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    118 Waller Mill Rd Williamsburg, VA 23185

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    118 Waller Mill Rd Williamsburg, VA 23185

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    • Strip malls
    • 140,543 SF
    • 16.51 lot acres
    For Lease
    $2,480,000
    View Listing →
    Renovated Shopping Center in Williamsburg For Lease
    $2,480,000

    Renovated Shopping Center in Williamsburg

    Newly renovated shopping center with spaces available in Williamsburg, VA.

    118 Waller Mill Rd, Williamsburg, VA 23185
    View Listing
    Property ID
    US87-0600517
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Kingsgate Green / Shopping Center & Mall
    • Sears Appliance Repair / Home Appliance Store
    • Ashley Store / Furniture & Home Goods / Home Decor Store
    • Locke Supply Co - #312 - Plumbing Supply / Big Box & Wholesale Store
    • Locke Supply Co - #314 - HVAC Supply / Hardware & Home Improvement / Home Appliance Store

    Property Details for 118 Waller Mill Rd

    Year built
    1980
    Lot size
    16.51 lot acres
    Property size
    140,543 SF
    Zone code
    GENERAL BUSINESS
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    D15A-1247-3462
    APU
    D15A12473462

    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
    Williamsburg
    County
    York
    State
    Virginia
    Longitude
    -76.7181
    Latitude
    37.2884
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $83,948
    $3,455,400
    $7,888,900
    $11,344,300
    -
    $3,455,400
    $7,888,900
    $11,344,300

    Comparable in this City

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      3.13 Acres

      218 Hubbard Ln

      SHOPPING CENTER, STRIP CENTER • 3.13 Acres
      218 Hubbard Ln, Williamsburg, VA 23185-5307
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    • Value Estimation
      $535,000
      9,895 SF

      2021 Richmond Rd Ste A

      SHOPPING CENTER, STRIP CENTER • 9,895 SF
      2021 Richmond Rd Ste A, Williamsburg, VA 23185-2701
      View Details
    • Value Estimation
      $2,750,000
      32,518 SF

      471 Merrimac Trl

      SHOPPING CENTER, STRIP CENTER • 32,518 SF
      471 Merrimac Trl, Williamsburg, VA 23185-4819
      View Details
    • Value Estimation
      $655,000
      22,200 SF

      113 Palace Ln

      SHOPPING CENTER, STRIP CENTER • 22,200 SF
      113 Palace Ln, Williamsburg, VA 23185-3034
      View Details
    • Value Estimation
      $2,745,000
      18,388 SF

      461 Merrimac Trl

      SHOPPING CENTER, STRIP CENTER • 18,388 SF
      461 Merrimac Trl, Williamsburg, VA 23185-4819
      View Details
    • Value Estimation
      $720,000
      20,239 SF

      240 Mclaws Cir

      SHOPPING CENTER, STRIP CENTER • 20,239 SF
      240 Mclaws Cir, Williamsburg, VA 23185-5678
      View Details

    Similar Nearby for Sale

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      1,640 SF

      Retail Space Near I-64

      Retail spaces available near I-64 and Richmond Rd (Route 60).
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      Retail Space with Redevelopment Underway

      Retail spaces available in a shopping center undergoing renovation.
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      1,560 SF

      Retail Space with Redevelopment Underway

      Retail spaces available in renovated shopping center near I-64.
      122-124 Waller Mill Rd, Williamsburg, VA 23185
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      8,393 SF

      Retail Space on Richmond Road

      Retail property with excellent visibility and accessibility on Richmond Road.
      2100 Richmond Rd, Williamsburg, VA 23185
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      4,668 SF

      Highly Visible Retail/Office Space

      Central location with private parking and monument signage.
      230 Monticello Ave, Williamsburg, VA 23185
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      2,390 SF

      Williamsburg Gas Station NNN Lease

      Stable cash flow asset with zero landlord responsibilities.
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    Similar Nearby for Lease

    • Contact for pricing

      Renovated Shopping Center in Williamsburg

      Newly renovated shopping center with spaces available in Williamsburg, VA.
      118 Waller Mill Rd, Williamsburg, VA 23185
      View Details
    • Contact for pricing

      Retail and Service Space Available

      Retail and service spaces for lease in Williamsburg, Virginia.
      5251 John Tyler Hwy, Williamsburg, VA 23185
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      5,808 SF

      Mixed-Use Asset in Williamsburg, Virginia

      Premier shopping centers integrated into Midtown Row development.
      1242 Richmond Rd, Williamsburg, VA 23185
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      14,920 SF

      Colonial Williamsburg Retail and Office

      Premier retail and office space in historic Merchants Square.
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      Retail Space in Midtown Row

      New retail space available in Williamsburg's Midtown Row.
      221 Monticello Ave, Williamsburg, VA 23185
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    • Contact for pricing
      2,644 SF

      Retail Space in Midtown Row

      New retail space in the heart of Williamsburg, Virginia.
      208 Monticello Ave, Williamsburg, VA 23185
      View Details
    View Listing
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    Williamsburg, VA 23185
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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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