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    401 E Market St Charlottesville, VA 22902

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    For Lease
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    Class A office building in downtown Charlottesville for rent.

    Type:Office
    Property size:
    60,000 SF
    Added:
    Mar 24, 2021
    Days on Market:
    1854
    Last Refresh:
    Mar 17 at 1:13 pm

    Property Features for 401 E Market St

    General Information

    Standard status
    Active
    Size
    60,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    1953

    Spaces For Lease

    at 401 E Market St Contact us

    Suite 104 $22 /Mo

    Size
    5,604 SF
    Type
    Office
    We have 2 office suites available on the 1st floor of the Enterprise Center (4,720sft...
    show more
    Contact us

    Suite 102 $25 /Mo

    Size
    4,720 SF
    Type
    Office
    We have 2 office suites available on the 1st floor of the Enterprise Center (4,720sft...
    show more
    Contact us

    Suite 100 $25 /Mo

    Size
    4,706 SF
    Type
    Office
    We have a street front office suite (4,706sft) that offers great exposure. Perfect...
    show more
    Contact us

    Suite 200 $25 /Mo

    Size
    9,588 SF
    Type
    Office
    Great opportunity for lease in a Class A building for any business wanting to be...
    show more
    Contact us

    Suite 201 $25 /Mo

    Size
    6,768 SF
    Type
    Office
    We currently have a large office suite (6,768 sft) available on the second floor...
    show more
    Contact us

    Suite 206 $22 /Mo

    Size
    5,553 SF
    Type
    Office
    We currently have a large office suite (5,553 sft) available on the second floor....
    show more
    Contact us
    Show more

    We can help!

    Listing Contact
    Robert Dittmar

    Listing agent Robert Dittmar License #VA

    Listing office Enterprise Properties, LLC

    Listing date Mar 24, 2021

    Source Crexi

    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 Enterprise Properties, LLC

    Overview

    Premier Downtown Charlottesville Office Space

    The Enterprise Center, a Class A office building, is situated at 401 East Market Street in downtown Charlottesville, Virginia. This premier commercial office location features a sky-lighted atrium that connects two buildings, forming a unified structure enhanced by a two-story addition. The building exceeds 60,000 square feet. Its location offers accessibility, being one block from the courthouses and the historic downtown pedestrian mall. It is also located across the street from the Market Street parking structure and two blocks from the Water Street parking structure. Several large office suites are available on the first and second floors, and these spaces can be combined to accommodate businesses of various sizes, up to 20,000 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Enterprise Center Business Service Center Kaelber, Billmyer & Kaelber, ... Tax Preparation Affiliated Spartan SR-22 ... Financial Advisor FedEx Drop Box Postal Service Thomas Long - Morgan ... Financial Advisor

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Pharmacy Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlottesville
    County
    Charlottesville
    State
    Virginia
    Longitude
    -78.4784075
    Latitude
    38.0310101

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    FAQs

    What type of property is this?
    Office building - Class A office building in downtown Charlottesville for rent.
    Where is this office building located?
    The property is located at 401 E Market St Charlottesville, VA.
    What are key features of this property?
    This property features: Premier Class A office building in Downtown Charlottesville.; Highly accessible location: one block from courthouses and the downtown pedestrian mall.; Ample parking: across the street from Market Street parking and two blocks from Water Street parking.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Robert Dittmar
    Real Estate License ID: VA
    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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