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    348 Acres in Blue Ridge Title is generated by Realmo AI

    NONE, Luray, VA 22835

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    Claim this Listing
    Pending
    $8,500,000

    Development - LURAY, VA

    Type:Single Family Residence
    Property size:
    3,900 SF
    Lot size:
    348.00 Acres
    Added:
    Feb 2, 2025
    Days on Market:
    472
    Last Refresh:
    May 20 at 5:06 pm

    Property Features for NONE

    General Information

    Property type
    Land
    Property subtype
    Single Family Residence
    Zoning
    R Residential
    Standard status
    Pending
    Size
    3,900 SF
    Lot size
    348.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    8253

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    RONDA PEARL
    RONDA PEARL

    Listing agent RONDA PEARL License #0225219194

    Listing office FRANK HARDY SOTHEBY'S INTERNATIONAL REALTY 417 PARK STREET, Charlottesville, VA

    Listing date Feb 2, 2025

    MLS# 660498 Listing URL

    Copyright © 2026 Charlottesville Area 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

    • 348‑acre property featuring an impressive 1.25 miles of Shenandoah River frontage.
    • Operating 18‑hole par‑72 Caverns Country Club with a 3900 sqft clubhouse.
    • Residential development opportunity with 100+ county‑approved Oh, Shenandoah homesites.
    • Zoning allows for diverse development, including single‑family, multi‑family, and outdoor recreation.
    • Potential for resort or lodging operation redevelopment.
    • Conveniently located 90 minutes from Washington, DC, and less than 15 miles from I‑81.

    Overview

    This 348-acre property is located in the Blue Ridge Mountain foothills in Luray, Virginia. It includes the Caverns Country Club, an operating 18-hole par-72 golf course with a 3900 sqft clubhouse, and surrounding Oh Shenandoah homesites. The parkland-type setting features gently rolling fairways and mountain vistas. Infrastructure includes a comprehensive irrigation system and a maintenance barn. The property has over 1.25 miles of frontage on the Shenandoah River. Oh, Shenandoah offers a residential development opportunity with over 100 county-approved lots. The current R Residential zoning will accommodate single-family, multi-family, and age-restricted housing; camps and campgrounds; and outdoor recreation. The land could also be redeveloped for various future uses, such as a resort or lodging operation. The property is located 90 minutes from Washington, DC, and less than 15 miles from I-81, providing access to travel corridors, area attractions, and national parks. Nearby conveniences include grocery stores, pharmacies, restaurants, and a public use general aviation airport.
    Location Intelligence

    Current Use by Public Records

    Golf courses & driving ...

    Map

    City
    Luray
    County
    Page
    State
    Virginia
    Longitude
    -78.431
    Latitude
    38.6496

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    FAQs

    What type of property is this?
    Golf course & driving range - 348 acres in Blue Ridge Mtn foothills in Luray, VA.
    Where is this golf course & driving range located?
    The property is located at NONE Luray, VA.
    What is the asking price?
    The asking price for this property is $8,500,000.
    What are key features of this property?
    This property features: 348‑acre property featuring an impressive 1.25 miles of Shenandoah River frontage.; Operating 18‑hole par‑72 Caverns Country Club with a 3900 sqft clubhouse.; Residential development opportunity with 100+ county‑approved Oh, Shenandoah homesites.
    (434) 760-1718
    We can help!
    Listing Contact
    RONDA PEARL
    RONDA PEARL
    Real Estate License ID: 0225219194
    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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