Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    2001 Commonwealth Dr Charlottesville, VA 22901-2383

    • Strip malls
    • 9,040 SF
    • 1.89 lot acres
    OFF-MARKET
    Value Estimations
    $345,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0923200
    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.

    Current Use by Public Records

    • Pella Windows & Doors of Charlottesville / Window Installation Service / Door Shop

    Property Details for 2001 Commonwealth Dr

    Year built
    1988
    Lot size
    1.89 lot acres
    Property size
    9,040 SF
    Zone code
    C1 COMMERCIAL
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    061W0-03-00-021A0
    APU
    061W00300021A0

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $343,000
      Market price range: $143k - $343k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Charlottesville
    County
    Albemarle
    State
    Virginia
    Longitude
    -78.4956
    Latitude
    38.0668
    CBSA code
    16820
    CBSA name
    CHARLOTTESVILLE, VA 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
    $27,087
    $1,795,900
    $1,375,900
    $3,171,800
    -
    $1,795,900
    $1,375,900
    $3,171,800

    Comparable in this City

    • Value Estimation
      $440,000
      18,252 SF

      176 Zan Rd, Unit 198

      SHOPPING CENTER, STRIP CENTER • 18,252 SF
      176 Zan Rd, Charlottesville, VA 22901-2857
      View Details
    • Value Estimation
      $450,000
      45,780 SF

      1615 Emmet N St

      SHOPPING CENTER, STRIP CENTER • 45,780 SF
      1615 Emmet N St, Charlottesville, VA 22901-2808
      View Details
    • Value Estimation
      $980,000
      27,572 SF

      384 Hillsdale Dr, Unit 398

      SHOPPING CENTER, STRIP CENTER • 27,572 SF
      384 Hillsdale Dr, Charlottesville, VA 22901-5735
      View Details
    • Value Estimation
      $225,000
      11,935 SF

      825 Gdns Blvd

      SHOPPING CENTER, STRIP CENTER • 11,935 SF
      825 Gdns Blvd, Charlottesville, VA 22901-1467
      View Details
    • Value Estimation
      $335,000
      12,728 SF

      722 Rio W Rd

      SHOPPING CENTER, STRIP CENTER • 12,728 SF
      722 Rio W Rd, Charlottesville, VA 22901-1454
      View Details
    • Value Estimation
      $310,000
      8,228 SF

      2297 Seminole Ln

      SHOPPING CENTER, STRIP CENTER • 8,228 SF
      2297 Seminole Ln, Charlottesville, VA 22901-8300
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Charlottesville Fashion Square Redevelopment Opportunity

      Redevelopment opportunity in Charlottesville Fashion Square on Rio Rd.
      1600 Rio Rd E, Charlottesville, VA 22901
      View Details
    • $2,700,000
      11,783 SF

      Commercial Building with Long-Term Leases

      Commercial building with long-term leases on Seminole Trail.
      490 Westfield Rd, Charlottesville, VA 22901
      View Details
    • $450,000
      2,100 SF

      Retail/Service Space For Sale

      First floor retail/service location available for purchase.
      624-632 Berkmar Cir, Charlottesville, VA 22901
      View Details
    • $930,000
      19,602 SF

      Prime Charlottesville Retail Lot

      High-Value Dunkin' Site, 19,602 SF
      2223 India Rd, Charlottesville, VA 22901
      View Details
    • $1,450,000

      Commercial Development Land For Sale

      1.07 acre commercial development property with frontage on Hwy 29.
      405 Premier Cir, Charlottesville, VA 22901
      View Details
    • $705,150

      Charlottesville Specialty Property for Sale

      Specialty property available in Charlottesville, Virginia.
      68 Hilah Ln, Charlottesville, VA 22901
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      1,251 SF

      Retail Space on West Rio

      Retail space with high visibility and traffic counts.
      722 Rio Rd W, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      60,000 SF

      Hillsdale Village Retail Space

      Prime Charlottesville Retail, Multiple Spaces Available
      29 Hydraulic Rd, Charlottesville, VA 22901
      View Details
    • $20 SF/Yr
      68,600 SF

      Seminole Square Retail Spaces

      Four suites available, 1,400-58,000 SF
      200 Zan Rd, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      3,200 SF

      Rio Hill Center Retail Space

      Retail space available at Rio Hill Shopping Center.
      1744-1880 Rio Hill Ctr, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      60,000 SF

      Hillsdale Village Retail Opportunity

      Premier retail site in Charlottesville, delivering late 2021.
      1801 Hydraulic Rd, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      1,600 SF

      Retail Spaces For Lease

      Retail spaces available within a grocery-anchored shopping center.
      1900-1980 Rio Hill Ctr, Charlottesville, VA 22901
      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.
    2001 Commonwealth Dr
    Charlottesville, VA 22901-2383
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.