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    Property profile & analytics

    240 Elizabeth Dr Stephens City, VA 22655-2764

    • Commercial real estate
    • 65,668 SF
    • 16.03 lot acres
    OFF-MARKET
    Value Estimations
    $1,265,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3653251
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Valley Health Urgent Care Express | Stephens City / Urgent Care Center
    • Volta Charging Station / Electric Vehicle Charging Station
    • Martin's Gas Station / Gas Station
    • MARTIN'S / Grocery Store / Beer Store
    • Shiama Kheiri / Pharmacy

    Property Details for 240 Elizabeth Dr

    Year built
    2006
    Lot size
    16.03 lot acres
    Property size
    65,668 SF
    Zone code
    RESTRICTIVE BUSINESS
    Property type
    Commercial real estate
    APN
    86A-10
    APU
    86A10

    Description

    This exceptional 88,418 square foot shopping center in Stephens City, Virginia, presents a compelling investment opportunity. Boasting 98.6% occupancy, the property comprises two single-story buildings on a 16.08-acre lot, featuring 493 parking spaces. Built in 2006, the center is anchored by a significant grocery store tenant, Martins, occupying 67,157 square feet, complemented by a Martins Gas Pad. Additional national tenants include Domino's, Hair Cuttery, and Edward Jones, ensuring a diverse and stable tenant mix. The property's strategic location in Frederick County, VA, offers excellent visibility and accessibility, situated near major roadways including Fairfax Pike (13,115 AADT) and Interstate 81 (72,218 AADT combined). The surrounding area demonstrates strong demographics, with a 2023 estimated population of 36,243 within a 5-mile radius and an average household income of $113,024. The asking price is $25,000,000, representing a price per square foot of $282.75. This well-maintained, high-performing shopping center offers a secure revenue stream and significant potential for long-term growth. The property consists of 13 units in total. Its proximity to Winchester, VA (population over 142,000), and major metropolitan areas like Washington, D.C. (85 miles) and Baltimore, MD (110 miles), further enhances its investment appeal.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,265,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Stephens City
    County
    Frederick
    State
    Virginia
    Longitude
    -78.2026
    Latitude
    39.0833
    CBSA code
    49020
    CBSA name
    WINCHESTER, VA-WV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $36,542
    $3,798,600
    $10,531,400
    $14,330,000
    -
    $3,798,600
    $10,531,400
    $14,330,000

    Comparable in this City

    • Value Estimation
      $745,000
      1,959 SF

      120 Agape Way

      COMMERCIAL (GENERAL) • 1,959 SF
      120 Agape Way, Stephens City, VA 22655-2211
      View Details
    • Value Estimation
      $275,000
      5,000 SF

      211 Fairfax Pike

      COMMERCIAL (GENERAL) • 5,000 SF
      211 Fairfax Pike, Stephens City, VA 22655-2976
      View Details
    • Value Estimation
      $425,000
      1,608 SF

      1039 Fairfax Pike

      COMMERCIAL (GENERAL) • 1,608 SF
      1039 Fairfax Pike, Stephens City, VA 22655-3248
      View Details
    • Value Estimation
      $400,000
      2,376 SF

      1200 Fairfax St

      COMMERCIAL (GENERAL) • 2,376 SF
      1200 Fairfax St, Stephens City, VA 22655-2852
      View Details
    • Value Estimation
      $310,000
      1,972 SF

      1165 Fairfax St

      COMMERCIAL (GENERAL) • 1,972 SF
      1165 Fairfax St, Stephens City, VA 22655
      View Details
    • Value Estimation
      $395,000
      3,396 SF

      100 Highlander Rd

      COMMERCIAL (GENERAL) • 3,396 SF
      100 Highlander Rd, Stephens City, VA 22655-2914
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Specialty Property For Sale

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    Similar Nearby for Lease

    • Contact for pricing

      Pad Site Development Opportunity

      2 acre pad site near Interstate 81 exit.
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      View Details
    • Contact for pricing
      1,200 SF

      Retail Space Near Interstate 81

      Retail space anchored by Martin’s grocery store near Interstate 81.
      212-240 Elizabeth Dr, Stephens City, VA 22655
      View Details
    • Contact for pricing
      1 SF

      Prime Stephens City Retail Pad Site

      High-visibility location, build-to-suit option.
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      View Details
    • $1,200,000

      Established Car Wash Opportunity

      Car wash for lease/sale near new Publix development.
      251 Fairfax Pike, Stephens City, VA 22655
      View Details
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    240 Elizabeth Dr
    Stephens City, VA 22655-2764
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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
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