Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Land Outparcel Opportunity Title is generated by Realmo AI

    861 Shenandoah Village Dr, Waynesboro, VA 22980

    View on Map
    Claim this Listing
    New
    For Sale
    $750,000

    1.31-acre outparcel offers strong site potential for retail and service tenants near a major power center and I-64 access.

    Type:Land
    Lot size:
    1.31 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 3 at 2:57 am

    Property Features for 861 Shenandoah Village Dr

    General Information

    Standard status
    Active
    Lot size
    1.31 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Brett McNamee
    Brett McNamee

    Listing agent Brett McNamee

    Listing office Divaris Real Estate - Richmond

    Listing date Jun 2, 2026

    Source Divaris

    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 Divaris Real Estate - Richmond

    HighLights

    • 1.31‑acre outparcel available for sale or ground lease in the Waynesboro Town Center (southeast quadrant of Waynesboro, VA).
    • Approximately 330' road frontage along Shenandoah Village Drive.
    • Close proximity to Exit 94 off I‑64 for convenient regional access.
    • Suitable for freestanding dental, chiropractic, medical office, fast food, gym, and entertainment uses (per provided remarks).
    • Nearby retail includes Target, Kohl's, Boot Barn, Old Navy, Hibbett Sports, Chick‑fil‑A, Ross, PetSmart, Michaels, and McAlister's Deli.

    Overview

    This offering is a 1.31-acre commercial land outparcel available for sale or ground lease. The site presents a road-facing opportunity with approximately 330 feet of frontage along Shenandoah Village Drive, suited for freestanding development. The property is being marketed for a variety of high-visibility concepts, including freestanding dental, chiropractic, medical office, fast food, gym, and entertainment uses.

    The outparcel is positioned in a premier location within the Waynesboro Town Center regional power center. It sits in the southeast quadrant of Waynesboro, Virginia, near I-64 and Rosser Avenue/Route 340 in the Shenandoah Valley, with close proximity to Exit 94 off I-64. The center serves the regional market area that includes Waynesboro, Staunton, and Harrisonburg. The surrounding retail tenant mix includes Target, Kohl’s, Boot Barn, Old Navy, Hibbett Sports, Chick-fil-A, Ross, PetSmart, Michaels, McAlister’s Deli, Rack Room Shoes, and more.

    For investors and developers, the combination of substantial frontage and proximity to an established power center can support a range of freestanding neighborhood-serving and destination uses. The sale-or-ground-lease structure also provides flexibility for operators looking to secure a prominent site for a new concept within a proven retail environment.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Waynesboro
    County
    Waynesboro
    State
    Virginia
    Longitude
    -78.9419024
    Latitude
    38.058297

    Nearby Similar for Sale

    • $990,000
      5,537 SF

      Renovated Office Building with Parking

      Fully built-out and renovated office space with professional finishes, conference rooms, and on-site parking in a high-visibility corridor.
      2352 JEFFERSON HWY, WAYNESBORO, VA 22980
      View Details
    • $1,283,333
      1,435 SF

      Freestanding Building in Waynesboro, VA

      Freestanding building with highway access and strong retail surroundings.
      2000 ROSSER AVE, WAYNESBORO, VA 22980
      View Details
    • $750,000
      6,042 SF

      Commercial Building with Fenced Lot

      Well-maintained commercial building with showroom, shop, and storage.
      208 S BAYARD AVE, WAYNESBORO, VA 22980
      View Details
    • $575,000
      8,124 SF

      Industrial Building in Waynesboro, VA

      8,124 SF industrial building suitable for manufacturing, warehouse, or flex space.
      1367 HOPEMAN PKWY, WAYNESBORO, VA 22980
      View Details
    • $289,900
      1,243 SF

      Main Street Commercial Building

      Commercial building on Main Street, Waynesboro, currently a bakery.
      908 W MAIN ST, WAYNESBORO, VA 22980
      View Details
    • $675,000
      5,753 SF

      Commercial Parcel in High-Traffic Area

      Prime commercial land near downtown Waynesboro with high visibility.
      2323 WEST MAIN ST, WAYNESBORO, VA 22980
      View Details
    • $234,900
      2,400 SF

      Waynesboro Commercial/Industrial Opportunity

      Move-in ready commercial space in thriving Waynesboro, Virginia.
      1305 13TH ST, Waynesboro, VA 22980
      View Details
    • $234,900
      2,390 SF

      Waynesboro Office Condo For Sale

      Move-in ready office condo in thriving Waynesboro, Virginia.
      1305 13TH ST, WAYNESBORO, VA 22980
      View Details
    • $800,000
      4,133 SF

      Downtown Waynesboro Tire Service Building

      Operating tire service business in a great downtown location.
      300 BROAD ST, WAYNESBORO, VA 22980
      View Details
    • $38,000
      427 SF

      Waynesboro Office Condo For Sale

      Office condo perfect for small business with owner financing.
      25 STONERIDGE DR, WAYNESBORO, VA 22980
      View Details
    • $750,000

      Commercial/Industrial Building in Waynesboro, VA

      Well-maintained commercial building with showroom, shop, and storage.
      208 S BAYARD AVE, Waynesboro, VA 22980
      View Details
    • $5,000,000
      27,511 SF

      Retail Strip Center For Sale

      Well-maintained retail strip center in rapidly expanding area.
      109 LUCY LN, WAYNESBORO, VA 22980
      View Details

    FAQs

    What type of property is this?
    Commercial land - 1.31-acre outparcel offers strong site potential for retail and service tenants near a major power center and I-64 access.
    Where is this commercial land located?
    The property is located at 861 Shenandoah Village Dr Waynesboro, VA.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: 1.31‑acre outparcel available for sale or ground lease in the Waynesboro Town Center (southeast quadrant of Waynesboro, VA).; Approximately 330' road frontage along Shenandoah Village Drive.; Close proximity to Exit 94 off I‑64 for convenient regional access.
    (804) 643-4700
    We can help!
    Listing Contact
    Brett McNamee
    Brett McNamee
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    861 Shenandoah Village Dr, Waynesboro, VA 22980
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!