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    Mountain-Side Land With Two Homesites Title is generated by Realmo AI

    118 LEXINGTON CT lot 7, Stanardsville, VA 22973

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    Claim this Listing
    For Sale
    $649,000

    LAND - STANARDSVILLE, VA

    Lot size:
    19.38 Acres
    Added:
    Aug 25, 2025
    Days on Market:
    285
    Last Refresh:
    Jun 5 at 12:06 pm

    Property Features for 118 LEXINGTON CT lot 7

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    35 A 7
    Lot size
    19.38 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    Lot 7 Lexington Subdivision 19.38 Acres Map 35A 7 Plat Book 3041 Zoned C-1
    Tax Annual Amount
    1195

    We can help!

    Listing Contact
    RICHARD HERRING

    Listing agent RICHARD HERRING License #0225107330

    Listing office HERRING AUCTION & REALTY P.O. BOX 387, Stanardsville, VA

    Listing date Aug 25, 2025

    MLS# 668285 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

    • 19‑acre mountain‑side lot in the Blue Ridge Mountains of Virginia’s wine country
    • Authorization for two home sites on the property, in the Lexington subdivision
    • Lexington subdivision is a 12‑home neighborhood developed in 2001
    • Tallest lot in the Lexington subdivision, with cleared 2 acres for a homesite
    • Gravel road with wide switchbacks leads to the top of the ridge; permitted drain field on‑site
    • Architect drafted several main home designs (to be provided), with designs able to be modified to match buyer needs

    Overview

    This mountain-side residential lot is offered in Greene County, Virginia and includes authorization for two home sites. The property features a gravel road with wide switchbacks leading to the top of the ridge, and approximately 2 acres have been cleared for a potential homesite. A permitted drain field is already in place, and architect-drafted designs for the main home are available with the ability to be modified to match buyer preferences.

    The land is located within the “Lexington” subdivision, a 12-home neighborhood developed in 2001. The lot is described as the tallest parcel in the subdivision, and is addressed as 118 Lexington Ct, lot 7, Stanardsville, VA 22973.

    For buyers seeking a private mountain setting with existing groundwork, the combination of ridge access, a cleared building area, and a permitted drain field can reduce early development steps. With architect plans provided for the main home and the flexibility to adjust them, this property can fit buyers who want to start planning immediately while building one or two residences on the authorized home sites.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Kitchen & Bath Showroom Electrical Service Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Stanardsville
    County
    Greene
    State
    Virginia
    Longitude
    -78.503183
    Latitude
    38.293689

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    FAQs

    What type of property is this?
    Residential land & home lot - Residential land offering authorized two home sites, with an existing gravel road and a cleared homesite area.
    Where is this residential land & home lot located?
    The property is located at 118 LEXINGTON CT lot 7 Stanardsville, VA.
    What is the asking price?
    The asking price for this property is $649,000.
    What are key features of this property?
    This property features: 19‑acre mountain‑side lot in the Blue Ridge Mountains of Virginia’s wine country; Authorization for two home sites on the property, in the Lexington subdivision; Lexington subdivision is a 12‑home neighborhood developed in 2001
    (434) 960-7800
    We can help!
    Listing Contact
    RICHARD HERRING
    Real Estate License ID: 0225107330
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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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    118 LEXINGTON CT lot: 7, STANARDSVILLE, VA 22973
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