Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    7508 Richmond Rd Williamsburg, VA 23188
    Back to Search
    Property profile & analytics

    7508 Richmond Rd, Williamsburg, VA 23188

    View on Map
    • Commercial real estate
    • 21.38 lot acres
    Off-Market
    Property ID
    US87-1740128
    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 7508 Richmond Rd

    Lot size
    21.38 lot acres
    Zone code
    B1 GENERAL BUSINESS
    Property type
    Commercial real estate
    APN
    23-2 01-0-0071
    APU
    2320100071

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 1, 2018 $78,500 Lumos Networks INC Norge Ctr INC Warranty Deed —
    Aug 10, 2011 $500,000 Tkc Cl LLC Norge Center INC Warranty Deed · related $2.3M · First Tennessee Bank National

    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
    Williamsburg
    County
    James City
    State
    Virginia
    Longitude
    -76.7741
    Latitude
    37.3743
    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
    2019
    $285
    $1,321,500
    $100
    $1,321,600
    -
    $1,321,500
    $100
    $1,321,600

    Comparable in this City

    • Value Estimation by Request
      1.54 Acres

      7829 Richmond Rd

      Land
      7829 Richmond Rd, Williamsburg, VA 23188
      View Details
    • Value Estimation by Request
      3.25 Acres

      301 Ashby Park Dr

      Land
      301 Ashby Park Dr, Williamsburg, VA 23188
      View Details
    • Value Estimation by Request

      6349 Centerville Rd, Unit F

      COMMERCIAL (GENERAL)
      6349 Centerville Rd, Williamsburg, VA 23188-1736
      View Details
    • Value Estimation by Request
      0.09 Acres

      3905 Ironbound Rd

      Land
      3905 Ironbound Rd, Williamsburg, VA 23188
      View Details
    • Value Estimation by Request
      1,799 SF

      202 Roy Ln

      COMMERCIAL (GENERAL)
      202 Roy Ln, Williamsburg, VA 23188-2238
      View Details
    • Value Estimation
      $1,585,000
      20,354 SF

      5720 Warhill Trl

      COMMERCIAL (GENERAL)
      5720 Warhill Trl, Williamsburg, VA 23188-9419
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail Land Development Opportunity

      Highly visible land in Williamsburg's Lightfoot corridor.
      4505 Noland Blvd, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      9,158 SF

      Prime Williamsburg Commercial Property

      Located in Williamsburg town center with high traffic and amenities.
      4139 Ironbound Rd, Williamsburg, VA 23188
      View Details
    • $95,000
      0.54 Acres

      Land in Established Williamsburg Community

      Homesite in Wellington Estates, build your dream home!
      3939 Guildford Ln, Williamsburg, VA 23188
      View Details
    • $299,000
      Pending

      17.23 AC Lot in Williamsburg

      17.23 AC lot with paved road frontage in Williamsburg.
      2070 Bush Neck Rd, Williamsburg, VA 23188
      View Details
    • $199,900
      1.89 Acres

      Residential Land in Williamsburg, VA

      Large residential lots available in Williamsburg, close to Colonial Williamsburg.
      5353 Ridgewood Hills Dr, Williamsburg, VA 23188
      View Details
    • $109,950
      1.23 Acres

      Residential Land Overlooking Lake Norvell

      1.2 Acres to build your dream home.
      105 Shirley Dr, Williamsburg, VA 23188
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,207 SF

      Retail Space in Williamsburg, VA

      Retail space available at a prominent intersection in Williamsburg.
      5134 Main St, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      1,500 SF

      Flex Space with Retail Frontage

      Flex space with retail frontage and warehouse in the rear.
      5810 Mooretown Rd, Williamsburg, VA 23188
      View Details
    • Contact for pricing

      New Construction Flex/Industrial Units

      New construction flex/light industrial units for lease.
      136 Tewning Rd, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      800 SF

      New Town Office Suites Available

      Professional office suites for lease in a prime location.
      5360 Discovery Park Blvd, Williamsburg, VA 23188
      View Details
    • Contact for pricing

      Marketplace Shoppes Retail Space

      Retail spaces available in established shopping district.
      4655 Monticello Ave, Williamsburg, VA 23188
      View Details
    • Contact for pricing
      1,796 SF

      Retail Space in Williamsburg, VA

      Retail space available at a prominent intersection in Williamsburg.
      1101-1119 Center St, Williamsburg, VA 23188
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7508 Richmond Rd
    Williamsburg, VA 23188
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    7508 Richmond Rd, Williamsburg, VA, 23188
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!