Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Residential Land in Amenity-Rich Neighborhood Title is generated by Realmo AI

    OLDE MILL LANE lot 61, New Church, VA 23415

    View on Map
    Claim this Listing
    For Sale
    $62,000

    LAND - NEW CHURCH, VA

    Lot size:
    1.27 Acres
    Added:
    Apr 2, 2026
    Days on Market:
    52
    Last Refresh:
    May 23 at 11:06 am

    Property Features for OLDE MILL LANE lot 61

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Agricultural
    Standard status
    Active
    APN
    28-7-61
    Lot size
    1.27 Acres

    Utilities

    Utilities
    Electricity Available

    We can help!

    Listing Contact
    Meghan Oliver Clarkson

    Listing agent Meghan Oliver Clarkson

    Listing office Long & Foster - Main St 4153 Main St, Chincoteague, VA

    Listing date Apr 2, 2026

    MLS# 71155 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

    • Gated community with pool, pier/dock, and boat/RV storage, ideal for coastal living.
    • Building‑ready lot: flat, cleared, and approved for 4BR septic.
    • Located in the Chincoteague Island School District with Spectrum high‑speed internet, suitable for full‑time living and remote work.
    • Proximity to Wallops Island/NASA, Chincoteague Island beaches, dining, and wildlife areas.
    • Easy access to Pocomoke & Salisbury, MD for shopping and healthcare.
    • Electricity available.

    Overview

    This 1.2656-acre lot is situated in a well-maintained, amenity-rich neighborhood. The community features gated access, a community pool, a pier/dock suitable for fishing and crabbing, and dedicated boat and RV storage. The flat, cleared lot is approved for a 4-bedroom septic system and is ready for construction. It offers ample space for a dream home, outdoor living areas, or additional structures. High-speed internet via Spectrum is available, supporting full-time living and remote work. The location provides easy access to Wallops Island and NASA, and is a short drive from Chincoteague Island's beaches, boating facilities, dining options, and wildlife areas. Furthermore, it allows convenient access north to Pocomoke and Salisbury, MD, for shopping, healthcare services, and additional dining establishments. Located within the Chincoteague Island School District, the property offers peaceful surroundings, open skies, and access to the coastal lifestyle of the Eastern Shore.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    New Church
    County
    Accomack
    State
    Virginia
    Longitude
    -75.5106
    Latitude
    37.962

    Nearby Similar for Sale

    • $215,000
      672 SF

      Commercial Property on Route 13

      Commercial property with remodeled kitchen, updated bathroom, and outdoor amenities.
      5422 LANKFORD HWY, NEW CHURCH, VA 23415
      View Details
    • $550,000

      Approved Mobile Home Park Opportunity

      7.24-acre mobile home park with infrastructure in place.
      0 SHAROAK RD, NEW CHURCH, VA 23415
      View Details
    • $550,000
      1,430 SF

      Approved Mobile Home Park Opportunity

      7.24-acre mobile home park with infrastructure in place.
      LANKFORD HWY, NEW CHURCH, VA 23415
      View Details
    • $159,000

      Acreage with Unfinished Garage

      1.757 acre lot with unfinished commercial grade garage.
      * AZALEA LN lot: 33B, NEW CHURCH, VA 23415
      View Details
    • $165,000

      Waterfront Land on Virginia's Eastern

      Premier waterfront land offering on Virginia's scenic Eastern Shore.
      2.27 AC MILES RD lot: 1A, NEW CHURCH, VA 23415
      View Details
    • $48,000

      Residential Land in Gated Community

      Flat, cleared lot in amenity-rich coastal community near Chincoteague.
      OLDE MILL LANE lot: 88, NEW CHURCH, VA 23415
      View Details
    • $275,000

      Waterfront Land on Pitts Creek

      Premier waterfront land with access to Chesapeake Bay.
      16.06 AC MILES RD lot: 8A, NEW CHURCH, VA 23415
      View Details
    • $3,100,000

      Waterfront Farm with Deep-Water Access

      224-acre waterfront farm with deep-water access to Chesapeake Bay.
      26297 Pitts Creek Road, New Church, VA 23415
      View Details
    • $3,100,000
      2,400 SF

      Agricultural Property on Pitts Creek

      2400-acre agricultural property available for sale.
      26297 Pitts Creek Rd, New Church, VA 23415
      View Details
    • $33,500

      Wooded Homesite in Gated Community

      1.31-acre wooded homesite with amenities near Chincoteague Island.
      OLDE MILL LANE lot: 94, NEW CHURCH, VA 23415
      View Details
    • $265,807

      151.9 Acres Timberland in Virginia

      151.9 acres of timberland enrolled in Wetland Reserve Program.
      NONE lot: 14, NEW CHURCH, VA 23415
      View Details
    • $65,000

      Residential Lot in Gated Community

      1.05 acre lot in Olde Mill Pointe community.
      OLDE MILL LANE lot: 57, NEW CHURCH, VA 23415
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Flat, cleared lot ready for building near coastal attractions.
    Where is this residential land & home lot located?
    The property is located at OLDE MILL LANE lot 61 New Church, VA.
    What is the asking price?
    The asking price for this property is $62,000.
    What are key features of this property?
    This property features: Gated community with pool, pier/dock, and boat/RV storage, **ideal for coastal living**.; Building‑ready lot: flat, cleared, and approved for 4BR septic.; Located in the Chincoteague Island School District with Spectrum high‑speed internet, **suitable for full‑time living and remote work**.
    (757) 894-0798
    We can help!
    Listing Contact
    Meghan Oliver Clarkson
    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
    OLDE MILL LANE lot: 61, NEW CHURCH, VA 23415
    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!