400 Westfield RdCharlottesville, VA 22901

Property Details for 400 Westfield Rd

Year built

1998

Lot size

1.05 AC

Property size (Sq ft)

15,272 SF

Zone code

C1 COMMERCIAL

Property type

Office properties

Property subtype

Office buildings

APN

061W0-01-0C-001A0

APU

061W0010C001A0

Description

This exceptional 83-acre industrial property, located at 400 Westfield Road in Charlottesville, Virginia (zip code 22901), presents a unique investment opportunity. Situated in Albemarle County, this warehouse site is the last available lot on Westfield Road and offers significant potential. The property requires site plan approval before development can commence. Priced below assessed value, the seller is highly motivated to facilitate a quick sale. The location within an Opportunity Zone provides additional tax advantages for qualified investors. This is a rare opportunity, as very little similarly zoned land remains available in Charlottesville. The property's size and zoning flexibility are key highlights. The seller is open to considering splitting the property. One option involves dividing the land into two parcels: an 83-acre lot for $885,000 and a smaller 0.32-acre lot for $345,000. Alternatively, the property could be subdivided into two approximately 0.575-acre sites, each priced at $575,000. This flexibility allows for various development scenarios, catering to diverse investor needs and project scales. Don't miss this chance to acquire a prime industrial site in a thriving Virginia market. Contact us today to explore this compelling investment opportunity further.

• CAP approach

  CAP return

  Valuation

  6%

  $3,634,892

  6.5%

  $3,355,286

  7%

  $3,115,622

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,053,484

  Geo Method

  $3,053,484

• Alternative Use

  Use

  Valuation

  Residential

  $4,160,554

  Hospitality

  $3,811,045

  Educational

  $3,170,745

  Medical

  $3,279,792

  Retail

  $4,932,270

Location Insight

City

Charlottesville

County

Albemarle

State

Virginia

Latitude

38.0736

Longitude

-78.4848

CBSA code

16820

CBSA name

CHARLOTTESVILLE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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