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    Wachapreague Home with Coastal Convenience Title is generated by Realmo AI

    21 MAIN ST, Wachapreague, VA 23480

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    For Sale
    $344,700

    Colonial,Farmhouse, Residential - WACHAPREAGUE, VA

    Type:Farm
    Property size:
    2,218 SF
    Price / SF:
    $155/SF
    Added:
    May 14, 2026
    Days on Market:
    5
    Last Refresh:
    May 18 at 6:06 am

    Property Features for 21 MAIN ST

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Dining Room, Family Room, Kitchen, Living Room, Utility Room, Workshop
    Parking features
    Garage
    Patio and Porch features
    Patio
    Interior features
    Walk-in Closet(s), Window Treatments, Washer/Dryer Hookup, Dining Room
    Exterior features
    Paved Driveway, Patio
    Fireplace
    1
    Appliances
    Dishwasher, Dryer, Freezer, Range, Refrigerator, Washer
    Standard status
    Active
    Size
    2,218 SF

    Utilities

    Heating system
    Baseboard, Fireplace(s), Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1890
    Floors in Building
    2
    Flooring type
    Hardwood, Tile
    Building materials
    Vinyl Siding
    Roof type
    Composition
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Lea Marie Ponessa Ngowakl

    Listing agent Lea Marie Ponessa Ngowakl

    Listing office ATLANTIC SOTHEBY'S INTERNATIONAL REALTY 2901 S Lynnhaven rd Suite 330, Virginia Beach, VA

    Listing date May 14, 2026

    MLS# 71419 Listing URL

    Copyright © 2026 Eastern Shore 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

    • Major Improvements: Encapsulation with dehumidifier, upgraded electrical, multi‑zone climate control, and new sewer system.
    • Prime Location: Situated in the heart of Wachapreague, near the marina and The Inn at Wachapreague.
    • Spacious Living: 2,218 sq ft home with a flexible layout.
    • Desirable Features: Includes original heart pine floors, a patio with an outdoor fireplace, and a detached garage.
    • Updated and Well‑Maintained: Features refreshed bath spaces.
    • Functional Kitchen: Connects easily to daily living with a pantry and nearby utility room.

    Overview

    Located in Wachapreague, this 2,218 sq ft home combines classic character with updates and coastal convenience. The home features sunlit spaces and original heart pine floors. The layout allows for gathering, quiet moments, or work-from-home. The kitchen connects to daily living with a pantry and a nearby utility room. Upstairs bedrooms offer privacy with built-in storage and refreshed bath spaces. Outside, there is a patio with an outdoor fireplace, a detached garage, and added storage. Major improvements include encapsulation with dehumidifier, upgraded electrical, multi-zone climate control, and a new sewer system. The property is located near Wachapreague Marina, and The Inn at Wachapreague.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Department Store HVAC Service Discount Store (Bike/Boat/Book/etc) Store Restaurant Real Estate Agency Bed & Breakfast Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Wachapreague
    County
    Accomack
    State
    Virginia
    Longitude
    -75.690317
    Latitude
    37.604567

    Nearby Similar for Sale

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    • $299,000
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      Charming Farmhouse in Wachapreague, VA

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      38 MAIN ST, WACHAPREAGUE, VA 23480
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    • $199,000
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      Charming Farmhouse in Wachapreague, VA

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    FAQs

    What type of property is this?
    Farm - Updated 2,218 sq ft home near Wachapreague Marina.
    Where is this farm located?
    The property is located at 21 MAIN ST Wachapreague, VA.
    What is the asking price?
    The asking price for this property is $344,700.
    What are key features of this property?
    This property features: Major Improvements: Encapsulation with dehumidifier, upgraded electrical, multi‑zone climate control, and new sewer system.; Prime Location: Situated in the heart of Wachapreague, near the marina and The Inn at Wachapreague.; Spacious Living: 2,218 sq ft home with a flexible layout.
    (757) 572-0392
    We can help!
    Listing Contact
    Lea Marie Ponessa Ngowakl
    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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