Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    7521 Richmond Rd Williamsburg, VA 23188-1145

    • Commercial real estate
    • 125,437 SF
    • 7.77 lot acres
    OFF-MARKET
    Last Sale
    Aug 24, 2022
    $6,628,380
    Value Estimations
    $6,565,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1700088
    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

    • Honey Butter's Kitchen -Candle Factory / American Restaurant / Breakfast Restaurant
    • Norge Bazaar and Ice Cream Shoppe / Ice Cream Shop / Antique Store
    • PESFIT / Gym
    • Norge Bazaar Dawg House And Sub Shoppe / Gift Shop / Soup Shop
    • Pizza Hut / Pizza Restaurant / Pizza Takeout

    Property Details for 7521 Richmond Rd

    Year built
    1900
    Lot size
    7.77 lot acres
    Property size
    125,437 SF
    Zone code
    M1 LIMITED BUSINESS/INDUS
    Property type
    Commercial real estate
    APN
    23-2 11-0-0001-C
    APU
    2321100001C

    Description

    This exceptional 2,450 square foot commercial space is available for lease within the historic Candle Factory Building, situated at the prominent corner of Richmond and Croaker Roads in upper James City County's Hampton Roads submarket. The building, constructed in 1967 and extensively renovated in 2022, offers a unique blend of creative and traditional office space within a single-story structure encompassing a total of 125,437 square feet. This particular unit, previously used as a dance studio, boasts ample open space, making it highly adaptable to a variety of uses. The property sits on a generous 7.7 acres of land and provides ample parking for tenants and visitors. The M1 zoning allows for diverse commercial applications. The asking lease rate is $3,200 per month, net of common area maintenance (CAM) and utilities. This presents a fantastic opportunity for businesses seeking a well-located, versatile space in a thriving area of Williamsburg, Virginia, with easy access to major roadways. The address is 7521 Richmond Rd, Williamsburg, VA 23188.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Estimation
      $6,910,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $6,370,000
      6.5%
      $6,770,000
      7%
      $6,820,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $5,850,000
      Geo Method
      $6,945,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $5,330,000
      Retail
      $5,275,000
      Mixed-Use
      $5,320,000
      Hospitality
      $5,480,000
      Educational
      $5,375,000
      Residential Income
      $5,850,000
      Energy
      $6,730,000
      Income-Based Land
      $6,195,000
      Food Service
      $6,035,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Williamsburg
    County
    James City
    State
    Virginia
    Longitude
    -76.7766
    Latitude
    37.3711
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 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
    2019
    $33,565
    $425,800
    $3,570,000
    $3,995,800
    -
    $425,800
    $3,570,000
    $3,995,800

    Comparable in this City

    • Value Estimation by Request
      1.54 Acres

      7829 Richmond Rd

      Land • 1.54 Acres
      7829 Richmond Rd, Williamsburg, VA 23188
      View Details
    • Value Estimation by Request
      3.25 Acres

      301 Ashby Park Dr

      Land • 3.25 Acres
      301 Ashby Park Dr, Williamsburg, VA 23188
      View Details
    • Value Estimation by Request

      6349 Centerville Rd, Unit F

      COMMERCIAL (GENERAL)
      6349 Centerville Rd, Williamsburg, VA 23188-1736
      View Details
    • Value Estimation by Request
      21.38 Acres

      7508 Richmond Rd

      COMMERCIAL (GENERAL) • 21.38 Acres
      7508 Richmond Rd, Williamsburg, VA 23188
      View Details
    • Value Estimation by Request
      0.09 Acres

      3905 Ironbound Rd

      Land • 0.09 Acres
      3905 Ironbound Rd, Williamsburg, VA 23188
      View Details
    • Value Estimation by Request
      3,990 SF

      6895 Richmond Rd

      COMMERCIAL (GENERAL) • 3,990 SF
      6895 Richmond Rd, Williamsburg, VA 23188-7210
      View Details

    Similar Nearby for Sale

    • $539,000
      1.54 Acres

      Prime Toano Commercial Land

      1.54 Acres, High Traffic Location
      7829 Richmond Rd, Williamsburg, VA 23188
      View Details
    • $600,000
      4.16 Acres

      Williamsburg Commercial Land - 4.16 Acres

      Prime Commercial Land, High-Growth Area
      4392 Rochambeau Dr, Williamsburg, VA 23188
      View Details
    • $8,242,287
      21.97 Acres

      Williamsburg Commercial Land - 21.97 Acres

      Prime Commercial Land, High Traffic Area
      6895 Richmond Rd, Williamsburg, VA 23188
      View Details
    • $1,339,250
      3.25 Acres

      Williamsburg Commercial Land Opportunity

      Prime Commercial Land, York County, VA
      301 Ashby Park Dr, Williamsburg, VA 23188
      View Details
    • $2,200,000
      10,180 SF

      Williamsburg Industrial Property Investment

      10,180 SF Warehouse, Prime Location
      4403 Ironbound Rd, Williamsburg, VA 23188
      View Details
    • $1,400,000
      7.87 Acres

      Williamsburg Commercial Land - 7.87 Acres

      Prime Williamsburg commercial land, high visibility.
      512 Lightfoot Rd, Williamsburg, VA 23188
      View Details

    Similar Nearby for Lease

    • $33 SF/Yr
      4,000 SF

      Williamsburg Warehouse Space Available

      400 SF Industrial Unit - Immediate Occupancy
      3825 Rochambeau Dr, Williamsburg, VA 23188
      View Details
    • $16 SF/Yr
      1,933 SF

      Retail Space on Rte. 199

      Retail space with easy access and high visibility.
      3705 Strawberry Plains Rd, Williamsburg, VA 23188
      View Details
    • $28 SF/Yr
      1,000 SF

      Retail Space in Premier Center

      Retail space available in Williamsburg's premier shopping center.
      4600-4700 Monticello Ave, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      1,533 SF

      Retail Space in Williamsburg, VA

      Retail space available at a prominent intersection in Williamsburg.
      1101-1119 Center St, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      248,176 SF

      New Town Shops Retail Space

      Williamsburg Lifestyle Center: 10 Spaces Available
      4801 Courthouse St, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      700 SF

      Office Space in Wooded Area

      Office space in prime location near shops and services.
      3909 Midlands Rd, Williamsburg, VA 23188
      View Details
    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.
    7521 Richmond Rd
    Williamsburg, VA 23188-1145
    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.

    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.