Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Pond Front Lot in Subdivision Title is generated by Realmo AI

    Lot 45 OLDE MILL LANE, New Church, VA 23415

    View on Map
    Claim this Listing
    For Sale
    $49,000

    Land - NEW CHURCH, VA

    Lot size:
    1.90 Acres
    Added:
    Jul 25, 2025
    Days on Market:
    300
    Last Refresh:
    May 20 at 10:06 am

    Property Features for Lot 45 OLDE MILL LANE

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    1.90 Acres

    Taxes and HOA fees

    Expense value
    680
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    ANITA L. MERRITT
    ANITA L. MERRITT

    Listing agent ANITA L. MERRITT

    Listing office COLDWELL BANKER HARBOUR REALTY 22639 Center Pkwy, Accomac, VA

    Listing date Jul 25, 2025

    MLS# 64844 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

    • Pond front lot offering serene views.
    • Gated community providing added security and exclusivity.
    • Subdivision amenities include a refreshing fresh water pool.
    • Close proximity to Chincoteague Island, enjoy easy access to its attractions.
    • Conveniently located near Wallops Island.
    • Ready for new home construction, build your dream home here.

    Overview

    This 1.9-acre lot is located in the Olde Mill Point Subdivision. The gated community's amenities include a freshwater pool. The property is pond front and is near Chincoteague Island and Wallops Island. This lot is ready for building a dream home.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Big Box & Wholesale Store Dental Office Auto Repair Shop Nail Salon Hotel & Motel Food Market Storage Facility Furniture & Home Goods Cafe & Coffee Shop Car Rental Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    New Church
    County
    Accomack
    State
    Virginia
    Longitude
    -75.5106
    Latitude
    37.962

    Nearby Similar for Sale

    • $550,000

      Approved Mobile Home Park Opportunity

      7.24-acre mobile home park with infrastructure in place.
      0 SHAROAK RD, NEW CHURCH, VA 23415
      View Details
    • $215,000
      672 SF

      Commercial Property on Busy Route

      Commercial property with remodeled kitchen, fenced yard, and detached garage.
      5422 LANKFORD HWY, NEW CHURCH, VA 23415
      View Details
    • $1,900
      1,200 SF

      Commercial Space on Lankford Highway

      Commercial space for rent with high visibility and ample parking.
      3094-102 LANKFORD HWY, NEW CHURCH, VA 23415
      View Details
    • $159,000

      1.757 Acre Lot For Sale

      1.757 acre lot with unfinished commercial grade garage.
      * AZALEA LN, NEW CHURCH, VA 23415
      View Details
    • $1,550
      950 SF

      Retail Space on Lankford Hwy

      Retail space with road frontage and ample parking.
      3094-103 LANKFORD HWY, NEW CHURCH, VA 23415
      View Details
    • $47,000

      Land in Gated Community

      Over one acre lot in Olde Mill Point subdivision.
      Lot 51 OLDE MILL LANE, NEW CHURCH, VA 23415
      View Details
    • $90,000

      Waterfront Lot in Gated Community

      2.11-acre waterfront lot with community pool and dock access.
      Lot 75 OLDE MILL LANE, NEW CHURCH, VA 23415
      View Details
    • $67,000

      Wooded Lot Near Pitts Creek

      Large wooded lot with community amenities near Maryland/Virginia stateline.
      Lot 33 PITTS CREEK RD, NEW CHURCH, VA 23415
      View Details
    • $34,500

      Corner Lot in Baywatch Community

      Corner lot with community pier, ponds, and horse barn.
      Lot 27 EAGLE DRIVE, NEW CHURCH, VA 23415
      View Details
    • $69,900

      Wooded Land Near Pitts Creek

      Large wooded lot with community amenities near Pitts Creek.
      Lot 34 PITTS CREEK RD, NEW CHURCH, VA 23415
      View Details
    • $3,100,000

      Waterfront Farm with Deep-Water Access

      224-acre waterfront farm with deep-water access to Chesapeake Bay.
      26297 Pitts Creek Road, New Church, VA 23415
      View Details
    • $3,100,000
      2,400 SF

      Agricultural Property on Pitts Creek

      2400-acre agricultural property available for sale.
      26297 Pitts Creek Rd, New Church, VA 23415
      View Details

    FAQs

    What type of property is this?
    Land - Residential land in gated community near Chincoteague and Wallops Islands.
    Where is this land located?
    The property is located at Lot 45 OLDE MILL LANE New Church, VA.
    What is the asking price?
    The asking price for this property is $49,000.
    What are key features of this property?
    This property features: Pond front lot offering serene views.; Gated community providing added security and exclusivity.; Subdivision amenities include a refreshing fresh water pool.
    (757) 787-1305
    We can help!
    Listing Contact
    ANITA L. MERRITT
    ANITA L. MERRITT
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    Lot 45 OLDE MILL LANE, NEW CHURCH, VA 23415
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!