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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7084 George Washington Memorial Hwy Gloucester, VA 23061-5133

    • Automotive properties
    • 8,248 SF
    • 1.92 lot acres
    OFF-MARKET
    Value Estimations
    $700,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1483794
    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

    • Automotive properties

    Property Details for 7084 George Washington Memorial Hwy

    Year built
    1972
    Lot size
    1.92 lot acres
    Property size
    8,248 SF
    Zone code
    B-1
    Property type
    Automotive properties
    APN
    10067
    APU
    10067

    Description

    This exceptional retail property, located at 7084 George Washington Memorial Hwy in Gloucester, Virginia, presents a significant opportunity for businesses seeking high-traffic visibility. The property boasts a substantial 8,200 square feet of single-tenant retail space, ideal for a variety of commercial uses. Situated on a generous 1.92-acre lot, the property offers ample space for customer parking and potential expansion. The address is directly on George Washington Memorial Highway, ensuring excellent exposure to a large volume of daily traffic. The building's total square footage is 8,200 square feet, currently available for lease. The property is classified as Street Retail within the Commercial sector. Its location in Gloucester County, Virginia, zip code 23061, provides access to a thriving local community and convenient access to major transportation routes. This is a single-tenant property, offering a unique opportunity for a business to establish a strong presence in a high-traffic area. The property's size and location make it an attractive option for businesses seeking a prominent and easily accessible location. The 1.92-acre lot provides ample space for outdoor activities or additional development, depending on the tenant's needs. This is a prime opportunity to secure a highly visible retail space in a desirable location. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $890,000
      Current use
      MEDICAL BUILDING
      $990,000
      Change: +11% Conversion: Difficult
      RETAIL STORES
      $895,000
      Change: +0% Conversion: Difficult
      RESTAURANT
      $770,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Gloucester
    County
    Gloucester
    State
    Virginia
    Longitude
    -76.5288
    Latitude
    37.394
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 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
    $8,492
    $1,248,000
    $208,520
    $1,456,520
    -
    $1,248,000
    $208,520
    $1,456,520

    Comparable in this City

    • Value Estimation
      $605,000
      6,330 SF

      6907 George Washington Memorial Hwy

      VEHICLE SALES, RENTALS • 6,330 SF
      6907 George Washington Memorial Hwy, Gloucester, VA 23061-5145
      View Details
    • Value Estimation
      $685,000
      6,912 SF

      6357 George Washington Memorial Hwy

      VEHICLE SALES, RENTALS • 6,912 SF
      6357 George Washington Memorial Hwy, Gloucester, VA 23061-3752
      View Details
    • Value Estimation
      $1,305,000
      18,674 SF

      6404 George Washington Memorial Hwy

      VEHICLE SALES, RENTALS • 18,674 SF
      6404 George Washington Memorial Hwy, Gloucester, VA 23061-3772
      View Details
    • Value Estimation by Request
      1,512 SF

      George Wash Memorial Hwy

      VEHICLE SALES, RENTALS • 1,512 SF
      George Wash Memorial Hwy, Gloucester, VA 23061
      View Details
    • Value Estimation by Request
      5,240 SF

      George Wash Memorial Hwy

      VEHICLE SALES, RENTALS • 5,240 SF
      George Wash Memorial Hwy, Gloucester, VA 23061
      View Details
    • Value Estimation
      $520,000
      4,726 SF

      6747 George Washington Memorial Hwy

      VEHICLE SALES, RENTALS • 4,726 SF
      6747 George Washington Memorial Hwy, Gloucester, VA 23061-5190
      View Details

    Similar Nearby for Sale

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      High-Traffic Gloucester Retail Site

      Prime retail location, vacant, high visibility.
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      Landmark restaurant property with high visibility and unlimited commercial potential.
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      Freestanding Restaurant with Drive-Thru

      Freestanding restaurant with a new 15-year lease.
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      Retail property available for sale on Main Street.
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    Similar Nearby for Lease

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    • $17 SF/Yr
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    • $15 SF/Yr
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      Retail Space in Gloucester, VA

      Retail space available for lease in Gloucester, Virginia.
      2323 George Washington Memorial Hwy, Gloucester, VA 23061
      View Details
    • $10 SF/Yr
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      Industrial Space in Gloucester Business Park

      Industrial space for lease in growing Gloucester Business Park.
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    • $10 SF/Yr
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      Gloucester Office Space For Rent

      7,300 square feet of office space available for lease.
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    • Contact for pricing
      773 SF

      Gloucester Medical Office Space

      Prime Medical Office Suite, 452 sq ft.
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    Gloucester, VA 23061-5133
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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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