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    115-A MILLER ST Broadway, VA 22815

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    Claim this Listing
    For Lease
    $1.00 SF/Yr

    Building - BROADWAY, VA

    Property size:
    4,250 SF
    Added:
    Jan 30, 2025
    Days on Market:
    450
    Last Refresh:
    Apr 25 at 1:06 am

    Property Features for 115-A MILLER ST

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Size
    4,250 SF

    Utilities

    Heating system
    Natural Gas

    Building Details

    Flooring type
    Concrete
    Building materials
    Concrete
    Architectural style
    Other

    We can help!

    Listing Contact
    Chad Dunham
    Chad Dunham

    Listing agent Chad Dunham License #0225266331

    Listing office Cottonwood Commercial LLC 1960 Evelyn Byrd Ave, Harrisonburg, VA

    Listing date Jan 30, 2025

    MLS# 660422 Listing URL

    Copyright © 2026 Harrisonburg-Rockingham Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Downtown Broadway Commercial Space Available

    Located in downtown Broadway, Virginia, this commercial space offers 4250 square feet suitable for various uses. The lease rate is $6.50 per square foot on a gross lease basis, with electric included and no CAM or NNN fees. The property features one pickup truck height dock and two tractor-trailer height docks, each equipped with overhead doors. The space is situated within the AWW Self Storage building and offers multiple potential configurations. An additional small office space is available for rent.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    AWW STORAGE Storage Facility

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Cosner Construction, Inc. — 411 S Main St, Broadway, VA 22815
    • AWW STORAGE — 115-A Miller St, Broadway, VA 22815

    Location Insight

    • Map
    • Local Demand
    City
    Broadway
    County
    Rockingham
    State
    Virginia
    Longitude
    -78.797096
    Latitude
    38.614328

    Nearby Similar for Lease

    • $1.00 SF/Yr

      Commercial Property in Broadway, VA

      Versatile commercial space suitable for office, retail, or service businesses.
      139 NORTH MAIN ST, BROADWAY, VA 22815
      View Details
    • $1.00 SF/Yr

      Restaurant with Drive-Thru Lanes

      Former Burger King with drive-thru, near I-81 exit.
      10937 NORTH VALLEY PIKE, BROADWAY, VA 22815
      View Details
    • $6 SF/Yr

      Downtown Broadway Commercial Space Available

      Versatile commercial space with multiple dock options in Broadway, VA.
      169 N Main St, Broadway, VA
      View Details

    FAQs

    What type of property is this?
    Warehouse - Versatile commercial space with multiple dock options in Broadway, VA.
    Where is this warehouse located?
    The property is located at 115-A MILLER ST Broadway, VA.
    What is the lease rate?
    The lease rate is $1.00 SF/Yr.
    What are key features of this property?
    This property features: Prime Downtown Broadway location; Gross lease with no CAM or NNN fees, simplifying your budget; Electric included in lease
    (540) 246-6700
    We can help!
    Listing Contact
    Chad Dunham
    Chad Dunham
    Real Estate License ID: 0225266331
    Learn More
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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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