Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Centreville Redevelopment Opportunity on Lee Highway Title is generated by Realmo AI

    15500 LEE HIGHWAY, Centreville, VA 20120

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,250,000

    6.5 acre lot suitable for church, school, or sportsplex.

    Type:Commercial/Industrial
    Lot size:
    6.52 Acres
    Added:
    Mar 11, 2026
    Days on Market:
    68
    Last Refresh:
    Apr 5 at 8:55 pm

    Property Features for 15500 LEE HIGHWAY

    General Information

    Standard status
    Active
    Lot size
    6.52 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1946

    We can help!

    Listing Contact
    Ed B Wright

    Listing agent Ed B Wright

    Listing office Wright Realty, Inc.

    Listing date Mar 11, 2026

    Source Exitrealty

    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 Wright Realty, Inc.

    HighLights

    • 6.5‑acre lot with redevelopment potential for high‑demand uses
    • Excellent location on US 29 Lee Highway near Interstate 66 interchange
    • Existing water and sewer connections
    • 700 feet of frontage on Lee Highway with 2 entrances
    • High traffic count of 15,000 vehicles per day
    • Wide range of potential uses with special use permit or exemption

    Overview

    This 6.5-acre property presents a redevelopment opportunity suitable for a church, sportsplex, school, daycare, or community center. The site, formerly a motel, includes existing buildings that could be repurposed or removed. Water and sewer connections are available. Situated on US 29 Lee Highway in Centreville, near the Interstate 66 interchange, the property features 700 feet of frontage and two entrances on Lee Highway. The location benefits from a traffic count of 15,000 vehicles per day. Other potential uses, subject to a special use permit or exemption, include a veterinary clinic, agritourism, horse stable, single-family dwelling, group residential facility, congregate living facility, community center, recreation club, museum, heavy or light utility facility, animal shelter, kennel, bed and breakfast, campground, or outdoor recreation/playground.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Department Store HVAC Service Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Centreville
    County
    Fairfax
    State
    Virginia
    Longitude
    -77.4848
    Latitude
    38.8291

    Nearby Similar for Sale

    • $499,900

      Centreville, VA 5-Acre Wooded Lot

      5-acre wooded lot in Centreville, VA, backs to Bull Run.
      7400 BULL RUN Drive, CENTREVILLE, VA 20121
      View Details
    • $625,000

      Centreville, VA 5-Acre Lot

      5-acre lot to build your dream home.
      7030 JAY Court, CENTREVILLE, VA 20121
      View Details
    • $629,000

      Retail Space & Business For Sale

      Rare opportunity: renovated retail space with included business.
      14701 ROUTE 29, CENTREVILLE, VA 20121
      View Details
    • $750,000

      Centreville, VA Land Opportunity

      One-acre lot ready for new home construction in Centreville.
      7106 CENTREVILLE Road, CENTREVILLE, VA 20121
      View Details
    • $749,000

      Centreville Commercial Land For Sale

      Commercially zoned land near major routes in Centreville, Virginia.
      5644 PICKWICK Road, CENTREVILLE, VA 20120
      View Details
    • $899,000

      Centreville Land with Subdivision Potential

      1.73 acres in Fairfax County with subdivision potential.
      5440 SUMMIT Street, CENTREVILLE, VA 20120
      View Details
    • $460,000
      1,200 SF

      Centreville Medical Office Condominium

      Freestanding medical office condominium in Centreville, Virginia for sale.
      13880 BRADDOCK Rd 108, Centreville, VA 20121
      View Details
    • $599,000

      Spacious Residential Lot in Centreville

      5.19-acre lot in Hunter's Pond and Foxmont community.
      6500 BULL RUN WOODS Trail, CENTREVILLE, VA 20120
      View Details
    • $340,000

      Professional Office Condo For Sale

      Versatile office condo with tenant in place until 2027.
      14631 ROUTE 29, CENTREVILLE, VA 20121
      View Details
    • $1,750,000

      Prime Commercial Land Opportunity

      2.48 acres of C-8 zoned land near Lee Highway.
      13933-13937 BRADDOCK RD, CENTREVILLE, VA 20120
      View Details
    • $749,000

      Centreville Commercially Zoned Land

      3.47-acre commercially zoned land near Route 29 and Pickwick.
      5644 Pickwick Rd, CENTREVILLE, VA 20120
      View Details
    • $248,000

      Corner Lot in Centreville, VA

      Premium 0.66 acre corner lot off Highway 28.
      7003 CENTREVILLE Road, CENTREVILLE, VA 20121
      View Details

    FAQs

    What type of property is this?
    Commercial land - 6.5 acre lot suitable for church, school, or sportsplex.
    Where is this commercial land located?
    The property is located at 15500 LEE HIGHWAY Centreville, VA.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: 6.5‑acre lot with redevelopment potential for high‑demand uses; Excellent location on US 29 Lee Highway near Interstate 66 interchange; Existing water and sewer connections
    (703) 368-8136
    We can help!
    Listing Contact
    Ed B Wright
    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

    Thank You for Inquiry
    15500 LEE HIGHWAY, CENTREVILLE, VA 20120
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!