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    2200 Richmond Rd Williamsburg, VA 23185-2755
    Property profile & analytics

    2200 Richmond Rd, Williamsburg, VA 23185-2755

    View on Map
    • Retail space
    • 45,628 SF
    • 6.63 lot acres
    Off-Market
    Last Sale Mar 30, 2023
    $4,000,000
    Property ID
    US87-2854082
    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
    $4,255,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Uptown Alley Williamsburg / Bowling Alley

    Property Details for 2200 Richmond Rd

    Year built
    2005
    Lot size
    6.63 lot acres
    Zone code
    B-2 (CORRIDOR BUSINESS)
    Property type
    Retail space
    APN
    3809.158.045
    APU
    3809158045

    Description

    This exceptional free-standing retail property, located at 2200 Richmond Rd in Williamsburg, Virginia, presents a significant investment opportunity. The building, constructed in 2005, boasts a substantial 64,908 square feet of space situated on a generous 6.63-acre lot. The property is zoned B-2 and features a two-story structure with ample parking for 186 vehicles. Elevators are available for convenient access to both floors. Currently configured for multiple tenants, there are two available spaces ranging from 23,269 to 41,639 square feet, offering flexibility for various retail concepts. The property's prominent location in Williamsburg, VA, 23185, provides excellent visibility and accessibility. Its history as a former Yankee Candle factory adds a unique character and potential for adaptive reuse. The expansive lot size offers significant potential for future expansion or development. This is a rare opportunity to acquire a large, well-located retail property in a thriving market. The property's size, amenities, and location make it an ideal choice for a variety of retail businesses seeking a high-profile presence in Williamsburg. The ample parking ensures convenient access for customers and employees. The property's zoning allows for a wide range of retail uses, providing flexibility for potential buyers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $4,770,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,785,000
      Current use
      COMMERCIAL (GENERAL)
      $6,840,000
      Change: +81% Conversion: Easy
      OFFICE BUILDING
      $5,280,000
      Change: +40% Conversion: Easy
      RESTAURANT
      $3,625,000
      Change: -4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Williamsburg
    County
    Williamsburg City
    State
    Virginia
    Longitude
    -76.7283
    Latitude
    37.3026
    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
    2023
    $34,494
    $2,400,100
    $3,163,500
    $5,563,600
    -
    $2,400,100
    $3,163,500
    $5,563,600

    Comparable in this City

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      1300 Garrison Dr

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    • Value Estimation
      $630,000
      12,500 SF

      3032 Richmond Rd Ste, Unit 1

      RETAIL STORES (PERSONAL SERVICES)
      3032 Richmond Rd Ste, Williamsburg, VA 23185-7001
      View Details
    • Value Estimation
      $1,095,000
      1,647 SF

      219 Boundary St

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      515 York St

      RETAIL STORES (PERSONAL SERVICES)
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    • Value Estimation by Request
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      230 Monticello Ave

      RETAIL STORES (PERSONAL SERVICES)
      230 Monticello Ave, Williamsburg, VA 23185-2815
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    Similar Nearby for Sale

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      Retail Space with Redevelopment Underway

      Retail spaces available in renovated shopping center near I-64.
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      Highly Visible Retail/Office Space

      Central location with private parking and monument signage.
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      8,393 SF

      Retail Space on Richmond Road

      Retail property with excellent visibility and accessibility on Richmond Road.
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      2,390 SF

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

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      3,300 SF

      Renovated Retail/Office Space Available

      Newly renovated retail/office space near William & Mary campus.
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      Retail Space Near Kingsmill Resort

      Retail space located near residential and resort area.
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    • Contact for pricing
      9,375 SF

      Retail Space with Dock Loading

      9,375 SF retail space with dock loading and signage.
      457-473 Merrimac Trl, Williamsburg, VA 23185
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    • Contact for pricing
      1,623 SF

      Retail/Office Space with Drive-Thru

      Renovated retail/office space with drive-thru, near William & Mary.
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    • Contact for pricing
      1,870 SF

      Retail Center Anchored by Harris Teeter

      86,000 SF retail center with diverse tenant mix.
      14802 Quarterpath Rd, Williamsburg, VA 23185
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    2200 Richmond Rd
    Williamsburg, VA 23185-2755
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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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