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    2502 Ridgedale Rd Harrisonburg, VA 22801

    Sponsored
    For Sale
    $509,000

    MULTI_FAMILY - Ranch - ROCKINGHAM, VA

    Type:Single Family Residence
    Property size:
    2,646 SF
    Lot size:
    0.54 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 4 at 9:06 pm

    Property Features for 2502 Ridgedale Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Standard status
    Active
    Parking
    2
    Parking features
    Driveway
    Fireplace
    1
    Size
    2,646 SF
    Lot size
    0.54 Acres

    Utilities

    Heating system
    Electric (Heating), Baseboard, Heat Pump (Heating)
    Cooling system
    Window Unit(s), Heat Pump

    Building Details

    Year built
    1973
    Number of units
    2
    Building materials
    Brick
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Brian Ratliff
    Brian Ratliff

    Old Dominion Realty (540) 433-2454

    Listing agent Brian Ratliff (540) 746-6065 License #0225214484

    Listing date Mar 4, 2026

    MLS# VARO2002880

    Copyright © 2026 Bright MLS. 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

    Rockingham Duplex with Renovated Unit

    Located just outside the city limits in Rockingham County, this well-maintained over/under duplex presents an opportunity for investors or owner-occupants. The upper unit has been completely renovated and features 3 bedrooms and 2 full bathrooms, offering modern finishes. The lower unit includes 2 bedrooms and 1 full bathroom, providing rental income potential. Recent updates include a new roof and an HVAC system that is approximately 3 years old. The property is situated on a lot of 0.54 acres and has a total size of 2646 square feet. Tenants are responsible for all utilities, making this an efficient investment property. The property is located minutes from city conveniences.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg
    State
    Virginia
    Longitude
    -78.86953
    Latitude
    38.40067

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    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex in Rockingham County with strong income potential.
    Where is this duplex located?
    The property is located at 2502 Ridgedale Rd Harrisonburg, VA.
    What is the asking price?
    The asking price for this property is $509,000.
    What are key features of this property?
    This property features: - Completely renovated upper unit featuring 3 bedrooms and 2 full bathrooms, move-in ready.; - Excellent investment opportunity or owner-occupant potential in a well-maintained duplex.; - New roof and relatively new HVAC system (3 years old) provide peace of mind.
    (540) 433-2454
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    2502 Ridgedale Rd 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
    2502 Ridgedale Rd Harrisonburg, VA 22801
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    We can help!
    Listing Contact
    Brian Ratliff
    Brian Ratliff
    Real Estate License ID: 0225214484
    (540) 433-2454 (540) 746-6065
    Learn more
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