Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    808 Cherry Ave Charlottesville, VA 22903
    Property profile & analytics

    808 Cherry Ave, Charlottesville, VA 22903

    View on Map
    • Commercial real estate
    Off-Market
    Property ID
    US87-1427815
    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 808 Cherry Ave

    Property type
    Commercial real estate

    Description

    This exceptional 10,988.25 square foot commercial lot, located at 808 Cherry Ave in Charlottesville, Virginia (zip code 22903), is offered at $550,000. The property is zoned R-2 and presents a significant opportunity for commercial development. Owned by Salvaged Assets, LLC, this fully approved site plan offers ample space for a variety of commercial uses. Its strategic location within Charlottesville provides easy access to essential utilities including water, sewer, and electricity. The flexibility of the permitted zoning and the site's existing and proposed use allows for diverse development options. The property's prime location in a thriving business area, coupled with the strong economic growth of the surrounding community, makes this an attractive investment for entrepreneurs and investors seeking a foothold in Charlottesville's vibrant commercial landscape. The property's latitude and longitude coordinates are 38.0283913 and -78.4933747 respectively. This is a rare opportunity to acquire a fully approved commercial lot in a desirable location.

    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
    Charlottesville
    County
    Albemarle
    State
    Virginia
    Longitude
    -78.4933747
    Latitude
    38.0283913

    Comparable in this City

    • $1,495,000
      Pending

      Charlottesville Home Sites Portfolio

      Portfolio of 9 home sites in the heart of Charlottesville.
      1 Preston Ave, Charlottesville, VA 22903
      View Details
    • Contact for pricing

      Land Near University of Virginia

      Land suitable for student housing development near UVA.
      715-731 W Main St, Charlottesville, VA 22903
      View Details
    • $1,645,000
      Pending

      Charlottesville Land with Mountain Views

      66.75 acre property with Blue Ridge Mountain views near Crozet.
      Midway Rd, Charlottesville, VA 22903
      View Details
    • $2,700,000
      Pending

      107+ Acre Mountain Top Land

      Private 107+ acre mountain top with panoramic views.
      Gibsons Hollow Ln, Charlottesville, VA 22903
      View Details
    • Contact for pricing

      Prime West Main Infill Parcels

      Rare development opportunity near UVa and Historic Downtown Mall.
      332-408 W Main St, Charlottesville, VA 22903
      View Details
    • $700,000
      0.28 Acres

      Charlottesville Development Opportunity

      Multi-parcel development opportunity in the heart of Charlottesville.
      611 Booker St, Charlottesville, VA 22903
      View Details

    Similar Nearby for Sale

    • $1,495,000
      Pending

      Charlottesville Home Sites Portfolio

      Portfolio of 9 home sites in the heart of Charlottesville.
      1 Preston Ave, Charlottesville, VA 22903
      View Details
    • Contact for pricing

      Land Near University of Virginia

      Land suitable for student housing development near UVA.
      715-731 W Main St, Charlottesville, VA 22903
      View Details
    • $350,000
      0.40 Acres

      Land Near University of Virginia

      Land near UVA for multi-family development.
      112 Montpelier St, Charlottesville, VA 22903
      View Details
    • $3,200,000

      Charlottesville Commercial Property Near UVA

      Expandable commercial property near UVA with strong rental income.
      601 Cherry Ave, Charlottesville, VA 22903
      View Details
    • $180,000
      Pending

      Charlottesville Build-Ready Residential Lot

      Prime .18-acre lot near UVA and The Corner.
      607 7 1/2 St, Charlottesville, VA 22903
      View Details
    • New
      $825,000
      0.42 Acres

      Rare Lot Near UVA Grounds

      Two-unit income property near UVA with development potential.
      2401 Fontaine Ave, Charlottesville, VA 22903
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,053 SF

      Retail Space on Route 250

      Highly visible retail space in established commercial center near UVA.
      2222 Old Ivy Rd, Charlottesville, VA 22903
      View Details
    • Contact for pricing
      2,832 SF

      Retail Space Near UVA Grounds

      Retail opportunity near UVA, UVA Health System, and Fontaine Research Park.
      113-117 Maury Ave, Charlottesville, VA 22903
      View Details
    • Contact for pricing
      2,204 SF

      Retail Space Near UVA Medical

      Ground floor retail opportunity in Charlottesville, near UVA Medical Center.
      901 W Main St, Charlottesville, VA 22903
      View Details
    • Contact for pricing
      2,810 SF

      Premier Charlottesville Retail Destination

      Established shopping center with national and local retailers.
      1045-1117 Emmet St N, Charlottesville, VA 22903
      View Details
    • Contact for pricing
      1,625 SF

      Retail Space with Shared Amenities

      Retail space featuring shared kitchen, bathrooms, and utility area.
      1135 Millmont St, Charlottesville, VA 22903
      View Details
    • Contact for pricing
      1,157 SF

      Office Space on Ivy Road

      Flexible office space available for rent near UVA.
      2281 Ivy Rd, Charlottesville, VA 22903
      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.
    808 Cherry Ave
    Charlottesville, VA 22903
    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
    808 Cherry Ave, Charlottesville, VA, 22903
    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!