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    33228 Holly Ln Wallops Island, VA 23337

    View on Map
    Sponsored
    For Sale
    $498,500

    Residential, Contemporary,Cape Cod,Farmhouse - WALLOPS ISLAND, VA

    Type:Farm
    Property size:
    1,824 SF
    Lot size:
    1.68 Acres
    Days on Market:
    10
    Last Refresh:
    Mar 15 at 11:06 pm

    Property Features for 33228 Holly Ln

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Kitchen, Living Room, Utility Room
    Bedrooms
    3
    Bathrooms
    3
    Parking features
    None
    Patio and Porch features
    Porch
    Interior features
    Smoke Detector, Vaulted Ceiling(s), Washer/Dryer Hookup, Whirlpool, Great Room, 1st Floor Bedroom
    Exterior features
    Natural Driveway, Fenced Yard, Open Porch
    Fencing
    Fenced
    Fireplace
    1
    Appliances
    Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
    Size
    1,824 SF
    Lot size
    1.68 Acres

    Utilities

    Heating system
    Electric (Heating), Fireplace(s), Heat Pump (Heating)
    Cooling system
    Ceiling Fan(s), Central Air, Electric

    Building Details

    Year built
    2023
    Floors in Building
    2
    Flooring type
    Vinyl
    Building materials
    Vinyl Siding
    Roof type
    Composition
    Architectural style
    Cape Cod

    We can help!

    Listing Contact
    Angie Conklin Abell

    Beach Bay Realty (757) 336-3600

    Listing agent Angie Conklin Abell (757) 336-3600

    Listing date Mar 5, 2026

    MLS# 66768 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.

    Learn more

    Property Insight Report

    Overview

    Wallops Island Farmhouse on Acreage

    This farmhouse, newly built in 2023, is situated on 1.68 acres at the end of Holly Lane, offering privacy and space. It is located minutes from Chincoteague. The home features a full wraparound porch and a spacious, fully fenced yard with white vinyl material. Inside, the house includes cathedral ceilings, a wood-burning stone fireplace with a mantle made of wood from the Assateague Lighthouse, and an open kitchen, dining, and living area. Luxury vinyl flooring is installed throughout. The primary bedroom and utility room are located on the first floor. Upstairs, there are two bedrooms, a full bath, and a loft overlooking the main living space, suitable for an office or bonus area. This property is one of the closest off-island developments to Chincoteague.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Auto Parts Store Kitchen & Bath Showroom HVAC Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Wallops Island
    County
    Accomack
    State
    Virginia
    Longitude
    -75.490532
    Latitude
    37.922613

    FAQs

    What type of property is this?
    Farm - New farmhouse on 1.68 acres near Chincoteague.
    Where is this farm located?
    The property is located at 33228 Holly Ln Wallops Island, VA.
    What is the asking price?
    The asking price for this property is $498,500.
    What are key features of this property?
    This property features: - New construction (2023) farmhouse on 1.68 acres, offering privacy and space.; - Close proximity to Chincoteague Island.; - Enjoy the wraparound porch and fully fenced yard.
    (757) 710-1598
    Request Owner's contact information
    33228 Holly Ln Wallops Island, VA 23337
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    Wallops Island, VA 23337
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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
    33228 Holly Ln Wallops Island, VA 23337
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    We can help!
    Listing Contact
    Angie Conklin Abell
    (757) 710-1598 (757) 336-3600
    Learn more
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