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    24 Main St Kilmarnock, VA 22482

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    For Sale
    Contact for pricing

    Prime Main Street retail space, 4,620 sq ft.

    Property size:
    4,620 SF

    Property Features for 24 Main St

    General Information

    Property type
    Individual retail properties
    Square Feet
    4,620 SF
    Lot Size
    2,439 SF

    Building Details

    Year Built
    1965
    Buildings
    1
    Stories
    2
    Units
    1

    We can help!

    Listing Contact
    Tom Rosman
    Tom Rosman

    Listing Agency: One South Commercial Listing Agent: Tom Rosman

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This stabilized, owner-occupant opportunity presents a 4,620-square-foot storefront located at 24 N Main St, Kilmarnock, VA 22482. The property, built in 1965, boasts a two-story building on a 0.056-acre lot and is zoned C-1. Currently operating at 100% occupancy, this single-unit retail space offers excellent visibility on Main Street, a key location in the thriving Northern Neck region. Convenient on-street parking is available, supplemented by a nearby parking lot. Kilmarnock's central location provides easy access to shopping, dining, and the area's waterways, beaches, and the Tides Inn, ensuring consistent foot traffic and a strong year-round customer base. The asking price is $495,000, translating to $107.14 per square foot. This property is ideal for both owner-occupants seeking a prime retail location and investors looking for a stable, high-performing asset. The APN is 23A-23-16. P & J Properties Inc. is the current owner.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Ultimate Interiors Inc Interior Design Rivah Interiors Home Decor Store Thomasson George Architect

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Kilmarnock
    County
    Lancaster
    State
    Virginia
    Longitude
    -76.380301
    Latitude
    37.711449

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    FAQs

    What type of property is this?
    Individual retail property - Prime Main Street retail space, 4,620 sq ft.
    Where is this individual retail property located?
    The property is located at 24 Main St Kilmarnock, VA.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: 4,620 square feet of space; Two-story building; C-1 zoning
    (804) 266-8831 Call to check price and availability
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    24 Main St Kilmarnock, VA 22482
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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
    24 Main St Kilmarnock, VA 22482
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    Contact for Pricing
    Please call us for current price
    and status of this listing Tom Rosman
    Tom Rosman
    Real Estate License ID: 0225030879
    (804) 266-8831 (804) 539-3017 (804) 353-0009
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