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Property profile & analytics
OFF-MARKET
Estimated value
$540,000
Office buildings
246 Main St Covington, VA 24426-1543
Entity Owned
Free & Clear
Property ID
US87-2507094
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1971
Total area
7,392 SF
Lot
0.11 ac (4,792 SF)
Zoning code
C1
APN
10---2----64-
UPID
US87-2507094
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Wells Fargo Bank Bank Loan Service
-
Wells Fargo ATM Atm
-
Loa Area Agency On Aging Social Service Agency Charitable Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$540k
Owner & transaction history
CITIZENS NATIONAL BANK
CITIZENS NATIONAL BANK
Zoning & alternative use
C1 · Covington, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of this district, is to provide areas for employment activity and businesses that do not conflict with nearby residential districts
Zone name
Office And Institutional
General category
CIVIC_INSTITUTIONAL
Zone area
46.15 ac
Source
Realmo
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Covington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Covington submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$630,000
Current use
COMMERCIAL (GENERAL)
$575,000
Change: -8% · Conversion: Easy
RETAIL STORES
$560,000
Change: -11% · Conversion: Moderate
Blend value · Realmo final
$540k
Range $486k – $594k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$73 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$4,181
Tax year 2023
Assessed value
$491,900
Assessed 2023
Previous assessed
$489,800
+0.4% YoY
Effective rate
0.85%
On assessed value
Assessed land
$14,400
Assessed improvement
$477,500
Land market value
$14,400
Improvement market value
$477,500
Total market value
$491,900
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1971
Heating
CENTRAL
Cooling
YES
Stories
2
Rooms
7
Total area
7,392 SF
Lot
0.11 ac (4,792 SF)
Zoning code
C1
APN
10---2----64-
UPID
US87-2507094
Jurisdiction
COVINGTON CITY
Zoning & alternative use
C1 · Covington, VAZoning C1 · permitted uses
C1 · Covington, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of this district, is to provide areas for employment activity and businesses that do not conflict with nearby residential districts
Zone name
Office And Institutional
General category
CIVIC_INSTITUTIONAL
Zone area
46.15 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$630,000
COMMERCIAL (GENERAL)
Est. value
$575,000
RETAIL STORES
Est. value
$560,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1971
Heating
CENTRAL
Cooling
Yes
Stories
2
Rooms
7
Lot
0.11 ac
Current owner
From public records · entity-resolved
CITIZENS NATIONAL BANK
Individual
Free & Clear · 0 yrs held
Mailing address
PO BOX 2609, CARLSBAD, CA 92018-2609
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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