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    Downtown Kilmarnock Commercial Investment Opportunity Title is generated by Realmo AI

    41 43 45 S Main Street, Kilmarnock, VA 22482

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    Claim this Listing
    For Sale
    $845,000

    COMMERCIAL - KILMARNOCK, VA

    Property size:
    9,910 SF
    Lot size:
    0.23 Acres
    Price / SF:
    $85/SF
    Added:
    Apr 26, 2024
    Days on Market:
    762
    Last Refresh:
    May 27 at 1:06 am

    Property Features for 41 43 45 S Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    C-1
    Standard status
    Active
    APN
    23A-22H-1,1A,1B
    Size
    9,910 SF
    Lot size
    0.23 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2483

    Building Details

    Year built
    1900

    We can help!

    Listing Contact
    David & Kathleen Dew
    David & Kathleen Dew

    Listing agent David & Kathleen Dew

    Listing office Isabell K. Horsley R. E., Ltd. P.O. Box 44, Urbanna, VA

    Listing date Apr 26, 2024

    MLS# 116127

    Copyright © 2026 Northern Neck 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

    • Positive cash flow from 3 thriving businesses with long‑term leases in place.
    • New metal roof (April 2024) and new flat roof in back.
    • New heat pumps (2024) and new compressor for restaurant walk‑in cooler.
    • Rare historic building in Downtown Kilmarnock, one of the few that survived the 1909 fire.
    • Rivah Antiques & Accessories business can be included in the sale.
    • Commercial sprinkler system with regular inspections throughout the entire building.

    Overview

    This commercial building in downtown Kilmarnock presents an investment opportunity. The property houses three thriving businesses, with Chao Phraya and Popcorn Bag operating under long-term leases. Rivah Antiques & Accessories is currently owned by the seller and could be included in the sale. The building has a new metal roof installed in April 2024, along with a new flat roof in the back. New heat pumps were installed in 2024, and the restaurant has a new compressor for its walk-in cooler. Most of the commercial kitchen equipment, chairs, and tables will convey with the restaurant. The entire building is equipped with a commercial sprinkler system that undergoes regular inspections. The building is in good condition and ready for a new owner. The buyer will be required to honor the existing tenant leases. The building is zoned C-1. The property size is 9910 square feet and the lot size is 0.228 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Northern Neck Popcorn ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Kilmarnock
    County
    Lancaster
    State
    Virginia
    Longitude
    -76.3801673
    Latitude
    37.7102693

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    FAQs

    What type of property is this?
    Storefront property - Thriving commercial building with three businesses in downtown Kilmarnock.
    Where is this storefront property located?
    The property is located at 41 43 45 S Main Street Kilmarnock, VA.
    What is the asking price?
    The asking price for this property is $845,000.
    What are key features of this property?
    This property features: Positive cash flow from 3 thriving businesses with long‑term leases in place.; New metal roof (April 2024) and new flat roof in back.; New heat pumps (2024) and new compressor for restaurant walk‑in cooler.
    (804) 436-3106
    We can help!
    Listing Contact
    David & Kathleen Dew
    David & Kathleen Dew
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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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    41,43,45 S Main Street, KILMARNOCK, VA 22482
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