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    5690 3 Notch'd Rd Crozet, VA 22932
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    5690 3 Notch'd Rd Crozet, VA 22932

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    • Office properties & Spaces
    • 32,532 SF
    • 1.79 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office properties & Spaces

    Property Details for 5690 3 Notch'd Rd

    Year built
    2006
    Lot size
    1.79 lot acres
    Property size
    32,532 SF
    Property type
    Office properties & Spaces
    Property subtype
    Coworking space

    Description

    This exceptional 32,532-square-foot office building in Crozet, Virginia, presents a unique opportunity for businesses seeking flexible and modern workspace. Located at 5690 Three Notch'd Rd, in Albemarle County, this 2006-built property sits on 1.79 acres and offers stunning mountain views from multiple private terraces. The building is categorized as Traditional Office, Creative Office, and Coworking space, catering to a diverse range of business needs. Currently, there are multiple tenancies available, with two spaces immediately available ranging from 3,500 to 16,500 square feet. Beyond the office spaces, an additional 5,400 square feet is dedicated to storage and fitness facilities, enhancing the overall value and convenience of the property. The building's design allows for flexible layouts on divisible office levels, making it adaptable to various business sizes and configurations. The property boasts beautiful, fully turn-key office space, ready for immediate occupancy. This prime location in the Crozet submarket offers easy access to amenities and transportation, making it an ideal choice for businesses seeking a productive and inspiring work environment in the heart of Virginia's scenic landscape. The zip code is 22932.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Crozet
    County
    Albemarle
    State
    Virginia
    Longitude
    -78.6964
    Latitude
    38.069

    Comparable in this City

    • Value Estimation by Request

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      1,038 SF

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      OFFICE BUILDING • 1,038 SF
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    • Value Estimation by Request
      1,336 SF

      1171 Carter St

      OFFICE BUILDING • 1,336 SF
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    • Value Estimation
      $3,545,000
      23,774 SF

      5690 3rd Notch D Rd Ste, Unit 200

      OFFICE BUILDING • 23,774 SF
      5690 3rd Notch D Rd Ste, Crozet, VA 22932-3173
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    • Value Estimation
      $685,000
      2,838 SF

      6317 Rockfish Gap Tpke

      OFFICE BUILDING • 2,838 SF
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    Similar Nearby for Lease

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      16,500 SF

      Downtown Crozet Office and Fitness

      Turn-key office and fitness space in downtown Crozet.
      5690 Three Notch D Rd, Crozet, VA 22932
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    • Contact for pricing

      Divisible Office Space with Views

      Flexible office layouts with mountain views and storage available.
      5690 3 Notch'd Rd, Crozet, VA 22932
      View Details
    • Contact for pricing

      Retail or Office Space Available

      Retail or office spaces available in Old Trail neighborhood.
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    Crozet, VA 22932
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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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