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    29142 PHILLIPS DR Melfa, VA 23410

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    Claim this Listing
    For Sale
    $375,000

    Residential, Farmhouse - MELFA, VA

    Type:Farm
    Property size:
    1,992 SF
    Price / SF:
    $188/SF
    Added:
    Mar 17, 2026
    Days on Market:
    51
    Last Refresh:
    May 6 at 5:06 pm

    Property Features for 29142 PHILLIPS DR

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Bedrooms
    3
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Kitchen, Living Room, Utility Room, Workshop
    Parking features
    Garage
    Patio and Porch features
    Patio, Porch
    Interior features
    1st Floor Bedroom
    Exterior features
    Double Pane Windows, Stone Driveway, Patio, Open Porch
    Fireplace
    1
    Standard status
    Active
    Size
    1,992 SF

    Taxes and HOA fees

    Tax Annual Amount
    1280.64

    Utilities

    Heating system
    Fireplace(s), Heat Pump (Heating)
    Cooling system
    Heat Pump

    Building Details

    Year built
    1900
    Floors in Building
    2
    Flooring type
    Carpet, Carpet - Full, Hardwood, Tile
    Building materials
    Vinyl Siding
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    JESSICA BERNARD

    Listing agent JESSICA BERNARD

    Listing office Weichert, Realtors Mason - Davis 47 Market Street, Onancock, VA

    Listing date Mar 17, 2026

    MLS# 71028 Listing URL

    Copyright © 2026 Eastern Shore 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

    • Tastefully remodeled farmhouse with a blend of charm and modern updates.
    • Stunning original hardwood floors and granite countertops.
    • Two fully renovated bathrooms, including a new Jack‑and‑Jill bathroom.
    • Flexible first‑floor bonus space for a fourth bedroom/office.
    • Spacious laundry room and two‑car garage.
    • Conveniently located minutes from Riverside Hospital and shopping.

    Overview

    Remodeled Farmhouse with Modern Updates

    This tastefully remodeled farmhouse in Melfa features a blend of charm and modern updates. The home includes original hardwood floors, granite countertops, and two renovated bathrooms. Upstairs, there are three bedrooms, including two connected by a Jack-and-Jill bathroom. A first-floor bonus space offers potential for a fourth bedroom or office with built-in cabinets. Additional features include a laundry room, a two-car garage, and a kids' playhouse. The property is located minutes from Riverside Hospital and shopping.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Spa & Massage Center Hair Salon Auto Repair Shop Nail Salon Hotel & Motel Department Store Accounting Firm Storage Facility Discount Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Melfa
    County
    Accomack
    State
    Virginia
    Longitude
    -75.7364637
    Latitude
    37.6453247

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    FAQs

    What type of property is this?
    Farm - Tastefully remodeled 3-bedroom farmhouse with modern updates and charm.
    Where is this farm located?
    The property is located at 29142 PHILLIPS DR Melfa, VA.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: Tastefully remodeled farmhouse with a blend of charm and modern updates.; Stunning original hardwood floors and granite countertops.; Two fully renovated bathrooms, including a new Jack‑and‑Jill bathroom.
    (757) 787-1010
    We can help!
    Listing Contact
    JESSICA BERNARD
    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.

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