Add Listing
    For Sale
    • 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

    Red Hill Dr Martinsville, VA 24112

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    LAND - Martinsville, VA

    Lot size:
    0.82 Acres
    Added:
    Apr 1, 2026
    Days on Market:
    16
    Last Refresh:
    Apr 16 at 2:06 am

    Property Features for Red Hill Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.82 Acres

    We can help!

    Listing Contact
    Julian Mei

    Listing agent Julian Mei

    Listing office Berry-Elliott, REALTORS 18 Starling Avenue, Martinsville, VA

    Listing date Apr 1, 2026

    MLS# 149995 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.

    Overview

    Residential Lot in Patrick Henry Farms

    Located off U.S. 58/A L Philpott Hwy, this 0.824-acre residential lot is situated in Patrick Henry Farms. Located on Red Hill Drive, the lot is suitable for building a home. Public water, electric, and high-speed internet are available from the street. The HOA fee is $5 for raw land/lot and $10 once a residence is established. All building plans are subject to covenants/restrictions. The property is located in Martinsville, Henry County, VA.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Martinsville
    County
    Martinsville
    State
    Virginia
    Longitude
    -79.783439
    Latitude
    36.673422

    Nearby Similar for Sale

    • $229,000
      3,935 SF

      Martinsville Commercial Opportunity For Sale

      Turn-key restaurant and event center with multiple income possibilities.
      1420 Virginia Avenue, Martinsville, VA 24112
      View Details
    • $275,000
      3,260 SF

      Established Auto Shop Opportunity

      Well-known auto shop with excellent visibility and expansion potential.
      1925 Old Chatham Rd, Martinsville, VA 24112
      View Details
    • $35,000
      880 SF

      Martinsville Commercial Property For Sale

      Commercial property in Martinsville, VA, suitable for medical or professional.
      15 Cleveland Avenue, Martinsville, VA 24112
      View Details
    • $94,900
      1,077 SF

      Martinsville Commercial Property For Sale

      Commercial property with potential for various business types.
      918 Chatham Heights Rd, Martinsville, VA 24112
      View Details
    • $129,900
      858 SF

      Martinsville Duplex with Recent Upgrades

      Charming duplex with new roof, HVAC, flooring, and appliances.
      831 Liberty Street, Martinsville, VA 24112
      View Details
    • $112,500
      1,918 SF

      Versatile Martinsville Investment Opportunity

      Mixed-use property with rental and business potential in central location.
      310 Brown Street, Martinsville, VA 24112
      View Details
    • $39,900

      Cleared Land with Mountain Views

      2+ acre lot ready for your dream home.
      Milcie Lane, Martinsville, VA 24112
      View Details
    • $675,000

      Prime Commercial Land Available

      Commercial land for shopping center development on busy Virginia Avenue.
      Virginia Avenue, Martinsville, VA 24112
      View Details
    • $49,999

      Recreational Land Near Martinsville

      9.81-acre recreational tract with hardwoods, trails, and stream.
      Laurel Park Ave lot: 5, Martinsville, VA 24112
      View Details
    • $7,250

      Martinsville City Land Parcel

      0.4+/- acre parcel with easy access to amenities.
      802 Independence Dr, Martinsville, VA 24112
      View Details
    • $24,900
      1,876 SF

      Martinsville Triplex Opportunity

      Triplex with potential in an attractive neighborhood. Selling as-is.
      106 Moss Street, Martinsville, VA 24112
      View Details
    • $24,950

      Martinsville Land with Shared Pond

      5.10 acre land parcel with shared pond access.
      TRACT 9 Dusty Ln, Martinsville, VA 24112
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 0.82 acre residential lot in established Martinsville subdivision.
    Where is this residential land & home lot located?
    The property is located at Red Hill Dr Martinsville, 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: Located in Patrick Henry Farms, a highly desirable subdivision in Martinsville/Henry County.; **0.824 acre lot ready for building a custom home.**; Public water, electric, and high‑speed internet available at the street.
    (276) 252-7177
    We can help!
    Listing Contact
    Julian Mei
    Learn More
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!