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    Waterfront Agricultural Estate Land Title is generated by Realmo AI

    1439 North River Road, Bohannon, VA 23021

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    Large agricultural waterfront holding with a historical homesite, existing cottage, and extensive shoreline for private development.

    Type:Land, Multifamily
    Lot size:
    100.00 Acres
    Added:
    May 29, 2026
    Days on Market:
    9
    Last Refresh:
    Jun 6 at 2:53 am

    Property Features for 1439 North River Road

    General Information

    Standard status
    Active
    Lot size
    100.00 Acres
    Property subtype
    Land, Multifamily

    We can help!

    Listing Contact
    Megan Dickerson

    Listing agent Megan Dickerson License #0225263376

    Listing office Keller Williams Fairfax Gateway

    Listing date May 29, 2026

    Source Crexi

    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 Keller Williams Fairfax Gateway

    HighLights

    • 100‑acre Mathews County, VA waterfront property with 3,200+ ft of shoreline across Cakes Creek, North River, and Mobjack Bay
    • Nearly 1‑mile private lane leading to an original late‑1800s homesite overlooking Cakes Creek, North River, and Mobjack Bay
    • Land mix of approx. 65 acres timber and 35 acres open fields and cropland
    • Existing small cottage on the property, believed to date back to the 1950s
    • Electric service runs to the homesite and there is a newer well pump
    • Zoned Agricultural and Rural; suitable for uses such as private estate, family compound, equestrian/hunting retreat, working farm, or future subdivision

    Overview

    Offered for sale for the first time in over a century, this approximately 100-acre waterfront property includes a long-established homesite overlooking Cakes Creek, North River, and Mobjack Bay. A late-1800s home was lost to a fire in 2023, and a small cottage believed to date back to the 1950s remains on the property and may be suitable for restoration. The land is split between approximately 65 acres of timber and 35 acres of open fields and cropland. The property also features over 3,200 feet of waterfrontage, including sandy shoreline, a protected cove, a private peninsula, and an existing dock location, along with electric running to the homesite and a newer well pump. Access is provided via a private lane stretching nearly a mile through open fields and towering woods.

    Located in Mathews County, Virginia, the site is described as a Chesapeake Bay watershed property with a protected cove setting and varied shoreline configurations. The combination of timber, open ground, and waterfront access supports both farming and fishing use cases, while the historical homesite provides a developed starting point on the peninsula.

    Zoned Agricultural and Rural, the property is positioned for a range of country-oriented plans, including a private estate, family compound, equestrian property, hunting retreat, working farm use, or other future subdivision concepts subject to applicable approvals. For buyers seeking a waterfront parcel with an existing homesite and dock location, the mix of open acreage, timber cover, and shoreline access offers flexibility for many long-term uses.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Bohannon
    County
    Mathews
    State
    Virginia
    Longitude
    -76.37717
    Latitude
    37.396964

    Nearby Similar for Sale

    • $1,400,000

      Waterfront Estate with Subdivision Potential

      Rare 100-acre waterfront estate with development opportunities.
      1439 North River Road, Bohannon, VA 23021
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    • $158,500

      Wooded Acreage Near Chesapeake Bay

      43 acres of wooded land near Mathews and Gloucester.
      00 Turnpike Rd (North Side), Bohannon, VA 23109
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    • $11,500

      Land on Turnpike Road, Bohannon

      1.6 acre commercial land parcel in Bohannon, Virginia.
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    FAQs

    What type of property is this?
    Waterfront Land - Large agricultural waterfront holding with a historical homesite, existing cottage, and extensive shoreline for private development.
    Where is this waterfront land located?
    The property is located at 1439 North River Road Bohannon, VA.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: 100‑acre Mathews County, VA waterfront property with 3,200+ ft of shoreline across Cakes Creek, North River, and Mobjack Bay; Nearly 1‑mile private lane leading to an original late‑1800s homesite overlooking Cakes Creek, North River, and Mobjack Bay; Land mix of approx. 65 acres timber and 35 acres open fields and cropland
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Megan Dickerson
    Real Estate License ID: 0225263376
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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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    1439 North River Road, BOHANNON, VA 23021
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