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    Versatile Institutional Facility Title is generated by Realmo AI

    368 Clay St, Castlewood, VA 24224

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    For Sale
    $625,000

    Well-maintained church building with flexible classroom and gathering spaces, plus a fellowship hall and kitchen for events.

    Property size:
    6,000 SF
    Price / SF:
    $104/SF
    Added:
    Feb 28, 2026
    Days on Market:
    95
    Last Refresh:
    Jun 3 at 2:47 am

    Property Features for 368 Clay St

    General Information

    Standard status
    Active
    Size
    6,000 SF

    We can help!

    Listing Contact
    Sarah Sawyers
    Sarah Sawyers

    Listing agent Sarah Sawyers License #333616

    Listing office Path Real Estate LLC

    Listing date Feb 28, 2026

    Source Exprealty

    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 Path Real Estate LLC

    HighLights

    • Well‑maintained church building with large main gathering area, nursery, and multiple classrooms for flexible use
    • Includes a generous fellowship hall and a fully equipped kitchen for hosting events
    • Additional rooms include a sound room and two offices
    • Three half baths plus an attic for storage
    • Generous parking area included

    Overview

    This well-maintained institutional building is currently operating as a church and offers a versatile interior layout designed for a wide range of community uses. The space includes a large main gathering area, a nursery, and multiple classrooms, supported by additional functional rooms such as a sound room, two offices, and three half baths. A generous fellowship hall and fully equipped kitchen provide a strong setup for meetings, gatherings, and hosted events. Storage needs are covered with an attic, and the overall property is described as being in solid condition.

    The property includes a generous parking area, which supports convenient access for attendees and groups. As an institutional facility, the layout is geared toward accommodating regular programming and multi-room activities within a single building.

    Given its existing mix of gathering space, classroom-style rooms, and event-support amenities, the property may fit well for organizations seeking an adaptable home base such as a private school or community center. Buyers looking for a ready-to-operate institutional environment will find a practical configuration that can support both daily programming and larger gatherings without requiring major functional tradeoffs.
    Location Intelligence

    Current Use by Public Records

    Morning Star Full ... Charitable Organization Food Distribution Center ... Food Bank

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Pharmacy Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Castlewood
    County
    Russell
    State
    Virginia
    Longitude
    -82.3078125
    Latitude
    36.8776266

    FAQs

    What type of property is this?
    Church & religious facility - Well-maintained church building with flexible classroom and gathering spaces, plus a fellowship hall and kitchen for events.
    Where is this church & religious facility located?
    The property is located at 368 Clay St Castlewood, 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: Well‑maintained church building with large main gathering area, nursery, and multiple classrooms for flexible use; Includes a generous fellowship hall and a fully equipped kitchen for hosting events; Additional rooms include a sound room and two offices
    (276) 698-8651
    We can help!
    Listing Contact
    Sarah Sawyers
    Sarah Sawyers
    Real Estate License ID: 333616
    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.

    More about this property
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