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

    721 Rio W Rd Charlottesville, VA 22901-1415

    • Showrooms
    • 27,720 SF
    • 4.37 lot acres
    OFF-MARKET
    Last Sale
    Feb 08, 2021
    $3,525,000
    Value Estimations
    $3,720,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1345223
    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

    • Carter Rental | The Cat Rental Store Charlottesville / Pneumatic Tools Supplier / Tool Rental Service

    Property Details for 721 Rio W Rd

    Year built
    1965
    Lot size
    4.37 lot acres
    Property size
    27,720 SF
    Zone code
    HIGHWAY COMMERCIAL
    Property type
    Showrooms
    APN
    06100-00-00-12000
    APU
    6100000012000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,720,000
      ML approach
      $3,670,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,120,000
      MEDICAL BUILDING
      $3,160,000
      AUTO REPAIR, GARAGE
      $2,630,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlottesville
    County
    Albemarle
    State
    Virginia
    Longitude
    -78.4757
    Latitude
    38.0825
    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
    $0.00
    $4,049,900
    $233,900
    $4,283,800
    -
    $4,049,900
    $233,900
    $4,283,800

    Comparable in this City

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      $150,000
      4,800 SF

      450 Greenbrier Dr

      SHOW ROOM, WAREHOUSE • 4,800 SF
      450 Greenbrier Dr, Charlottesville, VA 22901-1692
      View Details
    • Value Estimation
      $140,000
      9,120 SF

      2060 Seminole Trl

      SHOW ROOM, WAREHOUSE • 9,120 SF
      2060 Seminole Trl, Charlottesville, VA 22901-8381
      View Details
    • Value Estimation
      $355,000
      8,128 SF

      276 Woodlands Rd

      SHOW ROOM, WAREHOUSE • 8,128 SF
      276 Woodlands Rd, Charlottesville, VA 22901-5512
      View Details
    • Value Estimation
      $1,135,000
      2,970 SF

      2944 Hydraulic Rd

      SHOW ROOM, WAREHOUSE • 2,970 SF
      2944 Hydraulic Rd, Charlottesville, VA 22901-8902
      View Details
    • Value Estimation by Request
      6,200 SF

      355 Albemarle Sq

      Restaurants • 6,200 SF
      355 Albemarle Sq, Charlottesville, VA 22901
      View Details
    • Value Estimation
      $450,000
      39,122 SF

      1885 Seminole Trl

      RETAIL STORES (PERSONAL SERVICES) • 39,122 SF
      1885 Seminole Trl, Charlottesville, VA 22901-1160
      View Details

    Similar Nearby for Sale

    • $2,700,000
      11,783 SF

      Commercial Building with Long-Term Leases

      Commercial building with long-term leases on Seminole Trail.
      490 Westfield Rd, Charlottesville, VA 22901
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    • $450,000
      2,100 SF

      Retail/Service Space For Sale

      First floor retail/service location available for purchase.
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    • $930,000
      19,602 SF

      Prime Charlottesville Retail Lot

      High-Value Dunkin' Site, 19,602 SF
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    • Contact for pricing

      Charlottesville Fashion Square Redevelopment Opportunity

      Redevelopment opportunity in Charlottesville Fashion Square on Rio Rd.
      1600 Rio Rd E, Charlottesville, VA 22901
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    • Contact for pricing
      0.98 Acres

      Prime Charlottesville Commercial Land

      Highway Commercial lots, build-to-suit potential.
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      Charlottesville Land Opportunity

      Prime location near Charlottesville with utilities and road frontage.
      2535 Barracks Rd, Charlottesville, VA 22901
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    Similar Nearby for Lease

    • Contact for pricing
      3,200 SF

      Rio Hill Center Retail Space

      Retail space available at Rio Hill Shopping Center.
      1744-1880 Rio Hill Ctr, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      1,600 SF

      Retail Spaces For Lease

      Retail spaces available within a grocery-anchored shopping center.
      1900-1980 Rio Hill Ctr, Charlottesville, VA 22901
      View Details
    • $20 SF/Yr
      6,200 SF

      Albemarle Square: Prime Retail Space

      High-traffic Route 29 restaurant space.
      355 Albemarle Sq, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      5,400 SF

      Versatile Retail or Restaurant Space

      Adaptable space suitable for retail, restaurant, or medical use.
      163-195 Seminole Ct, Charlottesville, VA 22901
      View Details
    • Contact for pricing
      6,980 SF

      Retail Space in Stonefield

      Premier retail destination with shopping, dining, entertainment, and hotel.
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      View Details
    • Contact for pricing
      2,820 SF

      Visible Office Suite Near Stonefield

      2,820 SF office suite across from Stonefield Shopping Center.
      2401 Hydraulic Rd, Charlottesville, VA 22901
      View Details
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    721 Rio W Rd
    Charlottesville, VA 22901-1415
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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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