401 Market StCharlottesville, VA 22902

Property Details for 401 Market St

Year built

1953

Lot size

0.57 AC

Property size (Sq ft)

49,496 SF

Zone code

DX

Property type

Office properties

APN

530051000

APU

530051000

Description

This Class A office building, located at 401 E Market St in Charlottesville, VA 22902, offers a prime location in the heart of the city. The 10,000 square foot building, constructed in 1957 and renovated in 1999, boasts a striking skylighted atrium connecting two buildings. Currently, one executive suite is available, measuring 375 square feet. This suite is part of a larger complex with a total of two suites. The building features a single hydraulic elevator and is conveniently located one block from the courthouses and the downtown pedestrian mall, across from a parking structure, and two blocks from another. Amenities include a central reception area, mail and package receiving, a large shared conference room, and a full kitchen. Optional add-ons for tenants include phone service with voicemail and internet access. The building's zoning is DH. This exceptional opportunity provides immediate access to the vibrant downtown Charlottesville area, offering unparalleled convenience and accessibility for businesses. The suite is part of a larger, unified structure exceeding 60,000 square feet, establishing it as a premier commercial office location.

• CAP approach

  CAP return

  Valuation

  6%

  $11,780,555

  6.5%

  $10,874,359

  7%

  $10,097,619

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,896,230

  Geo Method

  $9,896,230

• Alternative Use

  Use

  Valuation

  Residential

  $13,484,205

  Hospitality

  $12,351,459

  Educational

  $10,276,269

  Medical

  $10,629,686

  Retail

  $15,985,307

Location Insight

City

Charlottesville

County

Charlottesville City

State

Virginia

Latitude

38.031

Longitude

-78.4784

CBSA code

16820

CBSA name

CHARLOTTESVILLE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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