Sign Up Successful!
You now have access to more from Realmo!
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

    396 Towncenter Ln Charlottesville, VA 22911-5616

    • Retail properties
    • 87,627 SF
    • 7.77 lot acres
    OFF-MARKET
    Last Sale
    Mar 31, 2023
    $15,170,309
    Value Estimations
    $13,710,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0995491
    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

    • Kohl's / Department Store

    Property Details for 396 Towncenter Ln

    Year built
    2011
    Lot size
    7.77 lot acres
    Property size
    87,627 SF
    Zone code
    PDMC
    Property type
    Retail properties
    APN
    03200-00-00-04400
    APU
    3200000004400

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $15,600,000
      ML approach
      $10,040,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,574,000
      Market price range: $5.48M - $38.7M

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlottesville
    County
    Albemarle
    State
    Virginia
    Longitude
    -78.4464
    Latitude
    38.1254
    CBSA code
    16820
    CBSA name
    CHARLOTTESVILLE, VA 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
    $115,113
    $5,175,800
    $8,303,500
    $13,479,300
    -
    $5,175,800
    $8,303,500
    $13,479,300

    Comparable in this City

    • Value Estimation by Request
      16.00 Acres

      504 Pantops Ctr

      Restaurants • 16.00 Acres
      504 Pantops Ctr, Charlottesville, VA 22911
      View Details
    • Value Estimation by Request
      5,600 SF

      1900 Abbey Rd

      Retail properties • 5,600 SF
      1900 Abbey Rd, Charlottesville, VA 22911
      View Details
    • Value Estimation by Request
      300,000 SF

      163 Community St

      Lifestyle centers • 300,000 SF
      163 Community St, Charlottesville, VA 22911
      View Details
    • Value Estimation by Request
      50,000 SF

      400 People Pl

      Medical space • 50,000 SF
      400 People Pl, Charlottesville, VA 22911
      View Details
    • Value Estimation by Request
      2.75 Acres

      610 Riverside Shops Way

      Retail properties • 2.75 Acres
      610 Riverside Shops Way, Charlottesville, VA 22911
      View Details
    • Value Estimation by Request
      3,339 SF

      1652 State Farm Blvd

      Restaurants • 3,339 SF
      1652 State Farm Blvd, Charlottesville, VA 22911
      View Details

    Similar Nearby for Sale

    • $5,500,000
      20,200 SF

      Multipurpose Building Near University of Virginia

      20,202 SF Class A building on 6.3 acres.
      3926 Seminole Trl, Charlottesville, VA 22911
      View Details
    • $3,300,000
      7,332 SF

      Charlottesville Building on Two Acres

      Stand-alone building on two acres near I-64 in Charlottesville.
      1791 Richmond Rd, Charlottesville, VA 22911
      View Details
    • $585,000
      1,590 SF

      Class A Medical Office Space

      First floor, move-in ready medical office space for sale.
      1405 Rolkin Rd, Charlottesville, VA 22911
      View Details
    • $549,000

      Charlottesville Specialty Property for Sale

      Specialty property available in Charlottesville, Virginia.
      2067 Winterfield Cir, Charlottesville, VA 22911
      View Details
    • $425,000

      Charlottesville Specialty Property For Sale

      Specialty property available for purchase in Charlottesville, Virginia.
      1149 Rustic Willow Ln, Charlottesville, VA 22911
      View Details
    • $844,928

      Charlottesville Specialty Property For Sale

      Specialty property available for purchase in Charlottesville, Virginia.
      7 Odom Ct, Charlottesville, VA 22911
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,600 SF

      Rivanna Ridge Retail Center Space

      Charlottesville retail space, 1,400-4,200 sq ft.
      1900 Abbey Rd, Charlottesville, VA 22911
      View Details
    • $20 SF/Yr
      50,000 SF

      Prime Pantops Park Retail Space

      Class A Retail, Land Lease/BTS Available
      400 People Pl, Charlottesville, VA 22911
      View Details
    • $25 SF/Yr
      2,131 SF

      Riverside Village Retail Space

      Prime Charlottesville Retail/Office
      610 Riverside Shops Way, Charlottesville, VA 22911
      View Details
    • $16 SF/Yr
      47,550 SF

      Grocery Anchored Retail Space Available

      Retail space in a grocery-anchored shopping center near I-64.
      504-598 Pantops Ctr, Charlottesville, VA 22911
      View Details
    • Contact for pricing
      31,000 SF

      Multi-Use Building on Route 250

      Located on Route 250, featuring retail, warehouse, and office space.
      2422 Richmond Rd, Charlottesville, VA 22911
      View Details
    • Contact for pricing
      1,680 SF

      Retail Space in Anchored Center

      Retail space available in shopping center near University of Virginia.
      201-237 Connor Dr, Charlottesville, VA 22911
      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.
    396 Towncenter Ln
    Charlottesville, VA 22911-5616
    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.