Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    650 Millwood Ave Winchester, VA 22601

    View on Map
    Sponsored
    For Lease
    $20 SF/Yr ($17,424 /Mo)

    CommercialLease - WINCHESTER, VA

    Type:Office
    Property size:
    2,600 SF
    Lot size:
    0.24 Acres
    Days on Market:
    9
    Last Refresh:
    Mar 18 at 1:06 am

    Property Features for 650 Millwood Ave

    General Information

    Property type
    Other
    Property subtype
    Office
    Standard status
    Active
    Parking
    15
    Parking features
    Parking Lot
    Size
    2,600 SF
    Lot size
    0.24 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1986
    Building materials
    Brick

    We can help!

    Listing Contact
    Daniel J Whitacre

    Colony Realty (540) 662-0323

    Listing agent Daniel J Whitacre (540) 662-0323 License #0225212949

    Listing date Mar 10, 2026

    MLS# VAWI2009286

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Prime Winchester Office Space Available

    This commercial office space for lease is located at 650 Millwood Avenue in Winchester, VA. The property offers over 2,600 square feet of professional space, featuring multiple private offices and dedicated meeting areas. Situated directly next to Shenandoah University, the location provides visibility on a major artery with a traffic count of approximately 30,000 cars per day. The site includes on-site parking for approximately 15 vehicles. This location is suitable for medical or professional services, financial firms, or any enterprise seeking brand recognition.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Winchester
    County
    Frederick
    State
    Virginia
    Longitude
    -78.16218
    Latitude
    39.16564

    Nearby Similar for Lease

    • $15 SF/Yr
      11,761 SF

      Downtown Winchester Office Space Available

      Prestigious office building in the heart of downtown Winchester.
      38 Rouss Ave, Winchester, VA 22601
      View Details
    • $17 SF/Yr

      Downtown Winchester Restaurant Opportunity

      Restaurant space in historic downtown Winchester with outdoor dining area.
      100 N Loudoun St, Winchester, VA 22601
      View Details
    • New
      $2,100 /Mo
      3,920 SF

      Prime Retail in Old Town

      Storefront in vibrant Winchester Walking Mall with high visibility.
      14-16 S Loudoun St, Winchester, VA 22601
      View Details
    • New
      $1,797 /Mo

      Renovated Office Space Available

      Charming commercial space in Winchester, VA, renovated in 2025.
      158 Front Royal Pike, Winchester, VA 22602
      View Details
    • New
      $741 /Mo

      Renovated Office Space Available

      Charming commercial lease opportunity in a vibrant neighborhood.
      158 Front Royal Pike, Winchester, VA 22602
      View Details
    • New
      $1,093 /Mo

      Charming Commercial Lease Opportunity

      Commercial lease in a vibrant neighborhood, renovated in 2025.
      158 Front Royal Pike, Winchester, VA 22602
      View Details
    • New
      $2,259 /Mo

      Renovated Office Space Available

      Charming commercial lease in a vibrant, accessible location.
      158 Front Royal Pike, Winchester, VA 22602
      View Details
    • $2,500 /Mo

      Winchester Office Space For Lease

      573 SF office space with private offices for lease.
      1521 Martinsburg Pike, Winchester, VA 22603
      View Details
    • $16 SF/Yr

      Renovated Suites in Winchester, VA

      Newly renovated suites suitable for retail or office use.
      2014 Loudoun St S unit B C, Winchester, VA 22601
      View Details
    • $2,500 /Mo
      35,284 SF

      Winchester Office Space For Lease

      1,500 SF office space in Winchester, VA for lease.
      1104 Amherst St, Winchester, VA 22601
      View Details
    • $1,500 /Mo
      8,276 SF

      Downtown Winchester Office Space Available

      Office space in downtown Winchester business district, convenient location.
      112 N Cameron St, Winchester, VA 22601
      View Details
    • $11 SF/Yr

      Prime Office Space in Winchester

      Beautiful office space near Old Town Walking Mall, move-in ready.
      45 E Boscawen St, Winchester, VA 22601
      View Details

    FAQs

    What type of property is this?
    Office units - Highly visible office space next to Shenandoah University for lease.
    Where is this office units located?
    The property is located at 650 Millwood Ave Winchester, VA.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: - High-visibility location on Millwood Avenue with approximately 30,000 cars per day.; - Over 2,600 square feet of versatile office space with private offices and meeting areas.; - Prime location next to Shenandoah University.
    (540) 327-6718
    Request Owner's contact information
    650 Millwood Ave Winchester, VA 22601
    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.
    650 Millwood Ave
    Winchester, VA 22601
    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
    650 Millwood Ave Winchester, VA 22601
    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

    We can help!
    Listing Contact
    Daniel J Whitacre
    Real Estate License ID: 0225212949
    (540) 327-6718 (540) 662-0323
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!