Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Land in Spencer, Virginia Title is generated by Realmo AI

    A L Philpott Hwy, Spencer, VA 24112

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    LAND - Spencer, VA

    Lot size:
    1.00 Acre
    Added:
    Feb 28, 2025
    Days on Market:
    452
    Last Refresh:
    May 26 at 4:06 pm

    Property Features for A L Philpott Hwy

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    1.00 Acre

    We can help!

    Listing Contact
    Johnny Lambert
    Johnny Lambert

    Listing agent Johnny Lambert

    Listing office United Country-Lambert Realty PO Box 752 125 Jeb Stuart Highway, Stuart, VA

    Listing date Feb 28, 2025

    MLS# 144526 Listing URL

    Copyright © 2026 Martinsville, Henry, Patrick Counties 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

    • Excellent visibility and accessibility due to highway frontage on Highway 58.
    • Level and mostly cleared 1‑acre lot, simplifying construction.
    • Convenient access to nearby amenities.
    • Located in Henry County, VA.
    • Proximity to Blue Ridge Airport in Spencer, VA.
    • Suitable for building a home, business, or investment property.

    Overview

    This 1-acre lot is located in Henry County, Virginia. The mostly cleared, level parcel offers excellent visibility and accessibility. Fronting on Highway 58, the property provides convenient access to nearby amenities and is just minutes from Blue Ridge Airport in Spencer, VA. This lot presents a fantastic opportunity in a desirable location for building a home, business, or investment property.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Spencer
    County
    Henry
    State
    Virginia
    Longitude
    -79.9623956
    Latitude
    36.6253238

    Nearby Similar for Sale

    • $189,000

      Mature Hardwood and Pine Land

      47.7 acres of recreational and timber investment land.
      Old Well Road, Spencer, VA 24165
      View Details
    • $374,900

      Secluded Land with River Frontage

      10+/- acres with Mayo River frontage and rental cabin.
      960 Riverview Road, Spencer, VA 24165
      View Details
    • $24,900

      Residential Land in Spencer, VA

      0.77 acre lot with existing well and septic system.
      1105 Marigold Rd, Spencer, VA 24165
      View Details
    • $975,000
      8,000 SF

      Former Family Dollar Store Available

      8,000 SF retail building on high-traffic highway near Martinsville.
      18309 A L Philpott Hwy, Spencer, VA
      View Details
    • $11,500

      Wooded Lot Near Golf Course

      Wooded lot in a quiet setting near golf course.
      Golf Course Rd lot: 14 & 38, Spencer, VA 24165
      View Details

    FAQs

    What type of property is this?
    Commercial land - One-acre lot in Henry County, Virginia, with excellent visibility.
    Where is this commercial land located?
    The property is located at A L Philpott Hwy Spencer, VA.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Excellent visibility and accessibility due to highway frontage on Highway 58.; Level and mostly cleared 1‑acre lot, simplifying construction.; Convenient access to nearby amenities.
    (276) 952-5502
    We can help!
    Listing Contact
    Johnny Lambert
    Johnny Lambert
    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
    A L Philpott Hwy, Spencer, VA 24112
    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!