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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2244 Rivermont Ave Lynchburg, VA 24503-4130

    • Apartment buildings
    • 37,146 SF
    • 1.52 lot acres
    OFF-MARKET
    Last Sale
    Aug 11, 2022
    $3,000,000
    Value Estimations
    $3,080,000
    Show details
    Cap Rate Potential
    9.3%
    Apartment buildings
    Location Intelligence
    Property ID
    US87-1742999
    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

    • Brown Sugar Delights / Bakery
    • Garland Rodes Apartments / Apartment Building

    Property Details for 2244 Rivermont Ave

    Year built
    1921
    Lot size
    1.52 lot acres
    Property size
    37,146 SF
    Zone code
    R3
    Property type
    Apartment buildings
    APN
    020 01 002
    APU
    2001002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,155,000
      ML approach
      $3,160,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,942,000
      Market price range: $819k - $2.02M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $5,075,000
      Current use
      COMMERCIAL (GENERAL)
      $4,815,000
      Change: -5% Conversion: Moderate
      RETAIL STORES
      $4,350,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lynchburg
    County
    Lynchburg City
    State
    Virginia
    Longitude
    -79.1658
    Latitude
    37.4374
    CBSA code
    31340
    CBSA name
    LYNCHBURG, 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
    $27,109
    $265,500
    $2,780,500
    $3,046,000
    -
    $265,500
    $2,780,500
    $3,046,000

    Comparable in this City

    • Value Estimation
      $2,250,000
      22,500 SF

      3901 Boonsboro Rd

      APARTMENT HOUSE (5+ UNITS) • 22,500 SF
      3901 Boonsboro Rd, Lynchburg, VA 24503-2468
      View Details
    • Value Estimation
      $2,565,000
      30,474 SF

      225 Coffee Rd

      APARTMENT HOUSE (5+ UNITS) • 30,474 SF
      225 Coffee Rd, Lynchburg, VA 24503-3849
      View Details
    • Value Estimation
      $3,610,000
      54,319 SF

      5001 Boonsboro Rd

      APARTMENT HOUSE (5+ UNITS) • 54,319 SF
      5001 Boonsboro Rd, Lynchburg, VA 24503-1801
      View Details
    • Value Estimation
      $1,870,000
      25,785 SF

      1925 Burnt Brg Rd

      APARTMENT HOUSE (5+ UNITS) • 25,785 SF
      1925 Burnt Brg Rd, Lynchburg, VA 24503-2244
      View Details
    • Value Estimation
      $1,645,000
      22,816 SF

      2455 Rivermont Ave

      APARTMENT HOUSE (5+ UNITS) • 22,816 SF
      2455 Rivermont Ave, Lynchburg, VA 24503-1540
      View Details
    • Value Estimation
      $3,275,000
      45,732 SF

      1920 Burnt Brg Rd

      APARTMENT HOUSE (5+ UNITS) • 45,732 SF
      1920 Burnt Brg Rd, Lynchburg, VA 24503-2256
      View Details

    Similar Nearby for Sale

    • $849,000
      3 SF

      Victorian Office/Multifamily Property on Rivermont

      Early 1900s Victorian property in the heart of Rivermont Avenue.
      2525 Rivermont Ave Lynchburg, Lynchburg, VA 24503
      View Details
    • $179,000
      0.17 Acres

      Lynchburg Multi-Family Investment Opportunity

      Multi-family property near Downtown Lynchburg, ideal for investors.
      48 Easton Ave, Lynchburg, VA 24503
      View Details
    • $155,000
      0.36 Acres

      Residential Land in Desirable Location

      Level lot near Oakwood Country Club, central location.
      56 Clopton Ct, Lynchburg, VA 24503
      View Details
    • $119,900
      1.29 Acres

      Residential Land in Boonsboro Neighborhood

      1.285 acre building lots in established Boonsboro neighborhood.
      0-Lot Trents Ferry Rd, Lynchburg, VA 24503
      View Details
    • $825,000
      4,225 SF

      Lynchburg Office Building - $825K

      Prime Lynchburg Office, 4,225 SF, High Visibility
      2815 Linkhorne Dr, Lynchburg, VA 24503
      View Details
    • $825,000
      4,225 SF

      Lynchburg Office Building Investment

      Prime Location, Multi-Unit Potential
      2815 Linkhorne Dr, Lynchburg, VA 24503
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,000 SF

      Retail Space in Lynchburg Center

      Renovated retail space available in central Lynchburg shopping center.
      2828 Linkhorne Dr, Lynchburg, VA 24503
      View Details
    • $15 SF/Yr
      1,000 SF

      Prime Lynchburg Retail/Office Space

      Retail or office spaces with ample parking and premium upgrades.
      5998-6000 Boonsboro Rd, Lynchburg, VA 24503
      View Details
    • Contact for pricing
      2,200 SF

      Retail Space in Lynchburg Center

      Renovated retail space available in central Lynchburg shopping center.
      2820 Linkhorne Dr, Lynchburg, VA 24503
      View Details
    • $22 SF/Yr
      1,400 SF

      Retail Suites in High-Income Area

      Two 1,400 SF retail suites available for lease.
      4327 Boonsboro Rd, Lynchburg, VA 24503
      View Details
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    2244 Rivermont Ave
    Lynchburg, VA 24503-4130
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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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