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    The Largest CRE Database in the US with Over 1 Million Listings

    556 S Main St Marion, VA 24354

    Sponsored
    For Sale
    $151,900

    COMMERCIAL - Marion, VA

    Property size:
    9,440 SF
    Lot size:
    0.70 Acres
    Days on Market:
    45
    Last Refresh:
    Feb 25 at 1:06 am

    Property Features for 556 S Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    COMMERCIAL
    APN
    208-102-9 012009
    Parking
    25
    Size
    9,440 SF
    Lot size
    0.70 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1925
    Building materials
    Block, Brick
    Roof type
    Rubber

    We can help!

    Listing Contact
    Richard Shinault
    Richard Shinault

    KW Bristol (423) 225-2703

    Listing agent Richard Shinault (423) 366-5511 License #312615, 0225183381

    Listing date Jan 12, 2026

    MLS# 9986948

    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

    Commercial Property with Endless Potential

    This commercial property offers various possibilities for a keen business person. The existing structure could be rehabilitated to create office spaces, townhouses, or short-term rental units. Alternatively, the property could be redeveloped into a car dealership, a new strip mall, a garage, a taxi cab service, doctors' offices, or an urgent care facility. The property encompasses 0.7 acres with a 9,440 square foot building. Buyers interested in additional space may consider the adjacent old Marion Hospital, which offers an additional 14,000 square feet and over 1.5 acres, providing two corners and an additional 400 feet of road frontage. Buyers need to have an agent go with them to view the property. Proof of funds or pre-approval is needed for commercial property to be able to view the property on site. The property is located in Marion, VA.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Marion
    County
    Smyth
    State
    Virginia
    Longitude
    -81.52853
    Latitude
    36.827252

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    FAQs

    What type of property is this?
    Strip mall - Versatile commercial property in Marion, VA, with numerous development possibilities.
    Where is this strip mall located?
    The property is located at 556 S Main St Marion, VA.
    What is the asking price?
    The asking price for this property is $151,900.
    What are key features of this property?
    This property features: - High potential for various commercial uses: office spaces, townhouses, retail, medical, automotive, etc.; - Opportunity to acquire adjacent property (Old Marion Hospital) for significantly expanded space (14,000 SF and 1.5+ acres).; - Two corners and an additional 400 foot of road frontage available with purchase of adjacent property.
    (423) 366-5511
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    556 S Main St Marion, VA 24354
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    Marion, VA 24354
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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
    556 S Main St Marion, VA 24354
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    We can help!
    Listing Contact
    Richard Shinault
    Richard Shinault
    Real Estate License ID: 312615, 0225183381
    (423) 366-5511 (423) 247-5510
    Learn more
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