Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Waterfront Land in Machipongo, VA Title is generated by Realmo AI

    8T HUNGARS POINT lot 8T, Machipongo, VA 23405

    View on Map
    Claim this Listing
    For Sale
    $244,000

    LAND - MACHIPONGO, VA

    Lot size:
    8.10 Acres
    Added:
    Jul 7, 2025
    Days on Market:
    331
    Last Refresh:
    Jun 2 at 10:06 pm

    Property Features for 8T HUNGARS POINT lot 8T

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    28B-1-8T
    Lot size
    8.10 Acres

    Utilities

    Utilities
    Electricity Available
    Water front features
    Waterfront
    Water front
    1

    We can help!

    Listing Contact
    Leigh Anne Chambers

    Listing agent Leigh Anne Chambers

    Listing office DOCKSIDE PROPERTIES 6325 Maddox Blvd, Chincoteague Island, VA

    Listing date Jul 7, 2025

    MLS# 64717 Listing URL

    Copyright © 2026 Eastern Shore Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Waterfront property bordering Paraplane Cove and inlet to Hungars Creek, leading to the Chesapeake Bay.
    • Approximately 15 acres of land in a private and elegant community.
    • Suitable for horses (horse country).
    • Ready to build with septic letter.
    • Community boat dock access.
    • Private sandy beach access.

    Overview

    This 8.1-acre waterfront property is located in Machipongo, Virginia. The land is situated in a horse country setting and includes a septic letter, making it ready for building. The property borders Paraplane Cove and is at the inlet to Hungars Creek, which leads into the Chesapeake Bay. Community amenities include a boat dock and a private sandy beach. Combined with 7T, this is close to 15 acres in a community unmatched with privacy and elegance.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Auto Repair Shop Grocery & Convenience Store Clothing & Fashion Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Machipongo
    County
    Northampton
    State
    Virginia
    Longitude
    -75.9103
    Latitude
    37.4068

    Nearby Similar for Sale

    • $899,999

      Machipongo Farm for Agricultural Use

      152-acre farm in Machipongo, Virginia, suitable for agricultural use.
      WILSONIA NECK DR lot: 5A, MACHIPONGO, VA 23405
      View Details
    • $125,000

      Prime Cleared Lot in Machipongo

      5 acre lot near Cape Charles with water access.
      WILSONIA DR lot: 25, MACHIPONGO, VA 23405
      View Details
    • $299,000

      Waterfront Lot on Hungars Creek

      3.82 acre waterfront building lot on Hungars Creek.
      WHITE TAIL LANE lot: A4, MACHIPONGO, VA 23405
      View Details
    • $179,999

      Waterfront Land in Vaucluse Shores

      Two lots to build a coastal retreat with water frontage.
      208/209 BLUE FISH LN lot: 208-9, MACHIPONGO, VA 23405
      View Details
    • $38,500

      Waterfront Community Homesite Opportunity

      Homesite in waterfront community with private beach, pool, and tennis.
      SPOONBILL LN lot: 154, MACHIPONGO, VA 23405
      View Details
    • $249,000

      Bayfront Lot on Chesapeake Bay

      Ready to build beachfront lot with bay views and amenities.
      HERON DR lot: 259, MACHIPONGO, VA 23405
      View Details
    • $895,000

      Waterfront Land in Machipongo, VA

      Exceptional 43-acre waterfront property with panoramic views and open space.
      SHOOTING POINT DR lot: 17, MACHIPONGO, VA 23405
      View Details
    • $42,000

      Cleared Lot Near Private Beach

      Residential lot near beach, pool, and boat ramp.
      SWAN LN lot: 131, MACHIPONGO, VA 23405
      View Details
    • $234,000

      Waterfront Land in Machipongo, VA

      6.48 acres of waterfront land ready to build on.
      7T HUNGARS POINT lot: 7T, MACHIPONGO, VA 23405
      View Details
    • $33,000

      Residential Land Near Water Access

      Residential lot near boat ramp, dock, private beach, and pool.
      MALLARD LN lot: 42, MACHIPONGO, VA 23405
      View Details
    • $38,500

      Cleared Lot Near Community Amenities

      Cleared lot with community amenities access in Machipongo, Virginia.
      CHURCH NECK RD lot: 3, MACHIPONGO, VA 23405
      View Details
    • $299,000

      Waterfront Land in Machipongo, VA

      Large waterfront lot with community amenities in established boating neighborhood.
      WILSONIA HARBOR WAY lot: 1, MACHIPONGO, VA 23405
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - 8.1 acres of waterfront land ready for development.
    Where is this waterfront land located?
    The property is located at 8T HUNGARS POINT lot 8T Machipongo, VA.
    What is the asking price?
    The asking price for this property is $244,000.
    What are key features of this property?
    This property features: Waterfront property bordering Paraplane Cove and inlet to Hungars Creek, leading to the Chesapeake Bay.; Approximately 15 acres of land in a private and elegant community.; Suitable for horses (horse country).
    (757) 641-9153
    We can help!
    Listing Contact
    Leigh Anne Chambers
    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
    8T HUNGARS POINT lot: 8T, MACHIPONGO, VA 23405
    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!