Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    21405 Parks Mill Rd Abingdon, VA 24211

    Sponsored
    For Sale
    $699,000

    COMMERCIAL - Abingdon, VA

    Property size:
    2,100 SF
    Lot size:
    7.47 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 1 at 6:06 am

    Property Features for 21405 Parks Mill Rd

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    A2
    APN
    146 A 46
    Parking
    20
    Size
    2,100 SF
    Lot size
    7.47 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Heat Pump (Heating)
    Cooling system
    Heat Pump
    Water source
    Public

    Building Details

    Year built
    2003
    Building materials
    Wood Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Peyton Hubble

    REMAX Cavaliers - Abingdon (276) 477-1300

    Listing agent Peyton Hubble (276) 356-7137 License #0225264604

    Listing date Feb 1, 2026

    MLS# 9990745

    Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. 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

    Historic Grist Mill Estate

    This historic grist mill property, known as Parks Mill, is set on nearly eight acres and includes a special use permit. The multi-building compound offers a setting where past and present converge. The property includes nearly a mile of creek frontage with water rights, mature landscaping, and a private waterfall. Infrastructure is in place for gatherings of up to 300 guests, including parking, utilities, ADA considerations, and multiple bathhouse facilities. The historic grist mill dates to the late 1700s and could be adapted for a restaurant, bar, gallery, wellness pavilion, or lodge. Three detached buildings constructed in 2003 include a primary residence, a secondary building with covered porches, and a dedicated bathhouse and utility building. The property could transition into a private residential compound, retreat, or multi-generational estate. Agricultural, mixed-use, and special-use zoning provide flexibility for hospitality, educational, cultural, or residential uses. A septic system was installed in 2021. Portions of the floodplain could support up to ten tiny homes. The property has a proven history of successful use as an event venue. The property size is 2100 square feet and the lot size is 7.47 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Cascades at Parks Mill Event Venue

    Suggested Use

    Wholesale Shop Hotel & Motel Accounting Firm Furniture Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Abingdon
    County
    Washington
    State
    Virginia
    Longitude
    -81.959375
    Latitude
    36.643273

    Nearby Similar for Sale

    • $190,000
      1,564 SF

      Move-in Ready Steel-Frame Building

      Steel-frame building constructed in 2020, move-in ready or can be modified.
      19462 Lee Hwy, Abingdon, VA 24210
      View Details
    • $275,000
      2,400 SF

      Abingdon Commercial Property For Sale

      Commercial property in Abingdon, Virginia, with high visibility and accessibility.
      121 NW Russell Rd, Abingdon, VA 24210
      View Details
    • $349,000
      1,700 SF

      Turnkey Restaurant with Outdoor Seating

      Restaurant with equipment, indoor/outdoor seating, and ample parking.
      13509 Porterfield Hwy, Abingdon, VA 24210
      View Details
    • $689,900
      2,490 SF

      Abingdon Medical Office Building

      Well-maintained medical office near historic Abingdon with ample parking.
      612 Campus Dr, Abingdon, VA 24210
      View Details
    • $119,900
      1,709 SF

      Charming Rock House with Garage

      Multi-use property with open floor plan and garage/storage building.
      1290 West Main St, Abingdon, VA 24210
      View Details
    • $960,000

      Commercial Property Near Virginia Highlands

      Commercial property near Virginia Highlands Community College with high traffic.
      1110 W Main St, Abingdon, VA 24210
      View Details
    • $599,000
      7,526 SF

      Signalized Corner Commercial Building

      High-visibility commercial building on a signalized corner.
      15856 Porterfield Hwy, Abingdon, VA 24210
      View Details
    • $3,100,775
      2,443 SF

      Retail Space For Sale

      Retail space available with a 10-year lease.
      970 E Main St, Abingdon, VA 24210
      View Details
    • $160,000
      891 SF

      301-355 Falls Dr NW, Abingdon, VA

      Office space • 891 SF
      301-355 Falls Dr NW, Abingdon, VA 24210
      View Details
    • $6,200,000
      87,000 SF

      Retail Property in Abingdon, VA

      Retail property available for sale in Abingdon, Virginia.
      16100 Porterfield Hwy, Abingdon, VA 24210
      View Details
    • $499,000
      11,724 SF

      Abingdon Commercial Building - Prime Location

      High-visibility Abingdon commercial space, priced below assessment.
      15157 Inspiration Dr Dr, Abingdon, VA 24210
      View Details
    • $599,000
      7,526 SF

      Abingdon Mixed-Use Property

      Prime Abingdon location, 7,526 sq ft, vacant.
      15856 Porterfield Hwy, Abingdon, VA 24210
      View Details

    FAQs

    What type of property is this?
    Wedding venue - Historic grist mill property with special use permit.
    Where is this wedding venue located?
    The property is located at 21405 Parks Mill Rd Abingdon, VA.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: - Historic grist mill property with existing special use permit for events, accommodating up to 300 guests.; - Nearly 8 acres with deeded water rights to almost a mile of 15-Mile Creek frontage and a private waterfall.; - Three detached buildings (built in 2003) including a primary residence/caretaker's quarters and a secondary building for guests/studio.
    (276) 356-7137
    Request Owner's contact information
    21405 Parks Mill Rd Abingdon, VA 24211
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    21405 Parks Mill Rd
    Abingdon, VA 24211
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    21405 Parks Mill Rd Abingdon, VA 24211
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Peyton Hubble
    Real Estate License ID: 0225264604
    (276) 356-7137
    Learn more
    Google sign-in failed. Please try again or use another login method.