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    Mixed-Use Property with Acreage Title is generated by Realmo AI

    34446 LANKFORD HWY, Painter, VA 23420

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    Claim this Listing
    Pending
    $325,000

    COMMERCIAL - PAINTER, VA

    Property size:
    6,352 SF
    Lot size:
    4.02 Acres
    Added:
    Feb 17, 2026
    Days on Market:
    107
    Last Refresh:
    Jun 4 at 7:06 am

    Property Features for 34446 LANKFORD HWY

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Pending
    APN
    119-A-35
    Size
    6,352 SF
    Lot size
    4.02 Acres

    Building Details

    Year built
    1968

    We can help!

    Listing Contact
    MAUREEN MACKAY
    MAUREEN MACKAY

    Listing agent MAUREEN MACKAY

    Listing office Weichert, Realtors Mason - Davis 47 MARKET STREET, Onancock, VA

    Listing date Feb 17, 2026

    MLS# 67862

    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

    • Versatile 4+ acre property zoned for business and agricultural use.
    • Located in the Accomack County Enterprise Zone.
    • Includes a 1500 sq ft apartment (remodel started) with 3 bedrooms and a 2‑car attached garage with storage above.
    • Great exposure for business due to location stretching from Lankford Highway to Coal Kiln Rd.
    • Plenty of storage space available, including several sheds.
    • Building previously used as a restaurant, suitable for various small businesses.

    Overview

    This mixed-use property offers a unique investment opportunity, blending commercial potential with residential living. Situated on over 4 acres stretching from Lankford Highway to Coal Kiln Rd, the property benefits from significant exposure, making it ideal for various business ventures. The cleared portion of the land is zoned for business use and is located within the Accomack County Enterprise Zone. The wooded area is zoned agricultural. The property includes multiple storage sheds, one of which houses the water system. The main building features a large open space that was previously used as a restaurant, suggesting its suitability for similar businesses or other small commercial enterprises. The building has 40-year shingles, and the flat roof has been resurfaced. Attached is a 1500 sq ft apartment with a remodel started, featuring a living room, kitchen, three bedrooms, and a two-car attached garage with storage above.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Spa & Massage Center Big Box & Wholesale Store Dental Office Hair Salon Nail Salon Storage Facility Garden Center Food Market Veterinary Clinic Farmer's Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Painter
    County
    Accomack
    State
    Virginia
    Longitude
    -75.7967176
    Latitude
    37.5693106

    FAQs

    What type of property is this?
    Mixed-use property - Versatile commercial property with residential potential on 4+ acres.
    Where is this mixed-use property located?
    The property is located at 34446 LANKFORD HWY Painter, VA.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: Versatile 4+ acre property zoned for business and agricultural use.; Located in the Accomack County Enterprise Zone.; Includes a 1500 sq ft apartment (remodel started) with 3 bedrooms and a 2‑car attached garage with storage above.
    (757) 709-8590
    We can help!
    Listing Contact
    MAUREEN MACKAY
    MAUREEN MACKAY
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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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