Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Residential Lot in Phenix, VA Title is generated by Realmo AI

    2878 Kentucky Ave, Phenix, VA 23959

    View on Map
    Claim this Listing
    For Sale
    $32,500

    LAND - Phenix, VA

    Lot size:
    1.00 Acre
    Added:
    May 20, 2026
    Days on Market:
    14
    Last Refresh:
    Jun 2 at 7:06 am

    Property Features for 2878 Kentucky Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    036A194
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Description
    DB 480/379, DB 378/516, DG LOTS 4-10, & 12

    We can help!

    Listing Contact
    Lonnette Layne

    Listing agent Lonnette Layne License #0225196643

    Listing office Century 21 ALL-SERVICE-APP PO Box 358, Lynchburg, VA

    Listing date May 20, 2026

    MLS# 366712 Listing URL

    Copyright © 2026 Lynchburg Virginia MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Existing septic system saves time and upfront costs.
    • Level parcel ready for new construction.
    • Town water available at the street.
    • Convenient in‑town location.
    • Close proximity to schools and local amenities.
    • Manageable lot size.

    Overview

    This residential lot in Phenix, Virginia, offers a convenient and comfortable setting for building a new home. The level parcel, approximately 1 acre in size, features an existing septic system already in place. Town water is available at the street. The property is situated within the town limits, providing easy access to schools, local amenities, and everyday necessities. This lot presents an opportunity for those seeking a manageable and well-situated building site.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Food Market Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Phenix
    County
    Charlotte
    State
    Virginia
    Longitude
    -78.750593
    Latitude
    37.0788439

    Nearby Similar for Sale

    • $174,999

      29.25 Acres in Phenix, VA

      29.25-acre tract ideal for building, investment, or recreation.
      148 Mt Zion Rd, Phenix, VA 23959
      View Details
    • $105,000

      Residential Lot in Phenix, VA

      7.63-acre residential lot with well, septic, and underground electric.
      1126 Redhouse Road, Phenix, VA 23959
      View Details
    • $32,500

      Residential Lot in Phenix, VA

      Ready-to-build lot with existing septic system and town water.
      2878 Kentucky Ave, Phenix, VA 23959
      View Details
    • $50,000

      Phenix, VA Land Opportunity

      10 acres of land in Phenix, Virginia for sale.
      Patrick Henry Hwy, Phenix, VA 23959
      View Details
    • $84,800

      Land Available in Phenix, VA

      Land for sale at 40 Patrick Henry Hwy, Phenix, VA
      40 Patrick Henry Hwy., Phenix, VA 23959
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Ready-to-build lot with existing septic system and town water access.
    Where is this residential land & home lot located?
    The property is located at 2878 Kentucky Ave Phenix, VA.
    What is the asking price?
    The asking price for this property is $32,500.
    What are key features of this property?
    This property features: Existing septic system saves time and upfront costs.; Level parcel ready for new construction.; Town water available at the street.
    (434) 239-2121
    We can help!
    Listing Contact
    Lonnette Layne
    Real Estate License ID: 0225196643
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    2878 Kentucky Ave, Phenix, VA 23959
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!