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    Versatile Commercial Building on Commonwealth Avenue Title is generated by Realmo AI

    471 Commonwealth Ave, Bristol, VA 24201

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    For Lease
    $142,000 SF/Yr $20,116,666/Mo (calc)

    COMMERCIAL - Bristol, VA

    Property size:
    1,700 SF
    Lot size:
    0.30 Acres
    Added:
    Jul 14, 2025
    Days on Market:
    304
    Last Refresh:
    May 13 at 8:06 pm

    Property Features for 471 Commonwealth Ave

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    B3
    Standard status
    Active
    APN
    26 5 2 7
    Size
    1,700 SF
    Lot size
    0.30 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1891
    Building materials
    Block
    Roof type
    Metal

    We can help!

    Listing Contact
    Andrew Neese
    Andrew Neese

    Listing agent Andrew Neese License #0225098384, 321552

    Listing office Prestige Homes of the Tri Cities, Inc. 701 Bluff City Hwy, Bristol, VA

    Listing date Jul 14, 2025

    MLS# 9983104

    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.

    HighLights

    • Large square footage building with high visibility on Commonwealth Ave.
    • Boasting over 60 feet of road frontage and alley access.
    • Suitable for contractor with garage/workshop and office space.
    • Potential for multiple tenant setup with rental income opportunities.
    • New 210 amp electrical service installed less than 4 months ago.
    • Durable metal roof installed approximately 10 years ago.

    Overview

    This large building, situated on Commonwealth Avenue, presents an investment opportunity with significant road frontage. The property's layout is conducive to various business models, including serving as a home base for a contractor with a garage workshop and storage in the back, alongside office spaces in the front. A section of the building could be rented out separately. The property can be easily adapted for multiple tenants with some renovation work, or it can serve as a single-tenant space with ample storage. Alley access is available on the side, complementing the frontage on a main road. The metal roof was installed approximately 10 years ago, and a new 210 service was installed less than 4 months ago. Concrete floors are present throughout most of the building, with laminate floating floors in the finished portion. The property is zoned B3 and has a lot size of 0.3 acres. The building has a total area of 1700 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    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.

    Similar Places Nearby

    • Bristol Gardens and Grill — 285 Vance St, Bristol, VA 24201
    • Gingerbread Cooking and Catering — 1609 Euclid Avenue, Bristol, VA 24201
    • Bank Street Bristol — 14 Bank St, Bristol, TN 37620
    • Delta Blues BBQ — 724 State St, Bristol, TN 37620

    Location Insight

    • Map
    • Local Demand
    City
    Bristol
    County
    Washington
    State
    Virginia
    Longitude
    -82.19067
    Latitude
    36.60128

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    FAQs

    What type of property is this?
    Flex space - Large building with high visibility, suitable for various business uses.
    Where is this flex space located?
    The property is located at 471 Commonwealth Ave Bristol, VA.
    What is the lease rate?
    The lease rate is $142,000.
    What are key features of this property?
    This property features: Large square footage building with high visibility on Commonwealth Ave.; Boasting over 60 feet of road frontage and alley access.; Suitable for contractor with garage/workshop and office space.
    (276) 619-1187
    We can help!
    Listing Contact
    Andrew Neese
    Andrew Neese
    Real Estate License ID: 0225098384, 321552
    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.

    More about this property
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