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    31157 Princeton Ave Meadowview, VA 24361

    Sponsored
    For Sale
    $525,000

    MULTI_FAMILY - Other - Meadowview, VA

    Property size:
    1,988 SF
    Lot size:
    0.47 Acres
    Days on Market:
    5
    Last Refresh:
    Feb 14 at 11:06 pm

    Property Features for 31157 Princeton Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Window features
    Insulated Windows
    Zoning
    VIllage
    Rooms
    Bedroom 2, Bathroom 4, Basement, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 2
    Bedrooms
    4
    APN
    068a2 4 2 3
    Patio and Porch features
    Deck
    Interior features
    Remodeled
    Fireplace
    1
    Basement
    Block
    Appliances
    Dryer, Range, Refrigerator, Washer
    Size
    1,988 SF
    Lot size
    0.47 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1970
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Laminate
    Building materials
    Brick, T111
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Robin Bise

    ROBIN'S NEST REALTY, LLC (276) 356-4171

    Listing agent Robin Bise (276) 429-1132

    Listing date Feb 10, 2026

    MLS# 9991031 Listing URL

    Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. 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

    Remodeled Multifamily Near Emory & Henry

    This multifamily property, formerly an Emory & Henry University home, has been remodeled into a four-unit apartment building with a laundry center. Located near Emory and Henry University, a private school in Southwest Virginia, the property is designed for professional individuals and students seeking quiet living. Each unit includes a kitchen/living room combination, a bedroom, and a bathroom, with mini-split systems for year-round comfort. Rent covers electric, internet, water, sewer, and mowing services. The property is situated on approximately 0.47 acres and includes a large parking area for tenants. Residents can walk to the university, post office, medical office, and restaurants, as well as access university athletic and academic functions. The property is also located near I-81, Historic Abingdon, Bristol, the Virginia Creeper Trail, and the Appalachian Trail. The building has a total area of 1988 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Gym & Fitness Center Hotel & Motel Bed & Breakfast Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Meadowview
    County
    Washington
    State
    Virginia
    Longitude
    -81.825062
    Latitude
    36.776515

    Nearby Similar for Sale

    • $219,900
      0.38 Acres

      Income-Producing Multi-Family Property

      Meticulously maintained triplex with impressive cap rate.
      28497 Kenwood Dr, Meadowview, VA 24361
      View Details
    • $250,000
      7.33 Acres

      Meadowview, VA 7.72-Acre Land

      7.72 acres in Meadowview, VA with recreational potential.
      03691 03692, Meadowview, VA 24361
      View Details

    FAQs

    What type of property is this?
    Quadplex - Four-unit apartment building near Emory & Henry University.
    Where is this quadplex located?
    The property is located at 31157 Princeton Ave Meadowview, VA.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: - Rare investment opportunity adjacent to Emory and Henry University.; - Newly remodeled four-unit apartment building with laundry center.; - Rent includes all utilities: electric, internet, water, sewer, and mowing.
    (276) 429-1132
    Request Owner's contact information
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    Meadowview, VA 24361
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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
    31157 Princeton Ave Meadowview, VA 24361
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    We can help!
    Listing Contact
    Robin Bise
    (276) 429-1132
    Learn more
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