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

    400 People Pl, Charlottesville, VA 22911

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Land approved for a 50,000 square foot building.

    Type:Retail, Land, Special Purpose
    Property size:
    50,000 SF
    Added:
    Mar 24, 2021
    Days on Market:
    1898
    Last Refresh:
    May 12 at 10:33 pm

    Property Features for 400 People Pl

    General Information

    Standard status
    Active
    Size
    50,000 SF
    Property subtype
    Retail, Land, Special Purpose

    Spaces For Lease

    at 400 People Pl Contact us

    Land Lease or Build to suit $20/Mo

    Size
    Type
    Retail, Land
    Build to Suit or land lease option is available for this space and is approved for...
    show more
    Contact us

    We can help!

    Listing Contact
    Robert Dittmar

    Listing agent Robert Dittmar License #VA

    Listing office Enterprise Properties, LLC

    Listing date Mar 24, 2021

    Source Crexi

    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 Enterprise Properties, LLC

    HighLights

    • Build to Suit or land lease option available.
    • Approved for a 50,000 square foot building.
    • Class A, multi‑story building potential.
    • Incredible views of Monticello and the Blue Ridge Mountains.
    • Located in Pantops Park Phase II.
    • Design based on the new Neighborhood Model District with walking paths and interconnected parking.

    Overview

    This property offers a build-to-suit or land lease option and is approved for the construction of a 50,000 square foot building. It is part of Pantops Park, which is planned to consist of two development phases incorporating two non-residential buildings. Phase I, completed in 2008, is the location of Virginia National Bank. Phase II is intended to accommodate a range of office, retail support, and professional businesses within a Class A, multi-story building. The location offers views of Monticello and the surrounding Blue Ridge Mountains. Pantops Park's design follows the New Neighborhood Model District, featuring walking paths through a park-like plaza and interconnected parking.
    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
    Charlottesville
    County
    Charlottesville
    State
    Virginia
    Longitude
    -78.453662
    Latitude
    38.032833

    Nearby Similar for Lease

    • $3,800/Mo
      1,205 SF

      Renovated Historic Downtown Office Space

      Upscale renovated office space in historic downtown Charlottesville building.
      211 NE 5th St, Charlottesville, VA 22902
      View Details
    • $39 SF/Yr
      3,187 SF

      Freestanding Retail/Restaurant Building For Rent

      Freestanding retail/restaurant building with drive-thru, excellent visibility, ample parking.
      105 New House Drive, Charlottesville, VA 22911
      View Details
    • $1.00 SF/Yr
      7,332 SF

      Charlottesville Stand Alone Building

      Prime building on two acres near I-64 in Charlottesville.
      1791 RICHMOND RD, Charlottesville, VA 22911
      View Details
    • $1.00 SF/Yr
      2,508 SF

      Restaurant with Drive Thru Available

      Equipped restaurant with drive-thru in Charlottesville's Pantops area.
      1192 RICHMOND RD, Charlottesville, VA 22901
      View Details
    • $26 SF/Yr
      2,161 SF

      Retail Space Near UVA Grounds

      Retail space available near Barracks Road Shopping Center and UVA.
      1035-1051 Millmont St, Charlottesville, VA
      View Details
    • $2,650/Mo
      5,300 SF

      Downtown Charlottesville Office Space

      Office space available for rent in downtown Charlottesville.
      250 W Main St, Charlottesville, VA 22902
      View Details
    • $15 SF/Yr
      4,250 SF

      Restored Office Building Near UVA

      Renovated office space with heartpine floors and skylights.
      707-709 W Main St, Charlottesville, VA
      View Details
    • $21 SF/Yr
      1,364 SF

      Renovated Office with Private Offices

      Newly renovated office space with five private offices available now.
      3040 Berkmar Dr, Charlottesville, VA
      View Details
    • Contact for pricing
      3,142 SF

      Historic Office Space in Charlottesville

      Furnished Class A office space near Downtown Mall.
      425 7th Street NE, Charlottesville, VA 22902
      View Details
    • $2,334/Mo
      2,334 SF

      Office Space For Lease

      Office space available for lease.
      516 Locust Ave, Charlottesville, VA 22902
      View Details
    • $1.00 SF/Yr

      Charlottesville Restaurant with Drive-Thru

      Equipped restaurant with drive-thru in booming Charlottesville area.
      1192 RICHMOND RD, CHARLOTTESVILLE, VA 22901
      View Details
    • Contact for pricing
      10,621 SF

      Class A Office Space Available

      Prime office space for lease in Charlottesville, Virginia.
      1807 Seminole Trail, Charlottesville, VA 22901
      View Details

    FAQs

    What type of property is this?
    Commercial land - Land approved for a 50,000 square foot building.
    Where is this commercial land located?
    The property is located at 400 People Pl Charlottesville, VA.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: Build to Suit or land lease option available.; Approved for a 50,000 square foot building.; **Class A, multi‑story building potential.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Robert Dittmar
    Real Estate License ID: VA
    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
    400 People Pl, Charlottesville, VA 22911
    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!