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    4916 Plank Rd North Garden, VA 22959

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    For Lease
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    Retail, commercial, and office spaces for lease in Albemarle County.

    Property size:
    4,165 SF
    Lot size:
    2.58 Acres

    Property Features for 4916 Plank Rd

    General Information

    Size
    4,165 SF
    Lot size
    2.58 Acres

    We can help!

    Listing Contact
    Ronda Pearl
    Ronda Pearl
    Source: Moodyscre

    Listing Agency: Frank Hardy Sotheby's International Realty Listing Agent: Ronda Pearl

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Retail and Office Space Available

    Located in southern Albemarle County, The Crossroad Shops is positioned on Route 29, approximately 10 miles from Charlottesville. This location is designed to serve both local residents and travelers. The property features a mix of finished retail and commercial spaces, individual office units, and unfinished flex square footage suitable for storage or build-out. Spaces range from 150 to 4000 square feet. Unit # Upper 8, a 3,026-square-foot space, includes finished offices, meeting spaces, a conference room with natural light, a bathroom, a kitchen, and multiple entrances. This unit is at grade level with the rear parking lot, providing stair-free access. The property also offers ample parking in multiple lots, and a building manager is on-site. Anchor tenants include the Crossroads Store, Dr. Ho’s Humble Pie, and UVA Family Practice – Crossroads.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Kitchen & Bath Showroom Food Market Storage Facility Electrical Service Car Rental Facility Wine and Liquor Store Bed & Breakfast Restaurant Nursing Home

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

    Location Insight

    • Map
    • Local Demand
    City
    North Garden
    County
    Albemarle
    State
    Virginia
    Longitude
    -78.6577962
    Latitude
    37.956926

    Nearby Similar for Lease

    • $1,100 /Mo
      800 SF

      Private Office Space For Rent

      Private office space with kitchen, bath, and reception area.
      2946 Monacan Trail Rd, North Garden, VA 22959
      View Details

    FAQs

    What type of property is this?
    Office units - Retail, commercial, and office spaces for lease in Albemarle County.
    Where is this office units located?
    The property is located at 4916 Plank Rd North Garden, VA.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: - Strategic location on Route 29, 10 miles from Charlottesville, serving locals and travelers.; - Multiple long-term anchor tenants (Crossroads Store, Dr. Ho’s Humble Pie, UVA Family Practice) ensure constant traffic.; - Variety of leasing options: finished retail/commercial space, individual office units, and unfinished flex space.
    (434) 760-1718 Call to check price and availability
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    North Garden, VA 22959
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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
    4916 Plank Rd North Garden, VA 22959
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Ronda Pearl
    Ronda Pearl
    Real Estate License ID: 0225219194
    (434) 760-1718 (434) 296-0134
    Learn more
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