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    Golf Course View Lot Title is generated by Realmo AI

    Lot 96 Sand Wedge Circle, Penhook, VA 24137

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    For Sale
    $59,900

    Partially wooded lot with golf course and mountain views.

    Type:Land / Unimproved Lot
    Property size:
    18,295 SF
    Lot size:
    0.42 Acres
    Price / SF:
    $3/SF
    Added:
    Aug 24, 2024
    Days on Market:
    654
    Last Refresh:
    Mar 13 at 11:58 am

    Property Features for Lot 96 Sand Wedge Circle

    General Information

    Standard status
    Active
    Size
    18,295 SF
    Lot size
    0.42 Acres
    Property subtype
    Land / Unimproved Lot

    We can help!

    Listing Contact
    DEBBIE SHELTON
    DEBBIE SHELTON

    Listing agent DEBBIE SHELTON License #0225083584

    Listing office BERKSHIRE HATHAWAY HOMESERVICES SMITH MOUNTAIN LAKE REAL ESTATE

    Listing date Aug 24, 2024

    Source Compass

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of BERKSHIRE HATHAWAY HOMESERVICES SMITH MOUNTAIN LAKE REAL ESTATE

    HighLights

    • Golf course lot with VIEWS of the 16th green and fairway.
    • Enjoy mountain views, including Smith Mountain.
    • Convenient location with short walk to clubhouse.
    • Clubhouse AMENITIES: pool, tennis, fitness center, and restaurant.
    • Partially wooded lot.
    • Underground electric.

    Overview

    This is a partially wooded lot with views of the 16th green and fairway of a golf course, as well as views of mountains, including Smith Mountain. The property is conveniently located within a short walk to the clubhouse, which features a pool, tennis courts, a fitness center, and a restaurant. The lot size is 18295 square feet.
    Location Intelligence

    Current Use by Public Records

    Recreation land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Auto Repair Shop Bar & Pub Bed & Breakfast Coworking & Hybrid Office Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Penhook
    County
    Franklin
    State
    Virginia
    Longitude
    -79.6238704
    Latitude
    37.0236926

    Nearby Similar for Sale

    • $675,000

      Smith Mountain Lake Campground Auction

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    • $599,500

      Unrestricted Land Tract in Penhook

      278-acre unrestricted land with timber, recreation, and mountain views.
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    • $649,900
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      Smith Mountain Lake Estate Lot

      One-acre lakefront lot with deep-water frontage and protected views.
      Lot 4 Sweetwater Bay Drive, Penhook, VA 24137
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    • $675,000
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      Smith Mountain Lake Campground Auction

      Campground property on Smith Mountain Lake to be sold at auction.
      620 Plantation Drive, Penhook, VA 24137
      View Details
    • $214,950

      Waterfront Lot on Smith Mountain

      Deep water, buildable waterfront lot on Smith Mountain Lake.
      Sweetwater Bay Dr lot: 1, Penhook, VA 24137
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    • $55,000

      Land in Snow Creek Area

      2.55 acres in Snow Creek area with creek.
      10597 SNOW CREEK Rd, Penhook, VA 24137
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    • $65,000

      Waterfront Lot in Eagle Pointe

      1.36 acre waterfront lot with deeded lake access.
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    • $35,000
      31,798 SF

      Land in Waters Edge Community

      Approximately 3/4 acre lot near club amenities.
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      View Details

    FAQs

    What type of property is this?
    Recreation land - Partially wooded lot with golf course and mountain views.
    Where is this recreation land located?
    The property is located at Lot 96 Sand Wedge Circle Penhook, VA.
    What is the asking price?
    The asking price for this property is $59,900.
    What are key features of this property?
    This property features: Golf course lot with VIEWS of the 16th green and fairway.; Enjoy mountain views, including Smith Mountain.; Convenient location with short walk to clubhouse.
    (540) 797-3177
    We can help!
    Listing Contact
    DEBBIE SHELTON
    DEBBIE SHELTON
    Real Estate License ID: 0225083584
    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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