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    For Sale (21)

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    PENN LAIRD Building Lot
    $219,900
    2.55 Acres

    PENN LAIRD Building Lot

    2.55 acre building lot with approved entrance and septic design.

    6165 Oak Shade Rd, Penn Laird, VA 22846
    View details
    212+ Acres Bordering National Forest
    $995,000
    212.38 Acres

    212+ Acres Bordering National Forest

    Rare 212+ acre property bordering National Forest with mountain views.

    22590 Criders Rd, Criders, VA 22820
    View details
    Downtown Harrisonburg Two-Story Office Building
    $889,000
    4,960 SF

    Downtown Harrisonburg Two-Story Office Building

    Two-story office building in vibrant downtown Harrisonburg.

    66 W Water St, Harrisonburg, VA 22801
    View details
    Commercial Land in Broadway, VA
    $200,000
    1.00 Acre

    Commercial Land in Broadway, VA

    One-acre commercial land with utilities in Broadway, Virginia.

    E Springbrook Rd, Broadway, VA 22815
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    Versatile Industrial Property Near I-81
    $999,000
    12,572 SF

    Versatile Industrial Property Near I-81

    Adaptable industrial space with warehouse and office areas on 1.81 acres.

    52 Mid Valley Ln, Verona, VA 24482
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    71 Acres Development Opportunity, Stanley
    $3,550,000
    71.00 Acres

    71 Acres Development Opportunity, Stanley

    71+/- acres in Stanley Enterprise Zone, ideal for development.

    Judy Ln, Stanley, VA 22851
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    Wooded Building Lot in Hinton
    $68,000
    3.39 Acres

    Wooded Building Lot in Hinton

    Private 3.39-acre lot near national forest, close to Harrisonburg.

    45 Fetterbush Ln, Hinton, VA 22831
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    Commercial Land Ready for Development
    $398,000
    1.36 Acres

    Commercial Land Ready for Development

    Commercial lot in Weyers Cave, VA, ready for development.

    00 Lee Hwy, Weyers Cave, VA 24486
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    Fishersville Commercial Development Opportunity
    $350,000
    1.27 Acres

    Fishersville Commercial Development Opportunity

    1.27-acre commercial land parcel near Augusta Health and I-64.

    Tinkling Spring Rd, Fishersville, VA 22939
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    Fishersville Land Development Opportunity
    $1,500,000
    39.58 Acres

    Fishersville Land Development Opportunity

    39.58 acres zoned for business and agriculture near I-64.

    Orr Dr, Fishersville, VA 22939
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    5 Acres for Home/Cabin
    $35,000
    5.00 Acres

    5 Acres for Home/Cabin

    5-acre property ideal for building a home or cabin.

    Tbd Rocky Rdg Ln, Fulks Run, VA 22830
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    Harrisonburg Office Building For Sale
    $2,200,000
    7,197 SF

    Harrisonburg Office Building For Sale

    7,200 SF professional office building in high-traffic location.

    530 Neff Ave, Harrisonburg, VA 22801
    View details
    Remarkable Homesite with Mountain Views
    $980,000
    28.00 Acres

    Remarkable Homesite with Mountain Views

    28-acre homesite with mountain views near Harrisonburg, Spotswood School District.

    Tbd Doe Hl Rd, Port Republic, VA 24471
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    Harrisonburg Multifamily Investment Opportunity
    $4,200,000
    15,712 SF

    Harrisonburg Multifamily Investment Opportunity

    32-unit apartment complex near EMU and downtown Harrisonburg.

    990 Chicago Ave, Harrisonburg, VA 22802
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    Riverfront Building Lots in Grottoes
    $264,900
    2.08 Acres

    Riverfront Building Lots in Grottoes

    Two adjoining lots with river frontage and mountain views.

    2 Riverside Ave, Grottoes, VA 24441
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    Riverfront Building Lots in Grottoes
    $264,900
    2.41 Acres

    Riverfront Building Lots in Grottoes

    Two adjoining lots totaling 2.41 acres with river frontage.

    5 Riverside Ave, Grottoes, VA 24441
    View details
    Rockingham County Homesite Opportunity
    $189,900
    2.20 Acres

    Rockingham County Homesite Opportunity

    2.2-acre residential land near Lakeview Golf Course and Harrisonburg.

    Shen Lake Dr, Harrisonburg, VA 22801
    View details
    Timberville Mixed-Use Commercial Building
    $349,000
    10,356 SF

    Timberville Mixed-Use Commercial Building

    Versatile 10,356 SF building with mixed-use possibilities.

    164 Orchard Dr, Timberville, VA 22853
    View details
    Timberville Duplex Lot For Sale
    $60,000
    0.25 Acres

    Timberville Duplex Lot For Sale

    Conditionally approved duplex lot in Timberville, easy street access.

    000 Community Cir, Timberville, VA 22853
    View details
    Commercial Lot Ready for Development
    $398,000

    Commercial Lot Ready for Development

    Commercial lot suitable for hotel, restaurant, or retail development.

    00 Lee Hwy, Weyers Cave, VA 24486
    View details
    212+ Acres Bordering National Forest
    $995,000

    212+ Acres Bordering National Forest

    Rare land with mountain views bordering National Forest.

    22590 Criders Rd, Criders, VA 22820
    View details

    For Lease (1)

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    Harrisonburg Warehouse/Industrial/Flex Space For Rent
    $1.00 SF/Yr

    Harrisonburg Warehouse/Industrial/Flex Space For Rent

    Versatile industrial space with loading docks in Harrisonburg, VA.

    641 Acorn Dr, Harrisonburg, VA 22801
    View details

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    Funkhouser & Associates
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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
    Funkhouser & Associates
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