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    Versatile Land with Chestnut Creek Frontage Title is generated by Realmo AI

    226 Chestnut Dr. lot 81-6 6A, Galax, VA 24333

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    Claim this Listing
    For Sale
    $99,000

    LAND - Galax, VA

    Lot size:
    2.30 Acres
    Added:
    Feb 18, 2026
    Days on Market:
    91
    Last Refresh:
    May 20 at 1:06 pm

    Property Features for 226 Chestnut Dr. lot 81-6 6A

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Resid/Comm
    Fencing
    Fenced
    Standard status
    Active
    Lot size
    2.30 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Annual Amount
    183

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Public Sewer
    Water source
    Public
    Water front features
    Waterfront, River Access, Creek
    Water front
    1

    We can help!

    Listing Contact
    Joseph Dixon
    Joseph Dixon

    Listing agent Joseph Dixon License #0225246102

    Listing office BHHS- Mountain Sky Properties-Hillsville 445 W Stuart Drive, Bland, VA

    Listing date Feb 18, 2026

    MLS# 105844 Listing URL

    Copyright © 2026 Southwest Virginia 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

    • 2.3 acre property with Chestnut Creek frontage and level land
    • Zoned for business or residential use, offering versatile development options
    • Water and sewer connections available at the road
    • Formerly a horse facility (Goodson Stables & Farm), ready for restoration
    • Electricity available; previously had an active power meter serving the barn
    • Close proximity to Galax, suitable for campground, farm, or fresh market

    Overview

    This versatile 2.3-acre property features frontage on Chestnut Creek and offers level land suitable for various uses. Formerly Goodson Stables & Farm, the property previously operated as a horse facility and could be restored to its equestrian roots or transformed for other purposes. Zoned for business or residential use, the property presents a wide range of possibilities. Its proximity to Galax makes it suitable as a campground retreat or a thriving vegetable farm, ideal for U-pick produce or fresh market sales. Water and sewer connections are available at the road for installation. The property previously had an active power meter serving the barn, which makes utility setup convenient and cost-effective for future improvements. Located in Galax, Virginia, this property offers flexibility, frontage, and potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Campgrounds

    Map

    City
    Galax
    County
    Galax
    State
    Virginia
    Longitude
    -80.9203
    Latitude
    36.6484

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    FAQs

    What type of property is this?
    Land - 2.3 acre property with creek frontage and endless opportunity.
    Where is this land located?
    The property is located at 226 Chestnut Dr. lot 81-6 6A Galax, VA.
    What is the asking price?
    The asking price for this property is $99,000.
    What are key features of this property?
    This property features: 2.3 acre property with Chestnut Creek frontage and level land; Zoned for business or residential use, offering versatile development options; Water and sewer connections available at the road
    (276) 237-0775
    We can help!
    Listing Contact
    Joseph Dixon
    Joseph Dixon
    Real Estate License ID: 0225246102
    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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    226 Chestnut Dr. lot: 81-6,6A, Galax, VA 24333
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