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    2448 Lake Monticello Rd Palmyra, VA 22963
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    2448 Lake Monticello Rd Palmyra, VA 22963

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    • Commercial real estate
    • 34.94 lot acres
    For Sale
    $4,250,000
    View Listing →
    Lake Monticello Commercial Land For Sale
    $4,250,000

    Lake Monticello Commercial Land

    35 Acres, Prime Development Opportunity

    Bybee, VA 22963
    View Listing
    Property ID
    US87-3778967
    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

    • Commercial real estate

    Property Details for 2448 Lake Monticello Rd

    Lot size
    34.94 lot acres
    Property type
    Commercial real estate
    APN
    9-A-11, 9-A-11B, 9-A-11C, 9-A-11D, 9-A-11F, 9-A-11G

    Description

    This exceptional 34.94-acre commercial land parcel presents a rare development opportunity in Palmyra, Virginia. Located at 2448 Lake Monticello Rd, this property consists of six contiguous parcels (APN: 9-A-11, 9-A-11B, 9-A-11C, 9-A-11D, 9-A-11F, 9-A-11G) and is zoned B-1, allowing for a variety of commercial uses. Its prime location within the thriving Lake Monticello community offers significant advantages, including proximity to residential areas, lake amenities, and high traffic volume. The site is well-suited for projects such as medical facilities, grocery stores, or retail establishments, catering to the growing needs of both residents and visitors. Existing infrastructure, including water and power, simplifies the development process, reducing upfront costs and accelerating project timelines. This strategic location and substantial acreage provide immense potential for significant return on investment. The property's proximity to scenic lake beaches and community amenities further enhances its appeal and desirability. This is a unique opportunity to capitalize on the area's growth and establish a thriving commercial presence in a vibrant community. The asking price for this exceptional property is $4,250,000.

    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
    Palmyra
    County
    Fluvanna
    State
    Virginia
    Longitude
    -78.320971
    Latitude
    37.924675

    Comparable in this City

    • $51,500
      Pending

      Residential Lot Near Lake Monticello

      Residential lot with lake access and community amenities.
      28 Jennings Dr, Palmyra, VA 22963
      View Details
    • $50,000
      0.34 Acres

      Residential Lot in Gated Community

      Wooded homesite in Lake Monticello with community amenities.
      Turkeysag Trl, Palmyra, VA 22963
      View Details
    • $250,000
      3.73 Acres

      Lake Monticello Golf Course Frontage

      3.73 acres fronting on the golf course in Lake Monticello.
      Barrett St, Palmyra, VA 22963
      View Details
    • Contact for pricing
      0.76 Acres

      Residential Building Lot in Palmyra

      Large 0.76 acre residential building lot with hardwoods.
      19 Chickasaw Pl, Palmyra, VA 22963
      View Details
    • New
      $99,999
      0.49 Acres

      Buildable Lot Near Lake Monticello

      0.49-acre buildable lot near Lake Monticello with seasonal water views.
      85 Laguna Rd, Palmyra, VA 22963
      View Details
    • $270,000
      21.05 Acres

      Palmyra Land Near Zion Crossroads

      21.05 acres near Rt15, suitable for hunting or building.
      Indian Pipe Run, Palmyra, VA 22963
      View Details

    Similar Nearby for Sale

    • $51,500
      Pending

      Residential Lot Near Lake Monticello

      Residential lot with lake access and community amenities.
      28 Jennings Dr, Palmyra, VA 22963
      View Details
    • $50,000
      0.34 Acres

      Residential Lot in Gated Community

      Wooded homesite in Lake Monticello with community amenities.
      Turkeysag Trl, Palmyra, VA 22963
      View Details
    • $250,000
      3.73 Acres

      Lake Monticello Golf Course Frontage

      3.73 acres fronting on the golf course in Lake Monticello.
      Barrett St, Palmyra, VA 22963
      View Details
    • Contact for pricing
      0.76 Acres

      Residential Building Lot in Palmyra

      Large 0.76 acre residential building lot with hardwoods.
      19 Chickasaw Pl, Palmyra, VA 22963
      View Details
    • New
      $99,999
      0.49 Acres

      Buildable Lot Near Lake Monticello

      0.49-acre buildable lot near Lake Monticello with seasonal water views.
      85 Laguna Rd, Palmyra, VA 22963
      View Details
    • $270,000
      21.05 Acres

      Palmyra Land Near Zion Crossroads

      21.05 acres near Rt15, suitable for hunting or building.
      Indian Pipe Run, Palmyra, VA 22963
      View Details
    View Listing
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    Palmyra, VA 22963
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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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    2448 Lake Monticello Rd, Palmyra, VA, 22963
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