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    Updated Farmhouse on 21 Acres Title is generated by Realmo AI

    1000 Free State Rd, Meherrin, VA 23954

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    For Sale
    $524,900

    Residential, Farmhouse - Meherrin, VA

    Type:Farm
    Lot size:
    21.37 Acres
    Added:
    May 7, 2026
    Days on Market:
    11
    Last Refresh:
    May 17 at 9:06 am

    Property Features for 1000 Free State Rd

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Zoning
    AG
    Bedrooms
    3
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3
    Parking
    2
    Parking features
    Garage
    Standard status
    Active
    Lot size
    21.37 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1880
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Hunter Harris

    Listing agent Hunter Harris

    Listing office County Line Properties LLC 11188 County Line Rd., Charlotte Court House, VA

    Listing date May 7, 2026

    MLS# 59576 Listing URL

    Copyright © 2026 South Central 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

    • Over 21 acres of private countryside bordering the Tobacco Heritage Trail
    • Updated 1880 farmhouse with refinished hardwood floors and spacious living areas
    • Updated kitchen with new cabinetry and butcher block countertops
    • 80x20 pole barn and additional outbuildings ideal for a hobby farm or homestead
    • Major system updates including improved HVAC and mechanicals
    • Includes approximately 10 Nigerian dwarf goats

    Overview

    Located in Southside Virginia, this updated 1880 farmhouse combines historic character with modern upgrades on over 21 acres of private countryside bordering the Tobacco Heritage Trail. Accessible via a long private driveway, the property is suitable for a hobby farm, homestead, weekend retreat, or full-time country living. The interior features refinished hardwood floors, spacious living areas, and an open layout. The updated kitchen includes new cabinetry, butcher block countertops, and modern lighting. System updates include improved HVAC and mechanicals. The property is equipped for country living with an 80x20 pole barn, additional outbuildings, a fire pit area, a generator hookup, and an RV 30-amp hookup. Approximately 10 Nigerian dwarf goats convey with the sale. A large back deck overlooks the setting and provides space for entertaining and relaxing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Restaurant Auto Repair Shop Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Meherrin
    County
    Prince Edward
    State
    Virginia
    Longitude
    -78.3603043
    Latitude
    37.1017342

    FAQs

    What type of property is this?
    Farm - Updated 1880 farmhouse on 21 acres in Southside Virginia.
    Where is this farm located?
    The property is located at 1000 Free State Rd Meherrin, VA.
    What is the asking price?
    The asking price for this property is $524,900.
    What are key features of this property?
    This property features: Over 21 acres of private countryside bordering the Tobacco Heritage Trail; Updated 1880 farmhouse with refinished hardwood floors and spacious living areas; **Updated kitchen with new cabinetry and butcher block countertops**
    (434) 390-4517
    We can help!
    Listing Contact
    Hunter Harris
    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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