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    Retail Gift Shop with Cottages Title is generated by Realmo AI

    2487/2547 US HWY 211 W, Luray, VA 22835

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    Claim this Listing
    Pending
    $849,000

    Building - LURAY, VA

    Property size:
    6,728 SF
    Lot size:
    7.95 Acres
    Added:
    Jun 13, 2022
    Days on Market:
    1439
    Last Refresh:
    May 21 at 4:06 pm

    Property Features for 2487/2547 US HWY 211 W

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    C-1 Commercial
    Standard status
    Pending
    APN
    40-A_87
    Size
    6,728 SF
    Lot size
    7.95 Acres

    Utilities

    Cooling system
    Central Air, Wall/Window Unit(s), Wall Unit(s)

    Building Details

    Number of units
    5
    Architectural style
    Other

    We can help!

    Listing Contact
    Randal Alger

    Listing agent Randal Alger License #0225077222

    Listing office Old Dominion Realty Crossroads 4761 Spotswood Trail, Harrisonburg, VA

    Listing date Jun 13, 2022

    MLS# 631608 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.

    HighLights

    • Thriving business opportunity with 44+ year operating history as a motel, restaurant, and gift shop
    • Unlimited short‑term rental potential with guest cottages on 7.95 acres
    • Prime location with fantastic mountain views, bordering Mill Creek, and featuring a pond
    • Includes a seven‑room retail gift shop with additional rooms, kitchen with walk‑in cooler, dining area, and large basement
    • Located in a high‑growth area minutes from Luray Caverns, Shenandoah National Park, and other attractions
    • Features 8 total buildings including cottages, workshop, and lean‑to, plus large open meadow areas with ample parking

    Overview

    This property features a seven-room retail gift shop, including three additional rooms, two full and four half baths, a kitchen with a walk-in cooler, and a dining area, plus a large basement. The property also includes eight total buildings, featuring cottages, a workshop, and a lean-to, situated on 7.95 acres with mountain views and 1,000 feet of road frontage. It borders Mill Creek and has a pond on the property. The guest cottages offer short-term rental potential. Restaurant equipment is included. There are large open meadow areas with parking. The property has been family-operated for over 44 years as a motel, fine dining restaurant, and now a gift shop with crystals, gemstones, fine gifts, fine wines, and craft beers. The property is located minutes from Luray Caverns, golf, the Shenandoah River, Shenandoah National Park, George Washington National Forest, shopping centers, a hospital, a community college, and Luray Caverns Airport. The property, zoned C-1 Commercial, offers a business opportunity in a high-growth area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hospitality properties

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hotel & Motel Department Store Kitchen & Bath Showroom Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Luray
    County
    Page
    State
    Virginia
    Longitude
    -78.5089772
    Latitude
    38.658105

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    FAQs

    What type of property is this?
    Retail property - Retail gift shop with cottages, mountain views, and rental potential.
    Where is this retail property located?
    The property is located at 2487/2547 US HWY 211 W Luray, VA.
    What is the asking price?
    The asking price for this property is $849,000.
    What are key features of this property?
    This property features: Thriving business opportunity with 44+ year operating history as a motel, restaurant, and gift shop; Unlimited short‑term rental potential with guest cottages on 7.95 acres; Prime location with fantastic mountain views, bordering Mill Creek, and featuring a pond
    (540) 433-2454
    We can help!
    Listing Contact
    Randal Alger
    Real Estate License ID: 0225077222
    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.

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