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    The Largest CRE Database in the US with Over 1 Million Listings

    234 E Market St Harrisonburg, VA 22801

    Sponsored
    For Lease
    $1.00 SF/Yr

    Office Space - HARRISONBURG, VA

    Days on Market:
    160
    Last Refresh:
    Jan 25 at 2:06 am

    Property Features for 234 E Market St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    Zoning
    B-1 Central Business

    Taxes and HOA fees

    Expense value
    300
    Expense
    Common Area Maintenance Fee
    Expense freq.
    Monthly

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Flooring type
    Other
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Melinda Beam
    Melinda Beam

    Melinda Beam Shenandoah Valley Real Estate (540) 476-2100

    Listing agent Melinda Beam (540) 476-2100 License #0225264889

    Listing date Aug 19, 2025

    MLS# 661008 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.

    Learn more

    Property Insight Report

    Overview

    Harrisonburg Office Space For Rent

    Located two blocks from Court Square, this office space offers convenient parking for employees and visitors. Situated on the first floor of the former Hess and Miller building, the space features approximately 3200 square feet, comprising 11 rooms and two bathrooms. The layout includes a large reception area, private offices, a conference/multi-use room, and ample storage. This flexible space can accommodate various business needs. Utilities such as electric, heat, water/sewer, and trash are included, with three heat pumps servicing the first floor. The property benefits from high visibility and signage opportunities, with E. Market St seeing 32,000 vehicles per day and I-81 seeing 61,000 vehicles per day. The surrounding area is a hub of activity, with Urban Exchange, a brewery, financial institutions, insurance agencies, legal offices, restaurants, retail shops, and government agencies nearby. The immediate metro area encompasses 140,000 consumers, along with a vibrant student community from JMU, EMU, and Seminary. Harrisonburg's position as a regional destination expands the primary trade area to over 250,000 consumers. The property is zoned B-1 Central Business.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Freedom Bail Bonds Bail Bonds Service Hess & Miller Inc Property Management Company

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg
    State
    Virginia
    Longitude
    -78.865824
    Latitude
    38.449209

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    FAQs

    What type of property is this?
    Office space - Office space in vibrant downtown Harrisonburg with flexible layout.
    Where is this office space located?
    The property is located at 234 E Market St Harrisonburg, 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 location two blocks from Court Square in a vibrant business corridor.; - All utilities included (electric, heat, water/sewer, trash).; - Flexible 3200 sq ft space with 11 rooms, reception area, private offices, conference room, and ample storage.
    (540) 476-2100
    Request Owner's contact information
    234 E Market St Harrisonburg, VA 22801
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    Harrisonburg, VA 22801
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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
    234 E Market St Harrisonburg, VA 22801
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    We can help!
    Listing Contact
    Melinda Beam
    Melinda Beam
    Real Estate License ID: 0225264889
    (540) 476-2100
    Learn more
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