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    157 Westlake Road Hardy, VA 24101

    View on Map
    For Sale
    $3,990,000

    COMMERCIAL - Hardy, VA

    Property size:
    17,718 SF
    Lot size:
    2.63 Acres
    Added:
    Mar 2, 2026
    Days on Market:
    32
    Last Refresh:
    Apr 3 at 1:06 pm

    Property Features for 157 Westlake Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0300005213
    Size
    17,718 SF
    Lot size
    2.63 Acres

    Taxes and HOA fees

    Tax Description
    WESTLAKE TOWNE CTR TRACT 6A

    Building Details

    Year built
    2007

    We can help!

    Listing Contact
    Jimmy L Rufus Jr.

    Listing agent Jimmy L Rufus Jr. License #0225183489

    Listing office eXp Realty LLC-Stafford 800 Coprorate Drive Ste 301, Richmond, VA

    Listing date Mar 2, 2026

    MLS# 364734

    Copyright © 2026 Lynchburg Virginia MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Wellness Center Near Smith Mountain Lake

    This commercial property, located near Smith Mountain Lake at 157 Westlake Rd., Hardy, VA 24101, is a purpose-built wellness center offering 17,718 square feet of space on a 2.63-acre lot. A 6,700-square-foot addition, completed in 2017, expanded the facility to include an exercise pool, therapy pool, and hot tub. The layout is suitable for wellness, fitness, rehabilitation, medical, or adaptive commercial uses. The property is situated approximately 4 miles from the Halesford Bridge in Moneta, providing convenient access to Smith Mountain Lake, Westlake Corner, and surrounding communities. The property is located in a desirable lake-area market. Equipment is not included.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Crosswhite Athletic Club ... Gym & Fitness Center

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hardy
    County
    Franklin
    State
    Virginia
    Longitude
    -79.7178446
    Latitude
    37.1171972

    Nearby Similar for Sale

    • $2,150,000

      Thriving Greenhouse Business and Homestead

      Established greenhouse business with homestead on 5+ acres in Hardy.
      1356 Coopers Cove Road, Hardy, VA 24101
      View Details
    • $749,900

      Smith Mountain Lake Waterfront Acreage

      95 acres with 3,300 feet of Smith Mountain Lake frontage.
      3718 Hardy RD, Hardy, VA 24101
      View Details

    FAQs

    What type of property is this?
    Rehabilitation center - Purpose-built wellness center near Smith Mountain Lake with expansion.
    Where is this rehabilitation center located?
    The property is located at 157 Westlake Road Hardy, VA.
    What is the asking price?
    The asking price for this property is $3,990,000.
    What are key features of this property?
    This property features: Purpose‑built wellness center featuring an exercise pool, therapy pool, and hot tub.; Large 17,718 square foot commercial property.; Located in a highly desirable lake‑area market near Smith Mountain Lake.
    (866) 825-7169
    We can help!
    Listing Contact
    Jimmy L Rufus Jr.
    Real Estate License ID: 0225183489
    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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