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    Historic Mercantile Store Ready for Operation Title is generated by Realmo AI

    461 LAUREL MILLS Rd, Castleton, VA 22716

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    Claim this Listing
    For Lease
    $12 SF/Yr

    Turnkey general store with fuel services in picturesque setting.

    Type:Commercial
    Added:
    Mar 30, 2026
    Days on Market:
    62
    Last Refresh:
    Mar 30 at 4:08 am

    Property Features for 461 LAUREL MILLS Rd

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1877

    We can help!

    Listing Contact
    Ashleigh Grady Cannon

    Listing agent Ashleigh Grady Cannon License #0225200297

    Listing office Cheri Woodard Realty

    Listing date Mar 30, 2026

    Source Elliman

    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 Cheri Woodard Realty

    HighLights

    • Turnkey operation with fully equipped main level including deli area, coolers, and shelving.
    • Fuel services (gas, diesel, off‑road) provide an additional revenue stream.
    • Prime location surrounded by local farms and artisans for a farm‑to‑market experience.
    • Versatile lower level suitable for event space, studio, storage, or retail.
    • Historic building (built in 1877) with modern updates and high‑speed internet.
    • Iconic front porch serving as a community gathering place.

    Overview

    The Historic Laurel Mills Mercantile Store presents a business opportunity as a country destination. This renovated property is ready for a creative investor, food entrepreneur, or operator to establish a general store. The main level is equipped for immediate operation, featuring a built-in deli area, beer coolers, a walk-in refrigerator, multiple produce coolers, and shelving for retail goods. The store is positioned to showcase locally sourced meats, poultry, baked goods, and handmade products. Fuel services are in place, with gas, diesel, and off-road fuel available on-site in steel tanks. The lower level offers flexibility for a private event space, studio, additional storage, gift shop, or pub concept. The front porch serves as a gathering place. High-speed internet is available. The property is located in Laurel Mills and has a bike score of 5, indicating it is somewhat bikeable, and a walk score of 0, indicating it is car-dependent.
    Location Intelligence

    Current Use by Public Records

    Laurel Mills Store Gas Station

    Suggested Use

    Dental Office Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Castleton
    County
    Rappahannock
    State
    Virginia
    Longitude
    -78.089486
    Latitude
    38.648126

    FAQs

    What type of property is this?
    Grocery and convenience store - Turnkey general store with fuel services in picturesque setting.
    Where is this grocery and convenience store located?
    The property is located at 461 LAUREL MILLS Rd Castleton, VA.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: Turnkey operation with **fully equipped main level** including deli area, coolers, and shelving.; Fuel services (gas, diesel, off‑road) provide an additional revenue stream.; Prime location surrounded by local farms and artisans for a farm‑to‑market experience.
    (540) 230-5959
    We can help!
    Listing Contact
    Ashleigh Grady Cannon
    Real Estate License ID: 0225200297
    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.

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