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    Highway Frontage Commercial Opportunity Title is generated by Realmo AI

    23120 LANKFORD HWY, Cape Charles, VA 23310

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    Claim this Listing
    Pending
    $625,000

    COMMERCIAL - CAPE CHARLES, VA

    Property size:
    3,590 SF
    Lot size:
    5.22 Acres
    Added:
    Feb 28, 2025
    Days on Market:
    449
    Last Refresh:
    May 23 at 4:06 pm

    Property Features for 23120 LANKFORD HWY

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Pending
    APN
    91-A-14A
    Size
    3,590 SF
    Lot size
    5.22 Acres

    Building Details

    Year built
    1995

    We can help!

    Listing Contact
    William (Bill) Parr

    Listing agent William (Bill) Parr

    Listing office PARR PROPERTIES 235B Mason Ave P.O. BOX 629, CAPE CHARLES, VA

    Listing date Feb 28, 2025

    MLS# 63885

    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

    • Over 1,100 feet of RT 13 Highway frontage with median crossover access.
    • 2.3 acre cleared area suitable for heavy equipment storage.
    • High bay steel mechanic garage with vehicle lift and two 10' x 12' doors.
    • Finished 40' x 9' steel conex box office with HVAC and Generac generator.
    • 1,056 Sq ft main office with lobby and 3 offices.
    • Two bay steel garage with paint booth and body shop area.

    Overview

    This commercial property features over 1,100 feet of frontage on Route 13, situated close to Cape Charles on the southbound lane, with a median crossover providing northbound access. The property includes a 1,056 square foot main office building with a lobby, three offices, and a large entrance deck. There is a 40' x 9' steel conex box with a finished interior, HVAC, three rooms, and a Generac backup generator, suitable for quality office space. A second conex box is available for warehouse use at truck height. The property also features a high bay steel mechanic garage with two 10' wide by 12' high doors, a full raise vehicle lift, extensive shelving, and a side entry door. Additionally, there is a two-bay steel garage with a paint booth and body shop area. The property includes a 2.3-acre cleared area, suitable for a heavy equipment storage yard. The site is zoned commercial and offers many rental possibilities and excellent sales display visibility. The property is suitable for an auto dealership, fleet type services, contractors, or a storage yard. The total lot size is 5.22 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Hotel & Motel Department Store Skin Care Clinic

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

    Similar Places Nearby

    • U-Haul Neighborhood Dealer — 22529 Parsons Cir, Cape Charles, VA 23310

    Location Insight

    • Map
    • Local Demand
    City
    Cape Charles
    County
    Northampton
    State
    Virginia
    Longitude
    -75.9748323
    Latitude
    37.2647183

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    FAQs

    What type of property is this?
    Automotive property - Commercial property with highway frontage, multiple buildings, and storage yard.
    Where is this automotive property located?
    The property is located at 23120 LANKFORD HWY Cape Charles, VA.
    What is the asking price?
    The asking price for this property is $625,000.
    What are key features of this property?
    This property features: Over 1,100 feet of RT 13 Highway frontage with median crossover access.; 2.3 acre cleared area suitable for heavy equipment storage.; High bay steel mechanic garage with vehicle lift and two 10' x 12' doors.
    (757) 373-6198
    We can help!
    Listing Contact
    William (Bill) Parr
    Request Owner's contact information
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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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