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    Property profile & analytics

    123 Main St Lovingston, VA 22949

    • Retail properties
    • 1,476 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 123 Main St

    Year built
    1900
    Property size
    1,476 SF
    Property type
    Retail properties
    Property subtype
    Restaurants

    Description

    This 1,476 square foot retail space in Lovingston, Virginia, presents a unique investment opportunity. Located at 123 Main St, in Nelson County (zip code 22949), this property boasts a prime location within a thriving business district. Built in 1900 and extensively renovated in 2023, the single-story building offers a modern, updated interior featuring brand new flooring and ceilings. The space is currently vacant, with an occupancy date of November 1, 2024, and is ideal for a variety of uses, including a bar, convenience store, or restaurant. Key features include a newly installed kitchen with modern appliances, a stylish bar countertop, a tempered walk-in refrigeration unit, high-quality freezers and refrigerators, and a convenient storage shed. Seller financing or leasing options are available, providing flexibility for potential buyers or tenants. This turnkey operation is ready for immediate use, offering a blend of historical charm and contemporary amenities. The asking price is $430,000. This exceptional retail space combines modern conveniences with a prime location, making it an attractive investment prospect.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lovingston
    County
    Nelson
    State
    Virginia
    Longitude
    -78.8714
    Latitude
    37.7598

    Comparable in this City

    • Value Estimation by Request
      4,816 SF

      15819 Thomas Nelson Hwy

      CONVENIENCE STORE • 4,816 SF
      15819 Thomas Nelson Hwy, Lovingston, VA 22949-2507
      View Details
    • Value Estimation by Request
      3,820 SF

      40 Frnt St

      CONVENIENCE STORE • 3,820 SF
      40 Frnt St, Lovingston, VA 22949-2346
      View Details
    • Value Estimation by Request
      800 SF

      911 Frnt St

      CONVENIENCE STORE • 800 SF
      911 Frnt St, Lovingston, VA 22949
      View Details
    • Value Estimation
      $790,000
      9,480 SF

      37 Tanbark Plz

      RESTAURANT • 9,480 SF
      37 Tanbark Plz, Lovingston, VA 22949
      View Details
    • Value Estimation by Request
      5,603 SF

      740 Frnt St

      RETAIL STORES (PERSONAL SERVICES) • 5,603 SF
      740 Frnt St, Lovingston, VA 22949
      View Details
    • Value Estimation
      $1,270,000
      3,105 SF

      124 Main St

      FINANCIAL BUILDING • 3,105 SF
      124 Main St, Lovingston, VA 22949
      View Details

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    123 Main St
    Lovingston, VA 22949
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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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