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    2988 George Washington Memorial Hwy Hayes, VA 23072-3429
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    Property profile & analytics

    2988 George Washington Memorial Hwy, Hayes, VA 23072-3429

    View on Map
    • Office buildings
    • 1,040 SF
    • 0.19 lot acres
    Off-Market
    Last Sale Oct 14, 2022
    $150,000
    Property ID
    US87-1405227
    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

    • Office buildings

    Property Details for 2988 George Washington Memorial Hwy

    Year built
    1985
    Lot size
    0.19 lot acres
    Zone code
    B-1
    Property type
    Office buildings
    APN
    26232
    APU
    26232

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 16, 2025 — Glaudi Renovations LLC — Deed · related $200k · Townebank
    Oct 14, 2022 $150,000 Glaudi Renovations LLC The Last Will And Testament Of Davi Warranty Deed $120k · Townebank

    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
    Hayes
    County
    Gloucester
    State
    Virginia
    Longitude
    -76.5095
    Latitude
    37.2898
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 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
    $1,298
    $83,170
    $139,460
    $222,630
    -
    $83,170
    $139,460
    $222,630

    Comparable in this City

    • Value Estimation
      $625,000
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      0.48 Acres

      2201 Hayes Rd

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      2201 Hayes Rd, Hayes, VA 23072-3519
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      3,000 SF

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      2,409 SF

      3765 George Washington Memorial Hwy

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      3765 George Washington Memorial Hwy, Hayes, VA 23072-3001
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      4073 George Washington Memorial Hwy

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      4073 George Washington Memorial Hwy, Hayes, VA 23072-2930
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      4794 George Washington Memorial Hwy

      OFFICE BUILDING
      4794 George Washington Memorial Hwy, Hayes, VA 23072-2835
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    Similar Nearby for Sale

    • Contact for pricing
      Pending

      Dental Office Near Coleman Bridge

      Dental office space with nitrous oxide line in place.
      2656 George Washington Memorial Hwy, Gloucester Point, VA 23072
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    • $1,250,000
      10,844 SF

      Hayes Warehouse and Office Building

      10,000+ sqft warehouse/office in Hayes, VA with secure yard.
      2521 Hayes Rd, Hayes, VA 23072
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    • $150,000
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      Partially Built-Out Office Unit

      Partially framed office space offers a framework for an owner to finish build-out to suit their needs.
      7194 Chapman Dr, Hayes, VA 23072
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    • $90,000
      17.80 Acres

      Expansive Land Parcel in Hayes, VA

      17.8-acre property in Hayes, VA, ideal for residential building.
      15+Ac Lowground Rd, Hayes, VA 23072
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    • $175,000
      0.79 Acres

      Commercial Land on Route 17

      Prime commercial land with high visibility and easy utility connections.
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    • $125,000
      Pending

      26 Acres Waterfront Hunting Land

      Prime recreational land on Severn River, Gloucester, VA.
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    Similar Nearby for Lease

    • Contact for pricing
      2,200 SF

      Gloucester Point Office Space Available

      Office space available for lease in Gloucester Point, Virginia.
      3051-3077 George Washington Memorial Hwy, Gloucester Point, VA 23072
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space in Gloucester Point

      Retail space available for lease in Gloucester Point, Virginia.
      2349-2417 York Crossing Dr, Gloucester Point, VA 23072
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    • Contact for pricing
      898 SF

      Retail Space in Gloucester Point

      Retail space available for lease in Gloucester Point, VA.
      2268-2354 York Crossing Dr, Gloucester Point, VA 23072
      View Details
    • Contact for pricing
      2,124 SF

      Retail Space in Gloucester, VA

      Retail space available for lease in Gloucester, Virginia.
      2323 George Washington Memorial Hwy, Gloucester, VA 23072
      View Details
    • Contact for pricing

      Freestanding Building in Hayes, Virginia

      Freestanding retail building at signalized intersection available for rent.
      2460 George Washington Memorial Hwy, Hayes, VA 23072
      View Details
    • Contact for pricing

      Commercial Land on George Washington

      Land available on high-traffic George Washington Memorial Highway.
      4834 George Washington Memorial Hwy, Hayes, VA 23072
      View Details
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    Hayes, VA 23072-3429
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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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