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Property profile & analytics
FOR LEASE
Strip malls
113 Palace Ln Williamsburg, VA 23185
Entity Owned
13-yr Hold
Free & Clear
Property ID
US87-0657272
For Lease
1 / 2
$15 SF/Yr
113 Palace Ln, Williamsburg, VA 23185
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1999
Total area
22,200 SF
Lot
2.19 ac (95,396 SF)
Zoning code
GENERAL BUSINESS
APN
D15A-2344-2638
UPID
US87-0657272
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Kingship Brewing Co: Coffee & Kombucha Cafe & Coffee Shop
-
KIELBASA Grocery & Convenience Store Food Market
-
Lava Lounge and Bar Restaurant
-
United Way of the Virginia Peninsula, Community Resource Center Association Or Organization
-
Williamsburg Music & Wine Festival Association Or Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$660k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$648k
Blend (final)
Blend
$655k
Owner & transaction history
Polyzos Family Invs LLC · 13 yrs held
Polyzos Family Invs LLC
since 2013
2 recorded transactions
Zoning & alternative use
GENERAL BUSINESS · Williamsburg, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Williamsburg submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Williamsburg submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$660,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$1,025,000
Current use
INDUSTRIAL (GENERAL)
$905,000
Change: -12% · Conversion: Difficult
Blend value · Realmo final
$655k
Range $590k – $721k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$30 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$15,325
Tax year 2024
Assessed value
$2,070,900
Assessed 2024
Previous assessed
$1,472,500
+40.6% YoY
Effective rate
0.74%
On assessed value
Assessed land
$366,000
Assessed improvement
$1,704,900
Land market value
$366,000
Improvement market value
$1,704,900
Total market value
$2,070,900
Applied tax rate
5,104,150.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
1999
Heating
GAS
Stories
1
Total area
22,200 SF
Lot
2.19 ac (95,396 SF)
Zoning code
GENERAL BUSINESS
APN
D15A-2344-2638
UPID
US87-0657272
Jurisdiction
YORK
Zoning & alternative use
GENERAL BUSINESS · Williamsburg, VA
Zoning GENERAL BUSINESS · permitted uses
GENERAL BUSINESS · Williamsburg, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Williamsburg. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$1.0M
INDUSTRIAL (GENERAL)
Est. value
$905,000
NEIGHBORHOOD: SHOPPING CENTER Current
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1999
Heating
GAS
Stories
1
Lot
2.19 ac
Current owner
From public records · entity-resolved
Polyzos Family Invs LLC
Entity
Free & Clear · 13 yrs held
Mailing address
PO BOX 12179, NEWPORT NEWS, VA 23612-2179
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 21, 2013
$610,000
Polyzos Family Invs LLC
Us Bank NA Series 2005-cibc12
Grant Deed
—
Aug 29, 2012
$680,000
Us Bank NA Series 2005-cibc12 Tr
Kepley Broscious & Biggs
Trustees Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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