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    24 North Main St Kilmarnock, VA 22482
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    24 North Main St, Kilmarnock, VA 22482

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    • Retail space
    • 0.06 lot acres
    For Sale
    $495,000
    View Listing →
    Kilmarnock Commercial Space on Main For Sale
    $495,000
    4,620 SF

    Kilmarnock Commercial Space on Main

    Prime location retail/office space in Kilmarnock, Virginia.

    24 North Main Street, Kilmarnock, VA 22482
    View Listing
    Property ID
    US87-2972034
    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

    • Ultimate Interiors Inc / Interior Design / Home Decor Store
    • Rivah Interiors / Home Decor Store / Department Store
    • Thomasson George / Architect

    Property Details for 24 North Main St

    Year built
    1965
    Lot size
    0.06 lot acres
    Zone code
    C1
    Property type
    Retail space
    APN
    23A 23 16
    APU
    23A2316

    Description

    This stabilized, owner-occupant opportunity presents a 4,620-square-foot storefront located at 24 N Main St, Kilmarnock, VA 22482. The property, built in 1965, boasts a two-story building on a 0.056-acre lot and is zoned C-1. Currently operating at 100% occupancy, this single-unit retail space offers excellent visibility on Main Street, a key location in the thriving Northern Neck region. Convenient on-street parking is available, supplemented by a nearby parking lot. Kilmarnock's central location provides easy access to shopping, dining, and the area's waterways, beaches, and the Tides Inn, ensuring consistent foot traffic and a strong year-round customer base. The asking price is $495,000, translating to $107.14 per square foot. This property is ideal for both owner-occupants seeking a prime retail location and investors looking for a stable, high-performing asset. The APN is 23A-23-16. P & J Properties Inc. is the current owner.

    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
    Kilmarnock
    County
    Lancaster
    State
    Virginia
    Longitude
    -76.3803
    Latitude
    37.7115

    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
    $1,173
    $24,500
    $161,700
    $186,200
    -
    $24,500
    $161,700
    $186,200

    Comparable in this City

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      43 Main St

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      53 Church St

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      62 Irvington Rd

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      7,960 SF

      15 Main St

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      View Details
    • Value Estimation
      $3,885,000
      19,372 SF

      615 Main St

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      View Details

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      Kilmarnock Commercial Space on Main

      Prime location retail/office space in Kilmarnock, Virginia.
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    Similar Nearby for Lease

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      Retail Space Near Main Street

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      Retail Space in Kilmarnock Hub

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      3,642 SF

      Freestanding Building with Drive-Thru

      3,642 SF freestanding building with drive-thru on 0.78 acres.
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    • $2,500 /Mo
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      Remodeled Office/Retail Space in Kilmarnock

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      View Details
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    Kilmarnock, VA 22482
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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.

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