basement
    Interior features
    Paneling
    Basement
    Crawl Space, Unfinished
    Appliances
    Range Hood, Range, Refrigerator, Electric Water Heater
    Size
    900 SF
    Lot size
    11.82 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Electric (Heating), Forced Air
    Water source
    Public
    Water front features
    Creek, Stream
    Water front
    1

    Building Details

    Year built
    1992
    Number of units
    11
    Building materials
    Frame, Metal Siding, Dry Wall
    Roof type
    Metal

    We can help!

    Listing Contact
    Diana Goodwin

    Angela Brown & Associates Real Estate LLC (276) 773-2256 [email protected]

    Listing agent Diana Goodwin (919) 612-6550

    Listing date Jan 18, 2026

    MLS# 104601 Listing URL

    Copyright © 2026 Southwest Virginia 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.

    Learn more

    Property Insight Report

    Overview

    Mobile Home Park on 11.82 Acres

    This mobile home park is situated on 11.82 acres of open country, offering mountain and creek views. It is located 15 minutes from Damascus, the Virginia Creeper Trail, Abingdon, the Mount Rogers National Recreation Area, and Whitetop Mountain (Appalachian Trail), and 10 minutes to I-81 in Chilhowie, providing convenient access to the speedway and the Hard Rock Casino in the Bristols. The property includes 11 single wide pads, each individually metered for electric and county water, and 6 septics based on original permit applications from the 1990s. Currently, there are 9 mobile homes: 2 park-owned and vacant (one dilapidated, one in fair to good condition with recent renovations), 2 tenant-owned and occupied (lot rent $450/month), and 5 abandoned and vacant but repairable (titles can be obtained if needed). The listed beds/baths refer to the park-owned home in fair to good condition. The 2 tenants are month to month. A large metal garage is divided into 4 units. Mill Creek passes through one corner of the property. A large black shale "pit" is located at the back corner. The property has approximately 725' of road frontage on Bishop Rd. with 2 entrances into the park. Zoned A1, the park is believed to be grandfathered in. Internet is believed to be Point Broadband.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mobile home & RV ...

    Suggested Use

    Hair Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Chilhowie
    County
    Smyth
    State
    Virginia
    Longitude
    -81.6851782
    Latitude
    36.7318124

    Nearby Similar for Sale

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      Land with commercial potential and existing structure in Chilhowie, VA.
      St Clair Crk Rd, Chilhowie, VA 24319
      View Details

    FAQs

    What type of property is this?
    Mobile home & RV park - Mobile home park with mountain and creek views near Damascus.
    Where is this mobile home & rv park located?
    The property is located at 15586 Bishop Rd Chilhowie, VA.
    What is the asking price?
    The asking price for this property is $399,999.
    What are key features of this property?
    This property features: - Enjoy 11.82 acres of open country with stunning mountain and creek views.; - Mobile home park featuring 11 single wide pads, each individually metered for electric and county water, plus 6 septics.; - Conveniently located just 15 minutes from Damascus/Virginia Creeper Trail/Abingdon/Mount Rogers and 10 minutes to I-81.
    (919) 612-6550
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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.

    More about this property
    15586 Bishop Rd Chilhowie, VA 24319
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    We can help!
    Listing Contact
    Diana Goodwin
    (919) 612-6550
    Learn more
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