Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    490 Westfield Rd Charlottesville, VA 22901
    Property profile & analytics

    490 Westfield Rd, Charlottesville, VA 22901

    View on Map
    • Retail properties & Spaces
    • 11,783 SF
    • 0.99 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hookaholic Lounge / (Bike/Boat/Book/etc) Store
    • Sigora Solar / Solar Energy Company / Solar Energy Equipment Supplier
    • CoinFlip Bitcoin ATM / Investment Service / Money Transfer Service

    Property Details for 490 Westfield Rd

    Year built
    1960
    Lot size
    0.99 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlottesville
    County
    Albemarle
    State
    Virginia
    Longitude
    -78.4835
    Latitude
    38.0721

    Comparable in this City

    • Value Estimation by Request
      200,000 SF

      Us-29

      Retail properties & Spaces
      0 Us-29, Charlottesville, VA 22901
      View Details
    • Value Estimation by Request
      3,520 SF

      943 Glenwood Station Ln

      Medical Office Space
      943 Glenwood Station Ln, Charlottesville, VA 22901
      View Details
    • Value Estimation by Request
      5,660 SF

      1125 Riv Rd, Unit 27

      OFFICE (GENERAL)
      1125 Riv Rd, Charlottesville, VA 22901-4109
      View Details
    • Value Estimation
      $1,670,000
      80,008 SF

      2211 Hydraulic Rd

      OFFICE (GENERAL)
      2211 Hydraulic Rd, Charlottesville, VA 22901-2777
      View Details
    • Value Estimation by Request
      3,204 SF

      2120 Angus Rd

      OFFICE (GENERAL)
      2120 Angus Rd, Charlottesville, VA 22901-2716
      View Details
    • Value Estimation
      $1,880,000
      124,811 SF

      1581 Rio E Rd

      DEPARTMENT STORE
      1581 Rio E Rd, Charlottesville, VA 22901-1402
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      20,200 SF

      Multipurpose Building Near University of Virginia

      20,202 SF Class A building on 6.3 acres.
      3926 Seminole Trl, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      11,783 SF

      Modern Commercial Space on Seminole

      Renovated commercial space suitable for diverse businesses, ready for occupancy.
      490 Westfield Rd, Charlottesville, VA 22901
      View Details
    • Contact for pricing

      Versatile Office/Flex Building For Sale

      5,800 SF office/flex building with high visibility and modern amenities.
      1455 Rio Rd E, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      1,836 SF

      Private Offices with Kitchenette For Rent

      Three adjoining private offices with kitchenette, balcony, and common area.
      944 Glenwood Station Ln, Charlottesville, VA 22901
      View Details
    • $759,900
      3,618 SF

      Glenwood Station Office Space

      Charlottesville Office Building, Vacant
      943 Glenwood Station Ln, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      1,421 SF

      Bright Office Condo with Windows

      Spacious office condo featuring natural light and hardwood floors.
      1410 Incarnation Dr, Charlottesville, VA 22901
      View Details

    Similar Nearby for Lease

    • $1.00 SF/Yr

      Charlottesville Restaurant with Drive-Thru

      Equipped restaurant with drive-thru in booming Charlottesville area.
      1192 Richmond Rd, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      1,400 SF

      Versatile Retail or Restaurant Space

      Adaptable space suitable for retail, restaurant, or medical use.
      163-195 Seminole Ct, Charlottesville, VA 22901
      View Details
    • Contact for pricing

      Retail/Restaurant/Medical Space Available

      Available for lease: retail, restaurant, or medical use.
      200 Zan Rd, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      2,337 SF

      Charlottesville Retail and Flex Space

      Updated retail and flex space available for lease.
      3002 Berkmar Dr, Charlottesville, VA 22901
      View Details
    • Contact for pricing

      Prime Location Office/Retail Space

      Highly visible 1,200 SF space near Stonefield Shopping Center.
      2401 Hydraulic Rd, Charlottesville, VA 22901
      View Details
    • Contact for pricing

      Mixed-Use Development in Charlottesville, VA

      Mixed-use development with commercial space for lease in Charlottesville.
      Us-29, Charlottesville, VA 22901
      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.
    490 Westfield Rd
    Charlottesville, VA 22901
    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
    490 Westfield Rd, Charlottesville, VA, 22901
    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!