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    230 KELLY LN Farmville, VA 23901

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    Pending
    $12,300,000

    Land - FARMVILLE, VA

    Property size:
    6,341 SF
    Lot size:
    280.36 Acres
    Added:
    Apr 29, 2024
    Days on Market:
    739
    Last Refresh:
    May 7 at 8:06 pm

    Property Features for 230 KELLY LN

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    C-1 Commercial
    Standard status
    Pending
    APN
    039 A 3
    Size
    6,341 SF
    Lot size
    280.36 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4887

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1997
    Flooring type
    Wood
    Building materials
    Frame
    Roof type
    Composition, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Keith May
    Keith May

    Listing agent Keith May License #0225049582

    Listing office Cottonwood Commercial LLC 1960 Evelyn Byrd Ave, Harrisonburg, VA

    Listing date Apr 29, 2024

    MLS# 652263 Listing URL

    Copyright © 2026 Harrisonburg-Rockingham 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

    • By‑right zoning for data centers (C1) eliminates zoning hurdles and delays.
    • On‑site Dominion Energy 230kV & 115kV electrical transmission with large‑scale capacity ensures reliable power.
    • 280+ acres with expansion possibilities allows for significant future growth.
    • Potential build‑out of 1.3M+ SF or more provides ample space for development.
    • Low data center electric rates with qualifying economic development incentives reduce operating costs.
    • Open access fiber with MBC & diverse fiber paths, including dark fiber connections, ensures high‑speed connectivity.

    Overview

    280+ Acres Data Center Site

    This expansive property, situated within the HEARTLAND INNOVATIVE TECHNOLOGY PARK in Farmville, Virginia, presents a robust data center site. The site spans over 280 acres, offering potential expansion possibilities. The existing C-1 Commercial zoning allows for data centers by right, eliminating constraints and high costs. Potential build-out includes 1.3M+ square feet or more. Dominion Energy provides 230kV & 115kV electrical transmission on-site with large-scale capacity. Low data center electric rates are available with qualifying economic development incentives. Open access fiber with MBC and diverse fiber paths, as well as dark fiber connections to primary backbone networks, are in place. The property's size is 6,341 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Pharmacy Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Farmville
    County
    Prince Edward
    State
    Virginia
    Longitude
    -78.3508864
    Latitude
    37.2941415

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    FAQs

    What type of property is this?
    Land - Robust data center site with expansion possibilities in Farmville, VA.
    Where is this land located?
    The property is located at 230 KELLY LN Farmville, VA.
    What is the asking price?
    The asking price for this property is $12,300,000.
    What are key features of this property?
    This property features: By‑right zoning for data centers (C1) eliminates zoning hurdles and delays.; On‑site Dominion Energy 230kV & 115kV electrical transmission with large‑scale capacity ensures reliable power.; 280+ acres with expansion possibilities allows for significant future growth.
    (540) 820-7008
    We can help!
    Listing Contact
    Keith May
    Keith May
    Real Estate License ID: 0225049582
    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.

    More about this property
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    230 KELLY LN, FARMVILLE, VA 23901
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