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    39-40 Forest Lane Lancaster, VA 22503

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    Claim this Listing
    For Sale
    $60,000

    LAND - Lancaster, VA

    Lot size:
    1.00 Acre
    Added:
    Oct 17, 2025
    Days on Market:
    204
    Last Refresh:
    May 8 at 12:06 am

    Property Features for 39-40 Forest Lane

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    20D-4-40
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    CORROTOMAN BY THE BAY .45 AC DB360/304
    Tax Annual Amount
    330

    Utilities

    Water source
    Well
    Water front features
    River Front, Navigable Water
    Water front
    1

    We can help!

    Listing Contact
    Katherine Rhule
    Katherine Rhule

    Listing agent Katherine Rhule License #0225247172

    Listing office Liz Moore & Associates Post Office Box 548, Kilmarnock, VA

    Listing date Oct 17, 2025

    MLS# 202500087 Listing URL

    Copyright © 2026 Chesapeake Bay & Rivers 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

    • Waterfront one‑acre building lot with river access on the Corrotoman River.
    • Access to community recreation area with a large pool, clubhouse, pavilion, 9‑hole golf course, and tennis/pickle ball courts.
    • Community amenities include a pier, boat ramp, boat slip rental, and kayak rack rental.
    • Located in a private cul‑de‑sac within the Corrotoman By The Bay community.
    • Proximity to the Rappahannock and Chesapeake Bay for fishing, boating, crabbing, and birding.
    • Community water access, eliminating the need for a private well.

    Overview

    Waterfront Acre in Corrotoman By The Bay

    This offering features a one-acre waterfront building lot, consisting of two parcels on Forest Lane, situated within the Corrotoman By The Bay community. Located in a private cul-de-sac, it is near the neighborhood recreation area, which includes an 80,000-gallon pool, clubhouse, pavilion, 9-hole golf course, tennis and pickle ball courts, and frisbee golf. The neighborhood also provides access to a pier and boat ramp on the Corrotoman River, with boat slip and kayak rack rentals available. Community water is accessible. The property is a short distance from Kilmarnock and Irvington, with convenient boat access to the Rappahannock River and Chesapeake Bay.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Auto Repair Shop Hotel & Motel Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Lancaster
    State
    Virginia
    Longitude
    -76.517406
    Latitude
    37.729685

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    FAQs

    What type of property is this?
    Land - One-acre waterfront building lot in water-access community.
    Where is this land located?
    The property is located at 39-40 Forest Lane Lancaster, VA.
    What is the asking price?
    The asking price for this property is $60,000.
    What are key features of this property?
    This property features: Waterfront one‑acre building lot with river access on the Corrotoman River.; Access to community recreation area with a large pool, clubhouse, pavilion, 9‑hole golf course, and tennis/pickle ball courts.; Community amenities include a pier, boat ramp, boat slip rental, and kayak rack rental.
    (804) 456-8733
    We can help!
    Listing Contact
    Katherine Rhule
    Katherine Rhule
    Real Estate License ID: 0225247172
    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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