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    2315 Wards Rd Lynchburg, VA 24502-2101
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    Property profile & analytics

    2315 Wards Rd Lynchburg, VA 24502-2101

    View on Map
    • Retail properties & Spaces
    • 88,000 SF
    • 6.88 lot acres
    Off-Market
    Property ID
    US87-1389142
    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
    $12,585,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hobby Lobby / (Bike/Boat/Book/etc) Store

    Property Details for 2315 Wards Rd

    Year built
    1964
    Lot size
    6.88 lot acres
    Property size
    88,000 SF
    Zone code
    B3
    Property type
    Retail properties & Spaces
    APN
    161 01 023
    APU
    16101023

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $17,795,000
      6.5%
      $16,425,000
      7%
      $15,255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,814,000
      Market price range: $6.95M - $20.9M
      AI Estimate
      $8,506,000
      Market price range: $4.75M - $13.6M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $14,310,000
      Current use
      RESTAURANT
      $18,640,000
      Change: +30% Conversion: Easy
      AUTO REPAIR, GARAGE
      $17,880,000
      Change: +25% Conversion: Difficult
      MEDICAL BUILDING
      $15,675,000
      Change: +10% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $13,580,000
      Change: -5% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lynchburg
    County
    Lynchburg City
    State
    Virginia
    Longitude
    -79.1845
    Latitude
    37.3689
    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
    $84,105
    $2,063,100
    $7,386,900
    $9,450,000
    -
    $2,063,100
    $7,386,900
    $9,450,000

    Comparable in this City

    • Value Estimation by Request
      3.21 Acres

      120-475 Simons Run

      Restaurants • 202,605 SF
      120-475 Simons Run, Lynchburg, VA 24502
      View Details
    • Value Estimation
      $2,230,000
      13,504 SF

      2420 Wards Rd

      DEPARTMENT STORE • 13,504 SF
      2420 Wards Rd, Lynchburg, VA 24502-2104
      View Details
    • Value Estimation
      $1,545,000
      8,096 SF

      5515 Ft Ave

      DEPARTMENT STORE • 8,096 SF
      5515 Ft Ave, Lynchburg, VA 24502-5317
      View Details
    • Value Estimation
      $4,140,000
      23,856 SF

      4024 Wards Rd Ste C

      DEPARTMENT STORE • 23,856 SF
      4024 Wards Rd Ste C, Lynchburg, VA 24502-2496
      View Details
    • Value Estimation
      $12,585,000
      152,996 SF

      3415 Candlers Mtn Rd

      DEPARTMENT STORE • 152,996 SF
      3415 Candlers Mtn Rd, Lynchburg, VA 24502-2221
      View Details
    • Value Estimation
      $2,350,000
      20,024 SF

      100 Atlanta Ave

      DEPARTMENT STORE • 20,024 SF
      100 Atlanta Ave, Lynchburg, VA 24502-3465
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,587 SF

      Lynchburg Restaurant Investment Opportunity

      Single-tenant LongHorn Steakhouse in Lynchburg, Virginia for sale.
      4042 Wards Rd, Lynchburg, VA 24502
      View Details
    • $1,300,000

      Restaurant Building with Double Drive-Thru

      1,369 SF restaurant building featuring a double drive-thru.
      2901 Candlers Mountain Rd, Lynchburg, VA 24502
      View Details
    • Contact for pricing

      Retail Property For Sale

      Retail property available for purchase in Lynchburg, Virginia.
      7803 Timberlake Rd, Lynchburg, VA 24502
      View Details
    • Contact for pricing
      4,750 SF

      Wyndhurst Development Office and Retail

      Two adjacent buildings, one built-out office, one unfinished shell.
      117 Northwynd Cir, Lynchburg, VA 24502
      View Details
    • Contact for pricing
      2,250 SF

      Wyndhurst Development Office and Retail

      Two adjacent buildings in Wyndhurst Development suitable for office or retail.
      117 Northwynd Cir, Lynchburg, VA 24502
      View Details
    • New
      $599,000
      3,900 SF

      Commercial Building on Timberlake Road

      Commercial building with two rental spaces available for sale.
      20936 Timberlake Rd, Lynchburg, VA 24502
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,252 SF

      Timberlake Road Executive Suites

      Lynchburg, VA Office Space Available
      7916 Timberlake Rd, Lynchburg, VA 24502
      View Details
    • Contact for pricing
      7,100 SF

      Restaurant Building on Corner Parcel

      7,100 SF restaurant on 1.48 AC corner parcel for rent.
      2819 Candlers Mountain Rd, Lynchburg, VA 24502
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease in Lynchburg, Virginia.
      2154 Wards Rd, Lynchburg, VA 24502
      View Details
    • Contact for pricing

      62.3 Acre Rosedale Development

      Planned mixed-use development with retail and residential opportunities.
      1600 Graves Mill Rd, Lynchburg, VA 24502
      View Details
    • Contact for pricing
      3,814 SF

      Lynchburg Retail or Office Space

      3,814 SF suite suitable for retail or office use.
      7901 Timberlake Rd, Lynchburg, VA 24502
      View Details
    • Contact for pricing

      Retail Spaces Near Liberty University

      Retail spaces for lease with excellent visibility and frontage.
      120-475 Simons Run, Lynchburg, VA 24502
      View Details
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    2315 Wards Rd
    Lynchburg, VA 24502-2101
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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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