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    54 Irvington Rd Kilmarnock, VA 22482
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    54 Irvington Rd, Kilmarnock, VA 22482

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    • Commercial real estate
    • 30,320 SF
    For Sale
    $725,000
    View Listing →
    Kilmarnock Commercial Land For Sale For Sale
    $725,000
    30,320 SF

    Kilmarnock Commercial Land For Sale

    Prime commercial property in Kilmarnock, ideal for redevelopment.

    54 Irvington Road, Kilmarnock, VA 22482
    View Listing
    Property ID
    US87-2880856
    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

    • Commercial real estate

    Property Details for 54 Irvington Rd

    Year built
    1950
    Property type
    Commercial real estate

    Description

    This exceptional 30,320 square foot commercial property located at 54 Irvington Road, Kilmarnock, Virginia, presents a significant redevelopment opportunity. Situated in the heart of the Steptoe District, the commercial hub of the Northern Neck and Lancaster County's largest incorporated town, this high-visibility site offers unparalleled potential. The property, built in 1950, experienced a fire in 2022 and is now available for purchase at $725,000. Its prominent location makes it ideal for a variety of commercial ventures, from retail spaces to restaurants. The property is zoned for commercial use and includes 11 parking spaces, with additional on-street and public parking available nearby on Augusta. Conveniently located 1.5 hours from Richmond, Williamsburg, and Norfolk, and 3 hours from Washington, D.C., this property boasts separate public water and sewer connections. The site features 220-volt power. This is a rare chance to acquire a substantial parcel in a thriving commercial area, perfect for developers seeking a high-impact project.

    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
    Kilmarnock
    County
    Lancaster
    State
    Virginia
    Longitude
    -76.3813683
    Latitude
    37.7096426

    Comparable in this City

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      Kilmarnock Land For Sale

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    • $72,000
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      Commercial Land in Kilmarnock, VA

      Two adjacent parcels zoned C1 General Commercial in Steptoe District.
      L38/39 Cralle Ct, Kilmarnock, VA 22482
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    • $495,000
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      Kilmarnock Commercial Space on Main

      Prime location retail/office space in Kilmarnock, Virginia.
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    • $345,000
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      Kilmarnock Commercial Property For Sale

      Charming commercial building in Kilmarnock's Steptoe's District.
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    • $11,000,000
      55.79 Acres

      55 Acres Land Investment Opportunity

      55 acres in Lancaster County, VA, for strategic land investment.
      lot 28 -154/156/164/169 Cavalry Ln, Kilmarnock, VA 22482
      View Details
    • $180,000
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      Kilmarnock Land on Harris Road

      3.84-acre lot near amenities with development potential.
      1169 Harris Rd, Kilmarnock, VA 22482
      View Details

    Similar Nearby for Sale

    • $72,000
      Pending

      Kilmarnock Land For Sale

      Two adjacent parcels totaling 0.19 acres in Kilmarnock, VA.
      L38/39 Cralle Ct, Kilmarnock, VA 22482
      View Details
    • $72,000
      0.20 Acres

      Commercial Land in Kilmarnock, VA

      Two adjacent parcels zoned C1 General Commercial in Steptoe District.
      L38/39 Cralle Ct, Kilmarnock, VA 22482
      View Details
    • $495,000
      4,620 SF

      Kilmarnock Commercial Space on Main

      Prime location retail/office space in Kilmarnock, Virginia.
      24 North Main St, Kilmarnock, VA 22482
      View Details
    • $345,000
      1,636 SF

      Kilmarnock Commercial Property For Sale

      Charming commercial building in Kilmarnock's Steptoe's District.
      90 N Main St, Kilmarnock, VA 22482
      View Details
    • $11,000,000
      55.79 Acres

      55 Acres Land Investment Opportunity

      55 acres in Lancaster County, VA, for strategic land investment.
      lot 28 -154/156/164/169 Cavalry Ln, Kilmarnock, VA 22482
      View Details
    • $180,000
      3.84 Acres

      Kilmarnock Land on Harris Road

      3.84-acre lot near amenities with development potential.
      1169 Harris Rd, Kilmarnock, VA 22482
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,642 SF

      Freestanding Building with Drive-Thru

      3,642 SF freestanding building with drive-thru on 0.78 acres.
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      View Details
    • Contact for pricing
      1,200 SF

      Retail Space Near Main Street

      Retail spaces available in high-traffic Kilmarnock location.
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      View Details
    • Contact for pricing
      8,450 SF

      Retail Space in Kilmarnock Hub

      Retail space available in Kilmarnock's commercial hub anchored by Food Lion.
      394-424 N Main St, Kilmarnock, VA 22482
      View Details
    • $2,500 /Mo
      702 SF

      Remodeled Office/Retail Space in Kilmarnock

      Newly remodeled 702 sq ft office/retail space for rent.
      79 Main St, Kilmarnock, VA 22482
      View Details
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    Kilmarnock, VA 22482
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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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    54 Irvington Rd, Kilmarnock, VA, 22482
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