Building Details

Year Built 1965

Listing Agency: Dalton Realty

Listed By: Danielle Rosso Show Phone

Source: Riverfoxrealty

Added: Apr 26 Changed: Oct 25 Last Checked: Oct 5 at 10:35PM

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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 Dalton Realty

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Investment Insights

Based on property information with market context.

Located in West Point, this 1.74-acre property offers a development opportunity with MU-1 commercial and high-density R-3 zoning. The site features 697 feet of road frontage, including 167 feet on King William Ave, 110 feet on Lyndale St, and 420 feet on Moore St. The current zoning allows for retail stores, shops, offices, multi-family housing, apartments, hotels, and restaurants under MU-1, and multi-family housing, group homes, limited residential care facilities, and non-residential recreational, educational, cultural, and public service buildings under R-3. The property includes an existing 2,800-square-foot brick home, a carport, and a 624-square-foot detached garage with an attached 2-bedroom apartment. The cape cod-style home features hardwood floors, 4 bedrooms, 3 full bathrooms, an open concept, storage space, an enclosed sunroom, and a patio. The existing residential building could be used for on-site accommodation, medical office space, retail shops, or group/nursing home accommodation. Recent updates include a newer roof, dual-zone HVAC, and water heater. The property is located 45 minutes from Richmond and 20 minutes from Williamsburg, in a Blue Ribbon school district with a growing population and an expansive waterfront development project underway.

Key Highlights

• Prime 1.74‑acre property with MU‑1 Commercial and High‑Density R‑3 zoning
• Exceptional road frontage (697 feet total) on three streets, including high‑traffic King William Ave, ensuring high visibility
• Existing 2800 sqft brick home in excellent condition, suitable for various uses

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,352

Cap Rate

4.56%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$707,040 $707.0K

Cap Rate 7%

$505,029 $505.0K

Cap Rate 9%

$392,800 $392.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,831 SF

Gross rent

$62.8K $22.20/SF

− Vacancy

−$6.3K −$2.22/SF

EGI

$56.6K $19.98/SF

− OpEx

−$21.2K −$7.49/SF

NOI

$35.4K $12.49/SF

Area

New Kent County, VA

Vacancy

10.00%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$707,040

Cap Rate 7%

$505,029

Cap Rate 9%

$392,800

Alternative Uses

Best Use

Mixed Use

$505.0K

$441.9K – $589.2K (±1% cap)

NOI $35,352 @ 7.0% cap · market cap 4.56%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$654.1K

$572.3K – $763.1K (±1% cap)

NOI $45,784 @ 7.0% cap · market cap 5.91%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Commercial land

Suggested Use

Top Pick Dental Office Parking Lot & Garage Hair Salon Storage Facility Plumbing Service Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

120

Businesses Nearby

Explore this area Business Placement

Demographics for 23181, VA

5,626

Population

2,455

Households

2.3

Avg Household Size

42

Median Age

27%

College-Educated

91%

High-School Grad

65.3 sq mi

ZIP Area

86

Density / Sq Mi

$94,531

Median Household Income

$51,017

Median Earnings

$1,329

Median Rent

$265,800

Median Home Value

Frequently Asked Questions

What type of property is this?

Commercial land - 1.74 acres with high visibility and development potential.

Where is this commercial land located?

The property is located at 2870 King William Ave West Point, VA.

What is the asking price?

The asking price for this property is $774,900.

What are key features of this property?

This property features: Prime 1.74‑acre property with MU‑1 Commercial and High‑Density R‑3 zoning; Exceptional road frontage (697 feet total) on three streets, including high‑traffic King William Ave, ensuring high visibility; Existing 2800 sqft brick home in excellent condition, suitable for various uses