Add Listing
    For Lease
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    350 UNIVERSITY BLVD Harrisonburg, VA 22801

    View on Map
    Claim this Listing
    For Lease
    $1.00 SF/Yr

    Building - HARRISONBURG, VA

    Added:
    Aug 22, 2025
    Days on Market:
    255
    Last Refresh:
    May 3 at 5:06 am

    Property Features for 350 UNIVERSITY BLVD

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    B-2 General Business
    Standard status
    Active
    APN
    079 B 1

    Taxes and HOA fees

    Expense value
    4.9499998092651
    Expense
    Common Area Maintenance Fee
    Expense freq.
    Monthly

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Craig Anders
    Craig Anders

    Listing agent Craig Anders License #0225231207

    Listing office Cottonwood Commercial LLC 1960 Evelyn Byrd Ave, Harrisonburg, VA

    Listing date Aug 22, 2025

    MLS# 668189 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.

    Overview

    Restaurant Space Near James Madison

    Located in Harrisonburg, Virginia, less than one mile from Interstate 81, the former Island Wing is situated on University Blvd, a primary commercial corridor with over 20,000 ADT. The property benefits from excellent feeder roads and proximity to James Madison University, which has 22,000 students. The 7,110 square foot structure, which was totally overhauled in 2021, features a high-capacity kitchen and bar. The dining area seats approximately 304 people. Building systems are capable of meeting the needs of any restaurant operator. The property, zoned B-2 General Business, is situated on over 2 acres and includes 149 parking stalls, allowing for multiple users or additional land for redevelopment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Island Wing Company ... Bar & Pub

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg
    State
    Virginia
    Longitude
    -78.852093
    Latitude
    38.4288961

    Nearby Similar for Lease

    • $1.00 SF/Yr

      Versatile Commercial Property in Harrisonburg

      Mechanic shop or warehouse opportunity on a 2-acre lot.
      1207 N LIBERTY ST, HARRISONBURG, VA 22802
      View Details
    • $1.00 SF/Yr

      Professional Office Space on Route 33

      Excellent office space with flexible leasing options available early summer.
      2704 SPOTSWOOD TRL, ROCKINGHAM, VA 22801
      View Details
    • $1.00 SF/Yr

      Professional Office Building in Rockingham

      Remodeled office building with high visibility and ample parking.
      1591 PORT REPUBLIC RD, ROCKINGHAM, VA 22801
      View Details
    • $1.00 SF/Yr

      Retail Space Near Interstate I-81

      New retail space with high visibility and traffic.
      3240 S MAIN ST, HARRISONBURG, VA 22801
      View Details
    • $1.00 SF/Yr

      Versatile Warehouse/Retail Space Available

      Climate-controlled warehouse or retail space with flexible options.
      3315 HARPINE HWY, ROCKINGHAM, VA 22802
      View Details
    • $1.00 SF/Yr

      New Flex Space Available

      New construction flex space suitable for various business needs.
      975 SAWTOOTH OAK CIR, HARRISONBURG, VA 22802
      View Details
    • $12 SF/Yr

      Versatile Commercial Space in Harrisonburg

      12,920 SF commercial space suitable for retail, warehouse, or flex.
      60 E Rock St, Harrisonburg, VA 22802
      View Details
    • $1.00 SF/Yr

      Harrisonburg Drive-Through Restaurant Opportunity

      Drive-through restaurant space available in high-traffic Harrisonburg location.
      785 MARTIN LUTHER KING JR WAY, HARRISONBURG, VA 22801
      View Details
    • $1.00 SF/Yr

      Visible Retail Space on Market

      High-visibility retail space available off Interstate 81.
      1550 E MARKET ST, HARRISONBURG, VA 22801
      View Details
    • $1.00 SF/Yr

      High Visibility Corner Retail Space

      Highly visible corner location with flexible space and ample parking.
      530 N MAIN ST, HARRISONBURG, VA 22801
      View Details
    • $1.00 SF/Yr

      Harrisonburg Warehouse Space For Lease

      Flexible 3,100 SF warehouse space with easy I-81 access.
      1680 COUNTRY CLUB RD, HARRISONBURG, VA 22802
      View Details
    • $1.00 SF/Yr

      Harrisonburg Office Space For Rent

      3200 SF office space in growing Harrisonburg business sector.
      3230 PEOPLES DR, HARRISONBURG, VA 22801
      View Details

    FAQs

    What type of property is this?
    Restaurant - Former Island Wing location near James Madison University.
    Where is this restaurant located?
    The property is located at 350 UNIVERSITY BLVD 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 less than one mile from Interstate 81 and near James Madison University (22,000 students).; High‑capacity 7,110sf restaurant structure with a kitchen/bar and seating for approximately 304.; Substantial 2+ acre property with 149 parking stalls.
    (540) 383-6054
    We can help!
    Listing Contact
    Craig Anders
    Craig Anders
    Real Estate License ID: 0225231207
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    350 UNIVERSITY BLVD, HARRISONBURG, VA 22801

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!