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    Blackstone Farm with Homesteading Potential Title is generated by Realmo AI

    484 Dobbins, Blackstone, VA 23824

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    Claim this Listing
    Pending
    $499,000

    Residential, Ranch,Farmhouse - Blackstone, VA

    Type:Farm
    Lot size:
    23.49 Acres
    Added:
    Apr 10, 2026
    Days on Market:
    38
    Last Refresh:
    May 17 at 2:06 am

    Property Features for 484 Dobbins

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Zoning
    agr
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Standard status
    Pending
    Lot size
    23.49 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1995
    Building materials
    Vinyl Siding
    Roof type
    Metal
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Terry Adcock

    Listing agent Terry Adcock

    Listing office Napier Realtors ERA PO Box 35053, Richmond, VA

    Listing date Apr 10, 2026

    MLS# 59408 Listing URL

    Copyright © 2026 South Central 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

    • 23+ acre farm perfect for homesteading, livestock, and hunting with lower Lunenburg County taxes.
    • 60 x 24 building with endless potential for hobbies or other uses.
    • Multiple horse pastures with shelters/stalls and an arena area.
    • Updated kitchen appliances and resort‑like forest views from the dining area.
    • Spacious en‑suite with walk‑in closet and soaker tub.
    • Natural spring and stream providing a natural water supply.

    Overview

    This 23+ acre farm offers homesteading opportunities. Located in Lunenburg County, the property features lower taxes. It is suitable for horses, livestock, and chickens. Sportsmen can hunt deer and turkey on the property. A 60 x 24 building offers potential for various hobbies. Two large horse pastures on the right have 36x12 lean-tos each, and there is a large pasture with goats and an arena area. Two additional horse pastures are equipped with 12 x 12 stalls each. The house features a large kitchen with new appliances. The dining table overlooks views of the forest. The spacious en-suite includes a walk-in closet and a bathroom with a large soaker tub. There are two additional bedrooms, a full bath, and a laundry area on this floor. The downstairs area could be converted into a private living space. A one-car garage stays cool year-round and is suitable for storage and canning. Over 10 acres on the south side of the property currently hold cows and donkeys. A natural spring and stream provide a natural water supply. The field directly behind the home is partially fenced and suitable for hiking.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Blackstone
    County
    Nottoway
    State
    Virginia
    Longitude
    -77.9529
    Latitude
    37.0969

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    FAQs

    What type of property is this?
    Farm - 23+ acre farm with pastures, outbuilding, and updated home.
    Where is this farm located?
    The property is located at 484 Dobbins Blackstone, VA.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: 23+ acre farm perfect for homesteading, livestock, and hunting with lower Lunenburg County taxes.; 60 x 24 building with endless potential for hobbies or other uses.; Multiple horse pastures with shelters/stalls and an arena area.
    (804) 314-5696
    We can help!
    Listing Contact
    Terry Adcock
    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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