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    38 MAIN ST Wachapreague, VA 23480

    View on Map
    For Sale
    $299,000

    Residential, Farmhouse - WACHAPREAGUE, VA

    Type:Farm
    Property size:
    1,816 SF
    Added:
    Apr 1, 2026
    Days on Market:
    8
    Last Refresh:
    Apr 8 at 7:06 am

    Property Features for 38 MAIN ST

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Dining Room, Family Room, Kitchen, Living Room, Utility Room
    Patio and Porch features
    Porch
    Interior features
    Smoke Detector, Washer/Dryer Hookup, Dining Room
    Exterior features
    Double Pane Windows, Screened Porch, Open Porch
    Fireplace
    1
    Appliances
    Dishwasher, Dryer, Freezer, Range, Refrigerator, Washer
    Standard status
    Active
    Size
    1,816 SF

    Utilities

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

    Building Details

    Year built
    1940
    Floors in Building
    2
    Flooring type
    Hardwood, Vinyl
    Building materials
    Vinyl Siding
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Linda Baylis Spence

    Listing agent Linda Baylis Spence

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

    Listing date Apr 1, 2026

    MLS# 71139 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.

    Overview

    Charming Farmhouse in Wachapreague, VA

    Located in the town of Wachapreague, known as the “Flounder Capital of the World” and the “Little City by the Sea”, this farmhouse offers simple comfort and classic character. The property features 3 bedrooms and 2 bathrooms within 1,816 square feet of space. Inside, hardwood floors and a fireplace in the dining room add warmth and charm. The layout is practical and welcoming, with space for everyday living. A screened-in porch provides an area for outdoor relaxation. A new shed offers extra storage or workspace. This property presents a solid opportunity for those seeking a home with character in a laid-back Eastern Shore setting, located moments from the marina.
    Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Department Store HVAC Service Discount Store (Bike/Boat/Book/etc) Store Restaurant Real Estate Agency Bed & Breakfast Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Wachapreague
    County
    Accomack
    State
    Virginia
    Longitude
    -75.690317
    Latitude
    37.604567

    Nearby Similar for Sale

    • $999,000
      3,000 SF

      Seaside Marina on Delmarva Peninsula

      Marina with 50-60+ slips, restaurant, and refurbishment plans.
      15 ATLANTIC AVE, WACHAPREAGUE, VA 23480
      View Details
    • $225,000
      1,590 SF

      Charming Farmhouse in Coastal Town

      Cozy farmhouse with rustic charm in a picturesque coastal town.
      34 MAIN ST, WACHAPREAGUE, VA 23480
      View Details

    FAQs

    What type of property is this?
    Farm - 3-bedroom, 2-bath farmhouse in a laid-back Eastern Shore setting.
    Where is this farm located?
    The property is located at 38 MAIN ST Wachapreague, VA.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Located in the desirable coastal town of Wachapreague, known for its relaxed atmosphere and proximity to the marina.; Features a striking fireplace in the dining room, adding warmth and character.; Includes a screened‑in porch for comfortable outdoor enjoyment.
    (757) 787-1010
    We can help!
    Listing Contact
    Linda Baylis Spence
    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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