Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Main St Chincoteague, VA 23336
    Back to Search
    Property profile & analytics

    Main St Chincoteague, VA 23336

    View on Map
    • Land
    • 2.54 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Main St

    Lot size
    2.54 lot acres
    Property type
    Land

    Description

    This exceptional 2.54-acre parcel of land is situated on South Main Street in Chincoteague, Virginia, zip code 23336. Located along Chincoteague Island's renowned waterfront, this property presents a compelling development opportunity with diverse potential uses. The land is zoned C4, offering flexibility for various projects. Its prime location provides convenient access to the city's amenities and infrastructure. Chincoteague Island's status as a popular tourist destination ensures strong potential for lucrative returns and long-term value appreciation. The area is experiencing rapid growth, attracting regional, national, and international businesses, further enhancing the investment prospects. This competitively priced land offers a unique chance to capitalize on the appeal of Chincoteague Island and establish a successful venture in this thriving real estate market. The property's latitude and longitude coordinates are 37.9321055 and -75.3797331 respectively. The asking price for this exceptional opportunity is $3,200,000.

    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
    Chincoteague
    County
    State
    Virginia
    Longitude
    -75.3797
    Latitude
    37.9321

    Comparable in this City

    • Value Estimation by Request

      4470 1st Ave

      MOBILE HOME PARK, TRAILER PARK
      4470 1st Ave, Chincoteague Island, VA 23336
      View Details
    • Value Estimation by Request

      6151 Quillen Dr

      MOBILE HOME PARK, TRAILER PARK
      6151 Quillen Dr, Chincoteague Island, VA 23336-2700
      View Details
    • Value Estimation by Request

      4436 Deep Hole Rd

      MOBILE HOME PARK, TRAILER PARK
      4436 Deep Hole Rd, Chincoteague Island, VA 23336-2625
      View Details
    • Value Estimation by Request

      4474 1st Ave

      MOBILE HOME PARK, TRAILER PARK
      4474 1st Ave, Chincoteague Island, VA 23336
      View Details
    • Value Estimation by Request

      4473 2nd Ave

      MOBILE HOME PARK, TRAILER PARK
      4473 2nd Ave, Chincoteague Island, VA 23336-2316
      View Details
    • Value Estimation by Request

      5025 5th Ave

      MOBILE HOME PARK, TRAILER PARK
      5025 5th Ave, Chincoteague Island, VA 23336-2324
      View Details

    Similar Nearby for Sale

    • $134,000
      0.50 Acres

      Sizeable Island Lot For Sale

      Sizeable island lot near shops, restaurants, and Maddox Blvd.
      L1 Taylor St, Chincoteague, VA 23336
      View Details
    • $99,000
      0.05 Acres

      Waterfront Land in Chincoteague, VA

      Waterfront lot with direct water access and sunset views.
      75A Main St, Chincoteague, VA 23336
      View Details
    • $197,000
      3.00 Acres

      Chincoteague Land with Wildlife Views

      Three parcels totaling 3.048 acres with potential for residential development.
      7300 Oak Ridge Pl, Chincoteague, VA 23336
      View Details
    • $90,000
      0.09 Acres

      Cleared Land in Quiet Location

      Cleared lot in a quiet location on Chincoteague Island.
      7 Serenity Ln, Chincoteague, VA 23336
      View Details
    • $150,000
      Pending

      Nearly One-Acre Double Lot

      Private retreat near Fowling Creek and Chincoteague ponies.
      S Whealton Ln, Chincoteague, VA 23336
      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.
    Main St
    Chincoteague, VA 23336
    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
    Main St, Chincoteague, VA, 23336
    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!