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    The Largest CRE Database in the US with Over 1 Million Listings

    8220 New Grove Rd Victoria, VA 23974

    Sponsored
    For Sale
    $248,000

    Residential/Vacation - Victoria, VA

    Type:Farm
    Property size:
    1,484 SF
    Lot size:
    5.11 Acres
    Days on Market:
    6
    Last Refresh:
    Jan 29 at 5:06 am

    Property Features for 8220 New Grove Rd

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Standard status
    Active
    Zoning
    Farm
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3
    Bedrooms
    3
    Bathrooms
    2
    Parking
    1
    Parking features
    Garage
    Interior features
    Vaulted Ceilings, Walk-in Closet(s), Washer &/Or Dryer Hookup
    Exterior features
    Gravel Drive, Above Ground Pool
    Appliances
    Dishwasher, Dryer, Range, Refrigerator, Washer
    Size
    1,484 SF
    Lot size
    5.11 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    2016
    Flooring type
    Laminate
    Building materials
    Vinyl Siding
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Lisa Novak

    eXp Realty, LLC-(Clayton) (919) 333-4265

    Listing agent Lisa Novak (866) 825-7169

    Listing date Jan 24, 2026

    MLS# 140570 Listing URL

    Copyright © 2026 Roanoke Valley Lake Gaston Board 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.

    Learn more

    Property Insight Report

    Overview

    Spacious Country Property on 5+ Acres

    Located in Lunenburg County, this property features a well-maintained 2016 doublewide home on a permanent foundation, set on over five mostly level acres. The land offers a mix of open, cleared space and wooded areas, suitable for a small farm, homestead, recreation, or hunting, with room for expansion. Established fruit trees, including pear, apple, peach, and plum trees, are present. The interior features a bright, open floor plan designed for comfortable living and entertaining. Two bedrooms and a full bath are located on one side of the home, separated by a large living room and open kitchen with space for an eat-in dining area or island. The primary suite includes a walk-in closet and ensuite bath with a separate tub and shower, plus a vanity nook. A separate laundry room provides storage and space for a freezer. Exterior features include a single-car garage with a concrete floor, suitable for storage or hobbies. The property is conveniently located between Kenbridge and Victoria, with easy access to Blackstone/Fort Pickett and South Hill. The property has agricultural zoning and Starlink internet. It is near private schools and passed a government-backed loan appraisal in 2024. The property size is 1484 square feet and the lot size is 5.11 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Restaurant Law Firm Auto Repair Shop Clothing Store Hotel & Motel Cafe & Coffee Shop Shoe Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Victoria
    County
    Lunenburg
    State
    Virginia
    Longitude
    -78.2712
    Latitude
    36.9694

    Nearby Similar for Sale

    • $70,000
      500 SF

      Two Single-Family Homes, Victoria, VA

      Two single-wide homes, each with two bedrooms and one bath.
      1513 3Rd St, Victoria, VA 23952
      View Details
    • $1,395,896
      15,730 SF

      Family Dollar Net Lease Investment

      Victoria, VA: Strong NN Retail Investment
      931 Main St, Victoria, VA 23974
      View Details

    FAQs

    What type of property is this?
    Farm - Well-kept home on 5+ acres, ideal for recreation.
    Where is this farm located?
    The property is located at 8220 New Grove Rd Victoria, VA.
    What is the asking price?
    The asking price for this property is $248,000.
    What are key features of this property?
    This property features: - Spacious 5+ acre property with cleared and wooded areas, great for a small farm, recreation, or hunting.; - Well-maintained 2016 doublewide on a permanent foundation featuring an open floor plan and a primary suite with ensuite bath.; - Enjoy established fruit trees (pear, apple, peach, and plum) on the property.
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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
    8220 New Grove Rd Victoria, VA 23974
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    We can help!
    Listing Contact
    Lisa Novak
    (866) 825-7169
    Learn more
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