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    Property profile & analytics

    470 Westfield Rd Charlottesville, VA 22901-1642

    • Retail space
    • 1,400 SF
    • 0.32 lot acres
    OFF-MARKET
    Last Sale
    Dec 18, 2020
    $1,400,000
    Value Estimations
    $1,300,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0315393
    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

    • Shear Power / Hair Salon / Beauty Salon

    Property Details for 470 Westfield Rd

    Year built
    1965
    Lot size
    0.32 lot acres
    Property size
    1,400 SF
    Zone code
    C1 COMMERCIAL
    Property type
    Retail space
    APN
    061W0-01-0C-00300
    APU
    061W0010C00300

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,300,000
      ML approach
      $1,320,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlottesville
    County
    Albemarle
    State
    Virginia
    Longitude
    -78.4838
    Latitude
    38.0723
    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
    $4,116
    $317,100
    $164,900
    $482,000
    -
    $317,100
    $164,900
    $482,000

    Comparable in this City

    • Value Estimation
      $450,000
      39,122 SF

      1885 Seminole Trl

      RETAIL STORES (PERSONAL SERVICES) • 39,122 SF
      1885 Seminole Trl, Charlottesville, VA 22901-1160
      View Details
    • Value Estimation
      $355,000
      11,000 SF

      975 Seminole Trl, Unit 981

      RETAIL STORES (PERSONAL SERVICES) • 11,000 SF
      975 Seminole Trl, Charlottesville, VA 22901-2824
      View Details
    • Value Estimation
      $585,000
      31,081 SF

      340 Greenbrier Dr

      RETAIL STORES (PERSONAL SERVICES) • 31,081 SF
      340 Greenbrier Dr, Charlottesville, VA 22901-1694
      View Details
    • Value Estimation
      $560,000
      27,300 SF

      1615 Emmet St Na

      RETAIL STORES (PERSONAL SERVICES) • 27,300 SF
      1615 Emmet St Na, Charlottesville, VA 22901-2808
      View Details
    • Value Estimation
      $280,000
      4,560 SF

      1804 Hydraulic Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,560 SF
      1804 Hydraulic Rd, Charlottesville, VA 22901-2840
      View Details
    • Value Estimation
      $235,000
      7,603 SF

      2817 Hydraulic Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,603 SF
      2817 Hydraulic Rd, Charlottesville, VA 22901-8918
      View Details

    Similar Nearby for Sale

    • $2,700,000
      11,783 SF

      Commercial Building with Long-Term Leases

      Commercial building with long-term leases on Seminole Trail.
      490 Westfield Rd, Charlottesville, VA 22901
      View Details
    • $450,000
      2,100 SF

      Retail/Service Space For Sale

      First floor retail/service location available for purchase.
      624-632 Berkmar Cir, Charlottesville, VA 22901
      View Details
    • $930,000
      19,602 SF

      Prime Charlottesville Retail Lot

      High-Value Dunkin' Site, 19,602 SF
      2223 India Rd, Charlottesville, VA 22901
      View Details
    • Contact for pricing

      Charlottesville Fashion Square Redevelopment Opportunity

      Redevelopment opportunity in Charlottesville Fashion Square on Rio Rd.
      1600 Rio Rd E, Charlottesville, VA 22901
      View Details
    • $220,000
      0.64 Acres

      Charlottesville Land Opportunity

      Prime location near Charlottesville with utilities and road frontage.
      2535 Barracks Rd, Charlottesville, VA 22901
      View Details
    • $7,560,000
      2.54 Acres

      Charlottesville Development Parcel Near Retail

      2.54 acre commercial land parcel near major retailers.
      India Rd, Charlottesville, VA 22901
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,600 SF

      Retail Spaces For Lease

      Retail spaces available within a grocery-anchored shopping center.
      1900-1980 Rio Hill Ctr, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      3,200 SF

      Rio Hill Center Retail Space

      Retail space available at Rio Hill Shopping Center.
      1744-1880 Rio Hill Ctr, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      5,400 SF

      Versatile Retail or Restaurant Space

      Adaptable space suitable for retail, restaurant, or medical use.
      163-195 Seminole Ct, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      2,820 SF

      Visible Office Suite Near Stonefield

      2,820 SF office suite across from Stonefield Shopping Center.
      2401 Hydraulic Rd, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      52,700 SF

      Sublease Retail Space Available

      52,700 SF retail space available for sublease.
      345-399 Hillsdale Dr, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      2,523 SF

      Retail Space in Community Center

      Retail space available in Charlottesville community shopping center.
      1500-1520 Seminole Trl, Charlottesville, VA 22901
      View Details
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    470 Westfield Rd
    Charlottesville, VA 22901-1642
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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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