Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2598 Cherrystone Rd Cape Charles, VA 23310

    • Commercial real estate
    • 3,747 SF
    • 94.65 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2828549
    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

    • Commercial real estate

    Property Details for 2598 Cherrystone Rd

    Year built
    1780
    Lot size
    94.65 lot acres
    Property size
    3,747 SF
    Property type
    Commercial real estate

    Description

    This exceptional 94.65-acre waterfront property in Cape Charles, Virginia, presents a unique investment opportunity. The land includes a historic two-story, 3,747 square-foot home built in 1780, featuring three bedrooms, 3.5 bathrooms, a studio or guest room, a large family room with a fireplace, a laundry room, and a basement. A separate guest house and sheds are also on the property, along with an old dock site and a historic family cemetery. The property boasts nearly a mile of saltwater shoreline with boating depth, offering stunning sunset views over Cherrystone Creek and the Chesapeake Bay. Currently zoned Agricultural, the property is divided into eleven lots, two of which have homes. Fields are currently leased for crops, and the main house operates as a vacation rental, while the guest house is vacant. An Agricultural District designation is in place until 2028, resulting in lower property taxes. The property's south and western exposures maximize water views. This property is ideal for a family legacy estate or future subdivision development. An additional 39 acres of waterfront land across the street are also available for purchase. Asking price is $3,400,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Cape Charles
    County
    Northampton
    State
    Virginia
    Longitude
    -76.001216
    Latitude
    37.300384

    Comparable in this City

    • $135,000
      0.13 Acres

      Cleared Lot in Bay Creek

      Building lot with community amenities in Cape Charles, Virginia.
      163 EAST Bay Dr, Cape Charles, VA 23310
      View Details
    • $468,000
      0.23 Acres

      Golf and Water View Homesite

      Homesite with golf and water views in Bayside Village.
      100 Way GOVERNOR'S, Cape Charles, VA 23310
      View Details
    • $139,000
      0.25 Acres

      Building Lot in Bay Creek

      Residential lot in Bay Creek's Marina Village overlooking Crystal Lake.
      111 Colony Dr, Cape Charles, VA 23310
      View Details
    • $239,000
      0.13 Acres

      Homesite Near Cape Charles Beach

      Homesite near white sandy beach, shops, restaurants, and park.
      4 Washington Ave, Cape Charles, VA 23310
      View Details
    • $325,000
      0.24 Acres

      Golf Course View Homesite

      Golf course lot with lake views in Bay Creek Resort.
      237 Muirfield Dr, Cape Charles, VA 23310
      View Details
    • $69,000
      Pending

      Waterfront Land in Butlers Bluff

      Desirable waterfront community near Chesapeake Bay Bridge and Kiptopeke State-Park.
      BUTLER'S Blf Dr, Cape Charles, VA 23310
      View Details

    Similar Nearby for Sale

    • $225,000
      1.19 Acres

      Beach Access Building Lot

      1.2 acre lot with access to exceptional beach.
      15D Sand Hill Dr, Cape Charles, VA 23310
      View Details
    • $350,000
      2.07 Acres

      Beach Access Building Lot

      2-acre lot near the beach with community amenities.
      12A Sand Hill Dr, Cape Charles, VA 23310
      View Details
    • $139,500
      0.22 Acres

      Land in Cape Charles, VA

      Building lot in Cape Charles, close to amenities.
      19 Bahama Rd, Cape Charles, VA 23310
      View Details
    • $139,000
      0.25 Acres

      Building Lot in Bay Creek

      Residential lot in Bay Creek's Marina Village overlooking Crystal Lake.
      111 Colony Dr, Cape Charles, VA 23310
      View Details
    • $239,000
      0.13 Acres

      Homesite Near Cape Charles Beach

      Homesite near white sandy beach, shops, restaurants, and park.
      4 Washington Ave, Cape Charles, VA 23310
      View Details
    • $325,000
      0.24 Acres

      Golf Course View Homesite

      Golf course lot with lake views in Bay Creek Resort.
      237 Muirfield Dr, Cape Charles, VA 23310
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2598 Cherrystone Rd
    Cape Charles, VA 23310
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!