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    Property profile & analytics

    612 Main St Kilmarnock, VA 22482-3822

    • Commercial real estate
    • 1.20 lot acres
    OFF-MARKET
    Last Sale
    Sep 17, 2021
    $475,000
    Value Estimations
    $520,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2724310
    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

    • Auto Spa Kilmarnock / Car Wash

    Property Details for 612 Main St

    Lot size
    1.20 lot acres
    Zone code
    C1
    Property type
    Commercial real estate
    APN
    23 67C
    APU
    2367C

    Description

    This exceptional investment opportunity presents a newly constructed, state-of-the-art express car wash situated on a 1.1-acre lot at 612 N Main Street in Kilmarnock, Virginia. The property boasts a substantial 110-foot Hanna-Coleman automatic tunnel, ensuring high-throughput capacity. The car wash is equipped with an ICS Point of Sale Controller for efficient transaction management and an AutoVac system featuring 20 stations to provide comprehensive cleaning services. This turnkey operation includes both the land and the established business, offering immediate revenue generation potential. The strategic location is surrounded by a cluster of prominent national retailers, including Walmart, Pizza Hut, Little Caesars, Tractor Supply, Dollar Tree, Starbucks, and Verizon, guaranteeing high visibility and significant foot traffic. This prime location within a thriving commercial area presents a rare opportunity for a savvy investor seeking a profitable and established business with strong growth potential. The property's size and modern equipment combine to create a highly efficient and attractive car wash operation ready for immediate success. The sale includes all land and business assets.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $580,000
      ML approach
      $545,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Kilmarnock
    County
    Lancaster
    State
    Virginia
    Longitude
    -76.3889
    Latitude
    37.7264

    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
    2023
    $3,931
    $524,000
    $100,000
    $624,000
    -
    $524,000
    $100,000
    $624,000

    Comparable in this City

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    • Value Estimation by Request
      0.78 Acres

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    • Value Estimation
      $1,210,000
      26,656 SF

      10 Old Fair Grounds Way

      COMMERCIAL (GENERAL) • 26,656 SF
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      7.59 Acres

      940 Harris Rd

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      0.44 Acres

      Lot 17 Dr

      Land • 0.44 Acres
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      0.63 Acres

      752 Irvington Rd

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    Similar Nearby for Sale

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      Kilmarnock Commercial Lot For Sale

      Prime commercial lot in Kilmarnock's Steptoe District.
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      View Details
    • Contact for pricing
      0.33 Acres

      Residential Land in Kilmarnock, VA

      Vacant land in Indian Creek Estates neighborhood.
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    • $99,000
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      Waterfront Land in Kilmarnock, VA

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    • $495,000
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      Kilmarnock Retail/Office Space For Sale

      Prime Main Street location suitable for retail or office applications.
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    • $355,000
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      Kilmarnock Commercial Property For Sale

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      3.05 acre building site near Chesapeake Boat Basin.
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    Similar Nearby for Lease

    • 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
      60,050 SF

      Lancaster Square Retail Center

      Prime Kilmarnock Retail Space Available
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      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Kilmarnock Hub

      Retail space available in Kilmarnock's commercial hub anchored by Food Lion.
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      View Details
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    612 Main St
    Kilmarnock, VA 22482-3822
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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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