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    Meekins Dr Fredericksburg, VA 22407
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    Meekins Dr, Fredericksburg, VA 22407

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    • Land
    • 2.81 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Meekins Dr

    Lot size
    2.81 lot acres
    Property type
    Land

    Description

    This exceptional 2.81-acre commercial land parcel presents a unique investment opportunity in the thriving Fredericksburg, Virginia area. Located in Spotsylvania County, this property boasts a highly desirable C-1, C-2, and O-1 zoning classification, offering considerable flexibility for a wide range of commercial developments. Its strategic location provides easy access to major transportation arteries, including Highway 17, I-95, and Route 3, ensuring excellent visibility and convenient access for potential businesses and customers. The high traffic volume on Plank Road, less than a mile away (78,000 vehicles per day), further underscores the property's significant commercial potential. Situated within a densely populated suburban area, the land is surrounded by numerous major retailers and shopping centers, creating a vibrant and established commercial environment. The asking price for this exceptional property is $575,000. This presents a compelling opportunity to capitalize on the strong growth and development within Fredericksburg and Spotsylvania County. The address is 0 Meekins Drive, Fredericksburg, VA 22407. Don't miss this chance to acquire a prime piece of commercial real estate in a highly sought-after location.

    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
    Fredericksburg
    County
    Spotsylvania
    State
    Virginia
    Longitude
    -77.5227
    Latitude
    38.2974

    Comparable in this City

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      17,500 SF

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      3.52 Acres

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      7.80 Acres

      Commonwealth Dr & Patriot Hwy

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      15,000 SF

      4705 Plank Rd

      Land
      4705 Plank Rd, Fredericksburg, VA 22407
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    • Value Estimation by Request
      1.30 Acres

      - Parcel 13-A-74 Bragg Rd & Riv Rd

      Land
      - Parcel 13-A-74 Bragg Rd & Riv Rd, Fredericksburg, VA 22407
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    • Value Estimation by Request
      4.12 Acres

      9017 Patriot Hwy

      Distribution properties
      9017 Patriot Hwy, Fredericksburg, VA 22407
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    Similar Nearby for Sale

    • $3,999,000
      4.12 Acres

      9017 Patriot Highway

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      9017 Patriot Hwy, Fredericksburg, VA 22407
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      Land For Sale

      Land available for sale in Fredericksburg, Virginia.
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      Land For Sale

      Land available for sale.
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    • $1,265,000
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      Fredericksburg Land: 1.5 Acres

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      Land for Sale

      Land available at 7105 Salem Fields Blvd, Fredericksburg, VA
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    • $999,000

      Land For Sale Fredericksburg

      Land available for purchase in Fredericksburg, Virginia.
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    Similar Nearby for Lease

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      Land for Rent in Fredericksburg

      Land available for rent in Spotsylvania County, Fredericksburg.
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      Commercial Pad Site For Rent

      Commercial land available for rent with high traffic volume.
      9683 Patriot Hwy, Fredericksburg, VA 22407
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      Commercial Land on Salem Church

      Land with frontage on a major commuter road.
      2301 Salem Church Rd, Fredericksburg, VA 22407
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      Retail Center Near Super Target

      Retail spaces available in high-traffic Cosner Corner location.
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      Industrial Property in Spotsylvania County

      59,981 SF industrial property on 19.66 acres for lease.
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    Fredericksburg, VA 22407
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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
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