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    6592 Richmond Rd Williamsburg, VA 23188

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    6592 Richmond Rd Williamsburg, VA 23188

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    • Neighborhood centers
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Virginia Pewtersmith Inc / (Bike/Boat/Book/etc) Store
    • Nails Recreated LLC / Nail Salon

    Property Details for 6592 Richmond Rd

    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    The Gallery Shoppes offers a prime retail opportunity in a thriving downtown James City County location. This upscale outlet center features a beautifully renovated strip center with a striking exterior facade and high-end finishes throughout. One space is currently available, measuring 1,250 square feet, representing the minimum and maximum contiguous space available. The unit benefits from abundant natural light and excellent visibility from a major thoroughfare, ensuring high foot traffic and brand exposure. The common areas have recently undergone renovations, maintaining the property's high-end aesthetic. This space is ideal for a variety of retail businesses seeking a sophisticated and well-maintained location in a vibrant commercial district. The property is located in James City County and is part of a multi-tenant building. The attractive building exterior and prime location combine to create an exceptional opportunity for a discerning tenant. The space is ready for immediate occupancy and offers a chance to establish a presence in a highly desirable area. Interested parties should inquire about lease terms and availability.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Williamsburg
    County
    James City
    State
    Virginia
    Longitude
    -76.7566
    Latitude
    37.3445

    Comparable in this City

    • Value Estimation
      $855,000
      13,600 SF

      6376 Richmond Rd

      SHOPPING CENTER, STRIP CENTER • 13,600 SF
      6376 Richmond Rd, Williamsburg, VA 23188
      View Details
    • Value Estimation
      $1,480,000
      27,559 SF

      800 Rochambeau Dr

      SHOPPING CENTER, STRIP CENTER • 27,559 SF
      800 Rochambeau Dr, Williamsburg, VA 23188-9006
      View Details
    • Value Estimation
      $550,000
      12,726 SF

      410 Lightfoot Rd

      SHOPPING CENTER, STRIP CENTER • 12,726 SF
      410 Lightfoot Rd, Williamsburg, VA 23188-9000
      View Details
    • Value Estimation by Request
      120,493 SF

      6610 Mooretown Rd

      SHOPPING CENTER, STRIP CENTER • 120,493 SF
      6610 Mooretown Rd, Williamsburg, VA 23188-2276
      View Details
    • Value Estimation
      $3,380,000
      60,436 SF

      6610 Mooretown Rd

      SHOPPING CENTER, STRIP CENTER • 60,436 SF
      6610 Mooretown Rd, Williamsburg, VA 23188-2276
      View Details
    • Value Estimation by Request
      46,191 SF

      6500-6536 Richmond Rd

      Retail properties & Spaces • 46,191 SF
      6500-6536 Richmond Rd, Williamsburg, VA 23188
      View Details

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      Residential land for sale in the heart of Williamsburg, VA.
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    Similar Nearby for Lease

    • $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

      Marketplace Shoppes Retail Space

      Retail spaces available in established shopping district.
      4655 Monticello Ave, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      23,184 SF

      Retail Space in Marketplace District

      Retail space available in the Marketplace Shopping District.
      4900 Monticello Ave, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      2,088 SF

      Retail Space in Cedar Valley

      Retail space available in a shopping center anchored by Lowe's.
      800 E Rochambeau Dr, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Marketplace District

      Retail space available in the Marketplace Shopping District.
      4930 Monticello Ave, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      6,000 SF

      Retail Space Near Major Retailers

      Retail spaces available, anchored by Big Lots & Ross.
      6610-6630 Mooretown Rd, Williamsburg, VA 23188
      View Details
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    6592 Richmond Rd
    Williamsburg, VA 23188
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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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