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    Property profile & analytics

    490 Westfield Rd, Unit STE Charlottesville, VA 22901

    • Office buildings
    • 11,783 SF
    • 0.99 lot acres
    For Sale
    View listing
    $2,700,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0313268
    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

    • Office buildings

    Property Details for 490 Westfield Rd

    Year built
    1960
    Lot size
    0.99 lot acres
    Property size
    11,783 SF
    Zone code
    C1 COMMERCIAL
    Property type
    Office buildings
    APN
    061W0-01-0C-00400
    APU
    061W0010C00400

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,548,000
      Market price range: $969k - $2.60M

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlottesville
    County
    Albemarle
    State
    Virginia
    Longitude
    -78.4835
    Latitude
    38.072
    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
    $19,808
    $1,547,800
    $771,600
    $2,319,400
    -
    $1,547,800
    $771,600
    $2,319,400

    Comparable in this City

    • Value Estimation
      $1,530,000
      15,272 SF

      400 Westfield Rd

      OFFICE BUILDING • 15,272 SF
      400 Westfield Rd, Charlottesville, VA 22901-1642
      View Details
    • Value Estimation
      $675,000
      4,884 SF

      3510 Remson Ct Ste, Unit 301

      OFFICE BUILDING • 4,884 SF
      3510 Remson Ct Ste, Charlottesville, VA 22901-3509
      View Details
    • Value Estimation by Request
      940 SF

      673 Berkmar Cir

      OFFICE BUILDING • 940 SF
      673 Berkmar Cir, Charlottesville, VA 22901-1464
      View Details
    • Value Estimation by Request
      710 SF

      697 Berkmar Cir

      OFFICE BUILDING • 710 SF
      697 Berkmar Cir, Charlottesville, VA 22901-1464
      View Details
    • Value Estimation by Request
      2,290 SF

      2131 Berkmar Dr

      OFFICE BUILDING • 2,290 SF
      2131 Berkmar Dr, Charlottesville, VA 22901-1423
      View Details
    • Value Estimation
      $1,275,000
      11,742 SF

      3315 Berkmar Dr

      OFFICE BUILDING • 11,742 SF
      3315 Berkmar Dr, Charlottesville, VA 22901-1491
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,169 SF

      Custom Office Building Near Route 29

      Custom-built office building with multiple entrances and high ceilings.
      1445 Greenbrier Pl, Charlottesville, VA 22901
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      Elegant Office Building with Fireplaces

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      Private Offices with Kitchenette For Rent

      Three adjoining private offices with kitchenette, balcony, and common area.
      944 Glenwood Station Ln, Charlottesville, VA 22901
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    • $339,000
      1,546 SF

      First Floor End Unit Office

      Office condo with open layout, convenient location, and ample parking.
      670-0 Berkmar Cir, Charlottesville, VA 22901
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    • $560,000
      2,740 SF

      Executive Office Suite, Charlottesville

      Prime Office Condo, 2740 SF, VA
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      2,299 SF

      Medical Office Condo For Sale

      Well-maintained medical office condo in a busy commercial corridor.
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    Similar Nearby for Lease

    • $19 SF/Yr
      10,334 SF

      Prime Charlottesville Office Space

      10,344 SF Available, Class A Office
      2211 Hydraulic Rd, Charlottesville, VA 22901
      View Details
    • $1,000 /Mo
      800 SF

      Office Space with Vaulted Ceiling

      Office space featuring open layout, kitchenette, and full bath.
      2350 Commonwealth Dr, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      1,077 SF

      Second Floor Office Space Available

      Office space available above Marks & Harrison, ready for occupancy.
      440 Premier Cir, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      2,977 SF

      Class A Office Condo Rental

      Class A office condo with offices, conference room, and balcony.
      941 Glenwood Station Ln, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      1,760 SF

      Medical/Office Space For Rent

      Office space in JABA building, suitable for medical or office.
      674 Hillsdale Dr, Charlottesville, VA 22901
      View Details
    • $12 SF/Yr
      69,000 SF

      Hydraulic Road Office Space

      Charlottesville, VA Office Suites Available
      2211 Hydraulic Rd, Charlottesville, VA 22901
      View Details
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    490 Westfield Rd, Unit STE
    Charlottesville, VA 22901
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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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