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    65 Tavern Rd Irvington, VA 22480

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    65 Tavern Rd Irvington, VA 22480

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    • Commercial real estate
    • 13,289 SF
    • 0.74 lot acres
    For Sale
    $4,255,000
    View Listing →
    65 Tavern Rd, Irvington, VA 22480 For Sale
    $4,255,000
    13,289 SF

    65 Tavern Rd, Irvington, VA 22480

    Commercial real estate

    65 Tavern Rd, Irvington, VA 22480
    View Listing
    Property ID
    US87-2516583
    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

    • Hope and Glory Inn / Wedding Service
    • Hope & Glory Inn / Hotel & Motel / Bed & Breakfast
    • The Dog and Oyster Micro-Vineyard and Oyster Bar / Vineyard / Oyster Bar Restaurant
    • The Colonnade / Restaurant

    Property Details for 65 Tavern Rd

    Year built
    1890
    Lot size
    0.74 lot acres
    Property size
    13,289 SF
    Property type
    Commercial real estate

    Description

    This exceptional investment opportunity presents a unique chance to acquire The Hope and Glory Inn, a meticulously restored 1890 three-story building in the heart of Irvington, Virginia. Spanning 13,289 square feet on a 0.742-acre lot, this C-1 zoned property boasts 14 uniquely styled guest rooms and cottages, including a suite, eight cottages, and a carriage house with a three-car garage. Amenities include a saltwater swimming pool, a micro-vineyard, a garden bath, beautifully landscaped gardens, two culinary venues, and multiple patios, one with a large clear-span tent. Currently operating as a successful inn with a strong reputation, this property offers a blend of historical charm and modern luxury, making it an ideal investment for a discerning buyer. The property's established brand and high ratings provide a solid foundation for continued success. The detailed layout includes six rentable rooms within the main building and eight rentable cottages, offering diverse accommodation options. This turnkey operation is ready for a new owner to continue its legacy of excellence. The property's location in the center of Irvington provides easy access to local attractions and amenities. This is a rare opportunity to own a piece of Virginia history with significant income potential.

    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
    Irvington
    County
    Lancaster
    State
    Virginia
    Longitude
    -76.4207173
    Latitude
    37.6622522

    Comparable in this City

    • $65,000
      2.00 Acres

      Waterfront Land in Irvington, VA

      Residential waterfront land perfect for building a dream home.
      12 Glenwood Ln, Irvington, VA 22480
      View Details
    • $349,000
      1.63 Acres

      Waterfront Land in Irvington, VA

      Waterfront lot with dock permit and cleared building site.
      TM27223C York Rd, Irvington, VA 22480
      View Details
    • $39,000
      2.00 Acres

      Two Acre Irvington Building Site

      Two acre building site in Irvington's Glenwood neighborhood.
      11 Glenwood Ln, Irvington, VA 22480
      View Details
    • $349,000

      Waterfront Lot on Carter’s Creek

      Waterfront lot with dock permit and cleared building site.
      TM27223C York Rd, Irvington, VA 22480
      View Details

    Similar Nearby for Sale

    • $65,000
      2.00 Acres

      Waterfront Land in Irvington, VA

      Residential waterfront land perfect for building a dream home.
      12 Glenwood Ln, Irvington, VA 22480
      View Details
    • $349,000
      1.63 Acres

      Waterfront Land in Irvington, VA

      Waterfront lot with dock permit and cleared building site.
      TM27223C York Rd, Irvington, VA 22480
      View Details
    • $39,000
      2.00 Acres

      Two Acre Irvington Building Site

      Two acre building site in Irvington's Glenwood neighborhood.
      11 Glenwood Ln, Irvington, VA 22480
      View Details
    • $349,000

      Waterfront Lot on Carter’s Creek

      Waterfront lot with dock permit and cleared building site.
      TM27223C York Rd, Irvington, VA 22480
      View Details
    View Listing
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    Irvington, VA 22480
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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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