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    23 W Washington St Lexington, VA 24450

    Sponsored
    For Sale
    Pending
    $575,000

    Commercial/Industry - Lexington, VA

    Property size:
    1,960 SF
    Lot size:
    0.05 Acres
    Days on Market:
    18
    Last Refresh:
    Jan 27 at 11:06 pm

    Property Features for 23 W Washington St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Pending
    Zoning
    Commercial
    Rooms
    Bathroom 1
    Bathrooms
    1
    Interior features
    Sprinkler
    Size
    1,960 SF
    Lot size
    0.05 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Heat Pump

    Building Details

    Year built
    1950
    Flooring type
    Tile, Vinyl, Wood
    Building materials
    Brick
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Will Moore

    James Wm. Moore Real Estate Co. (540) 460-4602

    Listing agent Will Moore (540) 460-4602

    Listing date Jan 10, 2026

    MLS# 139744 Listing URL

    Copyright © 2026 Rockbridge Highlands 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

    Renovated Commercial Building in Lexington

    This significantly renovated two-level building is ideally positioned in one of historic Lexington's most sought-after commercial blocks. The property is located steps from Washington and Lee University and Virginia Military Institute, offering a rare opportunity for a multitude of uses. The building features numerous high-quality upgrades, including two new HVAC systems, a new commercial-grade fire suppression system, and a new roof. These upgrades provide low ongoing maintenance and immediate usability. The property has a lot size of 0.05 acres and a property size of 1960 square feet. The zoning is commercial, allowing for various business operations.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Similar Places Nearby

    Kroger Floral

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Lexington
    State
    Virginia
    Longitude
    -79.442306
    Latitude
    37.785618

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    FAQs

    What type of property is this?
    Storefront property - Renovated commercial building in downtown Lexington near universities.
    Where is this storefront property located?
    The property is located at 23 W Washington St Lexington, VA.
    What is the asking price?
    The asking price for this property is $575,000.
    What are key features of this property?
    This property features: - Prime downtown location in historic Lexington, near Washington and Lee University and Virginia Military Institute.; - Significantly renovated with high-quality upgrades for immediate usability.; - New roof for reduced maintenance.
    (540) 460-4602
    Request Owner's contact information
    23 W Washington St Lexington, VA 24450
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    Lexington, VA 24450
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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
    23 W Washington St Lexington, VA 24450
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    We can help!
    Listing Contact
    Will Moore
    Real Estate License ID: VA 0225199100
    (540) 460-4602
    Learn more
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