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

    88 Fleming St Fredericksburg, VA 22408-4206

    • Commercial real estate
    • 1,800 SF
    • 0.29 lot acres
    OFF-MARKET
    Last Sale
    Mar 03, 2023
    Value Estimations
    $260,000
    Show details
    Cap Rate Potential
    7.2%
    Commercial real estate
    Location Intelligence
    Property ID
    US87-0902160
    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

    • Pride Auto Service / Mechanic / Auto Repair Shop

    Property Details for 88 Fleming St

    Lot size
    0.29 lot acres
    Property size
    1,800 SF
    Zone code
    C3 - COMMERCIAL 3
    Property type
    Commercial real estate
    APN
    24C-8-C
    APU
    24C8C

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $315,000
      6.5%
      $295,000
      7%
      $270,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $214,000
      Market price range: $215k - $579k

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

    Location Insight

    • Map
    • Local Demand
    City
    Fredericksburg
    County
    Spotsylvania
    State
    Virginia
    Longitude
    -77.4944
    Latitude
    38.2626
    CBSA code
    47900
    CBSA name
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 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
    2023
    $948
    $78,300
    $44,500
    $122,800
    -
    $78,300
    $44,500
    $122,800

    Comparable in this City

    • Value Estimation
      $560,000
      73.97 Acres

      4600 Spotsylvania Pkwy

      COMMERCIAL (GENERAL) • 73.97 Acres
      4600 Spotsylvania Pkwy, Fredericksburg, VA 22408-7762
      View Details
    • Value Estimation
      $275,000
      0.47 Acres

      3613 Lee Hl School Dr

      COMMERCIAL (GENERAL) • 0.47 Acres
      3613 Lee Hl School Dr, Fredericksburg, VA 22408
      View Details
    • Value Estimation
      $520,000
      33.06 Acres

      Mobile 1st Mhp

      COMMERCIAL (GENERAL) • 33.06 Acres
      Mobile 1st Mhp, Fredericksburg, VA 22408
      View Details
    • Value Estimation
      $320,000
      2.00 Acres

      9735 Glenwood Dr

      COMMERCIAL (GENERAL) • 2.00 Acres
      9735 Glenwood Dr, Fredericksburg, VA 22408-9453
      View Details
    • Value Estimation
      $280,000
      912 SF

      3619 Lee Hl School Dr

      COMMERCIAL (GENERAL) • 912 SF
      3619 Lee Hl School Dr, Fredericksburg, VA 22408-9474
      View Details
    • Value Estimation
      $340,000
      6,538 SF

      4600 Lee Hl School Dr

      COMMERCIAL (GENERAL) • 6,538 SF
      4600 Lee Hl School Dr, Fredericksburg, VA 22408-9473
      View Details

    Similar Nearby for Sale

    • $295,000
      6.60 Acres

      Fredericksburg Land: 6.6 Acres

      Prime development land near Fredericksburg.
      Jim Morris Rd, Fredericksburg, VA 22408
      View Details
    • $1,475,000
      4.20 Acres

      Fredericksburg Commercial Land

      4.2 Acres, C2 Zoning, Approved Plans
      10421 Tidewater Trl, Fredericksburg, VA 22408
      View Details
    • Contact for pricing
      0.50 Acres

      Prime Fredericksburg Medical Office Space

      6,000 SF Office, 0.5-Acre Lot
      4550 Empire Ct, Fredericksburg, VA 22408
      View Details
    • $2,500,000
      0.60 Acres

      Fredericksburg Industrial Warehouse

      Prime Fredericksburg location, 1650 sq ft warehouse.
      96 Industrial Dr, Fredericksburg, VA 22408
      View Details
    • $2,495,000
      3.52 Acres

      Prime Fredericksburg Commercial Land

      3.52 Acres, I-95 Frontage, High Traffic
      5405 Southpoint Centre Blvd, Fredericksburg, VA 22408
      View Details
    • $295,000

      Fredericksburg Commercial Land Parcel

      6.6 Acres, High-Density Potential
      0 Jim Morris Rd, Fredericksburg, VA 22408
      View Details

    Similar Nearby for Lease

    • $26 SF/Yr
      5,465 SF

      Prime Fredericksburg Office Space

      5,465 SF Office, Full-Service Lease
      109 Olde Greenwich Dr, Fredericksburg, VA 22408
      View Details
    • $9 SF/Yr
      54,000 SF

      Longwood Business Center Warehouse Space

      Fredericksburg warehouse, flexible space available.
      230 Industrial Dr, Fredericksburg, VA 22408
      View Details
    • $6 SF/Yr
      32,200 SF

      Industrial Space with Flexible Configurations

      Industrial property with multiple unit sizes and outdoor storage.
      3014 Mine Rd, Fredericksburg, VA 22408
      View Details
    • $6 SF/Yr
      28,800 SF

      Fredericksburg Warehouse with Excellent Access

      28,800 SF warehouse with docks and drive-in doors.
      3004 Mine Rd, Fredericksburg, VA 22408
      View Details
    • $10 SF/Yr
      15,100 SF

      Fredericksburg Warehouse with Showroom Space

      15,100 SF warehouse featuring showroom and fenced yard.
      3475 Lee Hill Dr, Fredericksburg, VA 22408
      View Details
    • $750 /Mo
      294 SF

      Office Suites and Storage Space

      Office suites and storage space available for rent.
      4900 Quality Dr, Fredericksburg, VA 22408
      View Details
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    88 Fleming St
    Fredericksburg, VA 22408-4206
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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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