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    Unknown Surry, VA 23883

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    Unknown Surry, VA 23883

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    • Commercial real estate
    • 4,138 SF
    • 3.74 lot acres
    For Sale
    $798,892
    View Listing →
    Prime Industrial Property on Route 10 For Sale
    $798,892
    4,200 SF

    Prime Industrial Property on Route 10

    5.6-acre industrial property with warehouses, showroom, and truck facilities.

    460 Colonial Trail, Surry, VA 23883
    View Listing
    Property ID
    US87-1920913
    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

    • Johnson Brothers / Agricultural Service

    Property Details for Unknown

    Year built
    1957
    Lot size
    3.74 lot acres
    Property size
    4,138 SF
    Property type
    Commercial real estate
    APN
    27A-2-60I
    APU
    27A260I

    Description

    This exceptional 5.6-acre industrial property in Surry, VA, presents a significant investment opportunity. Strategically located on high-visibility Route 10, minutes from major cities, this site offers substantial potential for various businesses. The property boasts a main warehouse and showroom totaling 4,200 square feet, providing versatile space for product display and operations. A secondary warehouse offers additional storage, manufacturing space, or potential for future expansion, catering to individual business needs. The property's functionality is further enhanced by strategically placed grain elevators, ideal for agricultural businesses and efficient bulk material handling. Logistics are streamlined with a five-truck bay storage area, ensuring ample space for vehicle management and loading operations. Maintenance and servicing of large vehicles are facilitated by an oversized double-bay truck shop. An oversized carport provides additional vehicle protection. Finally, a 100,000 lbs Fairbanks and Morris semi-truck scale is included, crucial for load management, compliance, and overall operational efficiency. This turnkey operation is ready for immediate use and offers a rare combination of space, functionality, and prime location. The property's high visibility and convenient access to major transportation routes make it an attractive proposition for investors seeking strong returns and long-term growth.

    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
    Surry
    County
    Surry
    State
    Virginia
    Longitude
    -76.8271
    Latitude
    37.1352
    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
    $1,715
    $83,600
    $158,000
    $241,600
    -
    $83,600
    $158,000
    $241,600

    Comparable in this City

    • Value Estimation by Request
      4.80 Acres

      1384 Colonial E Trl

      COMMERCIAL (GENERAL) • 4.80 Acres
      1384 Colonial E Trl, Surry, VA 23883
      View Details
    • Value Estimation by Request
      336 SF

      47 Brownsview Ln

      COMMERCIAL (GENERAL) • 336 SF
      47 Brownsview Ln, Surry, VA 23883-2744
      View Details
    • Value Estimation by Request
      3,975 SF

      73 Colonial E Trl

      COMMERCIAL (GENERAL) • 3,975 SF
      73 Colonial E Trl, Surry, VA 23883
      View Details
    • Value Estimation by Request
      984 SF

      4003 Colonial E Trl

      COMMERCIAL (GENERAL) • 984 SF
      4003 Colonial E Trl, Surry, VA 23883-2314
      View Details
    • Value Estimation by Request
      1,176 SF

      12099 Rolfe Hwy

      COMMERCIAL (GENERAL) • 1,176 SF
      12099 Rolfe Hwy, Surry, VA 23883-2809
      View Details
    • Value Estimation by Request
      1,164 SF

      11911 Rolfe Hwy

      COMMERCIAL (GENERAL) • 1,164 SF
      11911 Rolfe Hwy, Surry, VA 23883-2739
      View Details

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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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