Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Wooded Lot in Colony Cove Title is generated by Realmo AI

    Cove Colony Road, Lancaster, VA 22503

    View on Map
    Claim this Listing
    For Sale
    $137,900

    LAND - LANCASTER, VA

    Lot size:
    1.03 Acres
    Added:
    Apr 22, 2025
    Days on Market:
    405
    Last Refresh:
    May 31 at 10:06 pm

    Property Features for Cove Colony Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R
    Standard status
    Active
    APN
    26H-1-6
    Lot size
    1.03 Acres

    Taxes and HOA fees

    Tax Description
    Myers Creek 1.03 ac, LR07/2229
    Tax Annual Amount
    220

    Utilities

    Utilities
    Water Available
    Water front features
    Creek

    We can help!

    Listing Contact
    R. D. Johnson
    R. D. Johnson

    Listing agent R. D. Johnson License #0225029643

    Listing office Mason Realty, Inc. P. O. Box 517, Urbanna, VA

    Listing date Apr 22, 2025

    MLS# 118669 Listing URL

    Copyright © 2026 Northern Neck 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

    • Wooded +/- 1 acre lot
    • Located in Colony Cove Subdivision
    • Waterfront property on Myers Creek
    • In Lancaster County
    • Central water
    • Water Available

    Overview

    This is a wooded lot located in the Colony Cove Subdivision on Myers Creek in Lancaster County, Virginia. The property is approximately 1.03 acres and has central water. The zoning is R.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Lancaster
    County
    Lancaster
    State
    Virginia
    Longitude
    -76.4947942
    Latitude
    37.6871876

    Nearby Similar for Sale

    • $290,000
      3,412 SF

      Waterfront Land with Dock Potential

      Rare waterfront opportunity with dock, bulkhead, and shoreline.
      123 Waterview Road, Lancaster, VA 22503
      View Details
    • $290,000
      3,412 SF

      Waterfront Land with Dock Potential

      Rare waterfront land with dock, bulkhead, and shoreline.
      123 Waterview Road, Lancaster, VA 22503
      View Details
    • $80,000

      Secluded Wooded Lot Near River

      5.56-acre wooded lot near Corrotoman River, close to amenities.
      2A Browns Lane, Lancaster, VA 22503
      View Details
    • $400,000

      Waterfront Acreage on Corrotoman River

      7.61-acre waterfront lot with river access near Kilmarnock.
      2 Browns Lane, Lancaster, VA 22503
      View Details
    • $345,000

      Waterfront Lot in Lancaster, VA

      3.44-acre waterfront lot with dock and community amenities.
      Laurel Point Road lot: 5, LANCASTER, VA 22503
      View Details
    • $18,000

      Residential Land Near Whitehouse Creek

      1.27 acre residential land with community boat ramp access.
      Bermuda Road, Lancaster, VA 22503
      View Details
    • $135,000

      Waterfront Land in Lancaster, Virginia

      Homesite with water views and community boat ramp access.
      24 Bermuda Road, LANCASTER, VA 22503
      View Details
    • $50,000

      Expansive 10-Acre Lancaster Parcel

      10-acre parcel zoned R-1 with public utilities access.
      COLINBROOK WAY, LANCASTER, VA 22503
      View Details
    • $12,500

      Waterfront Community Wooded Lots

      Two wooded lots in amenity-rich waterfront community.
      Ridge Rd lot: 270 & 276, Lancaster, VA 22503
      View Details
    • $60,000

      Waterfront Acre in Corrotoman By The Bay

      One-acre waterfront building lot in water-access community.
      39-40 Forest Lane, Lancaster, VA 22503
      View Details
    • $249,500

      Waterfront Lot in Corrotoman Community

      Waterfront lot with community amenities and river access.
      46 & 47 Forest Lane, Lancaster, VA 22503
      View Details
    • $42,500

      Water Access Building Site

      Upscale neighborhood lot with deeded boat slip access.
      Preserve Drive lot: 22, Lancaster, VA 22503
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - One-acre wooded lot with central water in Lancaster County.
    Where is this residential land & home lot located?
    The property is located at Cove Colony Road Lancaster, VA.
    What is the asking price?
    The asking price for this property is $137,900.
    What are key features of this property?
    This property features: Wooded +/- 1 acre lot; Located in Colony Cove Subdivision; Waterfront property on Myers Creek
    (804) 815-8320
    We can help!
    Listing Contact
    R. D. Johnson
    R. D. Johnson
    Real Estate License ID: 0225029643
    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
    Cove Colony Road, LANCASTER, VA 22503
    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!