Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    121 S Independence Ave Independence, VA 24348

    View on Map
    Claim this Listing
    Picture of Commercial land at 121 S Independence Ave, Independence, VA
    For Sale
    $199,000

    COMMERCIAL - Independence, VA

    Lot size:
    0.80 Acres
    Added:
    Dec 2, 2025
    Days on Market:
    149
    Last Refresh:
    Apr 30 at 5:06 am

    Property Features for 121 S Independence Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    Lot size
    0.80 Acres

    Taxes and HOA fees

    Tax Year
    2017
    Tax Annual Amount
    1008

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Additional Structures
    None

    We can help!

    Listing Contact
    Angela Brown
    Angela Brown

    Listing agent Angela Brown License #0225056253

    Listing office Angela Brown & Associates Post Office Box 591 234 West Main Street, independence, VA

    Listing date Dec 2, 2025

    MLS# 61840 Listing URL

    Copyright © 2026 Southwest Virginia 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

    Commercial Lots in Independence, VA

    This property features three separate commercial lots, presenting an investment opportunity suitable for constructing a franchise or a new business. The location offers proximity to the town square and various amenities. The property provides views of the Grayson County Court House and convenient access to local attractions. The total lot size is 0.8 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Grayson
    State
    Virginia
    Longitude
    -81.1522453
    Latitude
    36.6218734

    Nearby Similar for Sale

    • $79,000
      1,500 SF

      Commercial Property Near Historic Courthouse

      Commercial property with office space, conference rooms, and kitchen area.
      116-122 N Independence, Independence, VA 24348
      View Details
    • $219,000
      3,181 SF

      Independence, VA Triplex Investment

      Triplex near Independence, VA with strong rental income.
      1165 N Independence Ave, Independence, VA 24348
      View Details
    • $62,000

      Independence, VA Land with Views

      5.2 acre lot near New River with mountain views.
      Bent Hills lot: 2, Independence, VA 24348
      View Details
    • $70,000

      Residential Land in Ferncrest Subdivision

      5.68-acre lot ready for your dream home.
      Ridge Line Trail lot: 12, Independence, VA 24348
      View Details
    • $85,900

      Wooded Land in Independence, VA

      12 acres of private wooded land for recreation and hunting.
      Powerhouse, Independence, VA 24348
      View Details
    • $89,900

      Unrestricted Wooded Acreage with Views

      16.6+/- acres of unrestricted wooded land near New River.
      Riverside Dr lot: 0, Independence, VA 24348
      View Details
    • $147,600

      Land in Grayson County, VA

      18+ acre land with mountain views in Independence, VA.
      N Independence Avenue, Independence, VA 24348
      View Details
    • $99,900

      Grayson County Acreage with Views

      28 acres with mature timber and potential southwest views.
      Black Rock Mountain Ln. lot: 52-2-8, Independence, VA 24348
      View Details
    • $89,000

      12 Acres in Blue Ridge

      Corner property in the Blue Ridge Mountains with road frontage.
      3014 Pine Mountain Rd., Independence, VA 24348
      View Details
    • $52,500

      Secluded Wooded Lot with Creek

      5.17-acre wooded lot in private community with creek.
      Summerset Dr. lot: 8, Independence, VA 24348
      View Details
    • $179,900

      27+ Acres Wooded Land

      27+ acre wooded property with potential home sites.
      Peach Bottom Road lot: 0, Independence, VA 24348
      View Details
    • $169,900

      Riverfront Acreage in Independence, Virginia

      One-acre riverfront property perfect for recreation and relaxation.
      *TBD River View E lot: 39 & 40, Independence, VA 24348
      View Details

    FAQs

    What type of property is this?
    Commercial land - Three commercial lots suitable for franchise or new business construction.
    Where is this commercial land located?
    The property is located at 121 S Independence Ave Independence, VA.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: Three separate lots included in the property.; Ideal location for a franchise or new business.; Walking distance to the town square and numerous amenities.
    (276) 233-7009
    We can help!
    Listing Contact
    Angela Brown
    Angela Brown
    Real Estate License ID: 0225056253
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!