Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    503 Garden Ln Palmyra, VA 22963

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $622,250

    Forested property with creeks and wildlife, investment potential.

    Lot size:
    49.78 Acres

    Property Features for 503 Garden Ln

    General Information

    Standard status
    Active
    Lot size
    49.78 Acres

    We can help!

    Listing Contact
    Cliff Fox
    Source: Corcoran

    Listing Agency: FOXFYRE ENTERPRISES, INC Listing Agent: Cliff Fox

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

    Learn more

    Overview

    Forested Land in Growth Area

    This property features both hard and softwood forests, along with creeks and wildlife. Situated within a designated growth area of Fluvanna County, it presents both short and long-term investment potential.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Palmyra
    County
    Fluvanna
    State
    Virginia
    Longitude
    -78.3408208
    Latitude
    37.915657

    Nearby Similar for Sale

    • $799,000
      43.88 Acres

      Fluvanna County Agricultural Opportunity

      Two tracts totaling 43.88 acres, ideal for homesite/farm.
      Tbd Martin Ln, Palmyra, VA 22963
      View Details
    • $419,900
      9,067 SF

      Retail Property with Income Potential

      Four-building retail property with existing tenants and income.
      13652 James Madison Hwy, Palmyra, VA 22963
      View Details
    • $355,000
      Pending

      Palmyra Specialty Property For Sale

      Specialty property available for purchase in Palmyra, Virginia.
      22 Whippoorwill Ln, Palmyra, VA 22963
      View Details
    • $4,000,000
      26,100 SF

      Commercial Property Near Lake Monticello

      Commercial property near Lake Monticello with multiple tenants.
      264 Turkeysag Trl, Palmyra, VA 22963
      View Details
    • $374,900

      Palmyra Specialty Property for Sale

      Specialty property available for purchase in Palmyra, Virginia.
      503 Jefferson Dr, Palmyra, VA 22963
      View Details
    • $2,900,000
      8,473 SF

      Palmyra Commercial Property For Sale

      Commercial property in Palmyra, VA, ideal for auto-related businesses.
      3304 Ruritan Lake Rd, Palmyra, VA 22963
      View Details
    • Contact for pricing
      55,284 SF

      Established Retail Plaza with Development Potential

      Retail/office space with future development opportunity near Lake Monticello.
      101 Crofton Plz, Palmyra, VA
      View Details
    • $4,250,000
      34.94 Acres

      Lake Monticello Commercial Land

      35 Acres, Prime Development Opportunity
      2448 Lake Monticello Rd, Palmyra, VA 22963
      View Details

    FAQs

    What type of property is this?
    Land - Forested property with creeks and wildlife, investment potential.
    Where is this land located?
    The property is located at 503 Garden Ln Palmyra, VA.
    What is the asking price?
    The asking price for this property is $622,250.
    What are key features of this property?
    This property features: - Designated growth area in Fluvanna County; - Investment potential (short and long term); - Hard and softwood forests
    (434) 242-7500
    Request Owner's contact information
    503 Garden Ln Palmyra, VA 22963
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    503 Garden Ln
    Palmyra, VA 22963
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    503 Garden Ln Palmyra, VA 22963
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Cliff Fox
    (434) 242-7500
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!