Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    847 Martin Luther King Jr Way Harrisonburg, VA 22801

    Sponsored
    For Lease
    $1.00 SF/Yr

    Office Space - HARRISONBURG, VA

    Days on Market:
    45
    Last Refresh:
    Feb 6 at 4:06 pm

    Property Features for 847 Martin Luther King Jr Way

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active

    Taxes and HOA fees

    Expense value
    2.5
    Expense
    Common Area Maintenance Fee
    Expense freq.
    Monthly

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Craig Anders
    Craig Anders

    Cottonwood Commercial LLC (540) 434-9922

    Listing agent Craig Anders (540) 434-9922 License #0225231207

    Listing date Dec 24, 2025

    MLS# 624547 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.

    Learn more

    Property Insight Report

    Overview

    Harrisonburg Office Space For Lease

    This 5,097 square foot office space is available for lease on the second floor. The layout includes private offices, large conference rooms, and an entry lobby with a reception area. An elevator provides ADA access to the second floor. Signage opportunities are available along Martin Luther King Jr. Way. The property is surrounded by medical companies. Parking is available for customers in the front and employees in the back. The lease rate is $14.95 per square foot, plus triple net fees. This space is suitable for various companies.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office 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.

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg
    State
    Virginia
    Longitude
    -78.8562384
    Latitude
    38.4410177

    Nearby Similar for Lease

    • $1.00 SF/Yr
      304,920 SF

      High Security Office Space

      Premium office space with high security features for lease.
      1450 Technology Dr, Harrisonburg, VA 22802
      View Details
    • New
      $1.00 SF/Yr

      Professional Office Building For Rent

      5200 SF office building in Rockingham County, available early Summer.
      1591 Port Republic Rd, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr

      Harrisonburg Warehouse/Industrial/Flex Space For Rent

      Versatile industrial space with loading docks in Harrisonburg, VA.
      641 Acorn Dr, Harrisonburg, VA 22801
      View Details
    • New
      $1.00 SF/Yr

      Professional Office Space Available

      Thriving therapy office with flexible rental options on Route 33.
      2704 Spotswood Trl, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr

      Restaurant Space Near James Madison

      Former Island Wing location near James Madison University.
      350 University Blvd, 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

      Historic Office Space Available

      Move-in ready office space in historic Elmwood building.
      1211 NORTH Main St, Harrisonburg, VA 22802
      View Details
    • $1.00 SF/Yr
      33,106 SF

      Harrisonburg Office Space For Rent

      3200 SF office space in growing Harrisonburg business sector.
      3230 Peoples Dr, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr
      39,640 SF

      Renovated Flex Space in Harrisonburg

      Multi-use commercial space ideal for various business types.
      1090 Virginia Ave, Harrisonburg, VA 22802
      View Details
    • $12 SF/Yr
      12,920 SF

      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
      23,958 SF

      Office Space on South Main

      Office space for lease in Harrisonburg, Virginia.
      4060 S Main St, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr

      Harrisonburg Office Space For Rent

      Office space in vibrant downtown Harrisonburg with flexible layout.
      234 E Market St, Harrisonburg, VA 22801
      View Details

    FAQs

    What type of property is this?
    Office space - 5,097 SF office space with private offices and conference rooms.
    Where is this office space located?
    The property is located at 847 Martin Luther King Jr Way 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: - 5,097 sq ft available with private offices and large conference rooms.; - Prominent signage opportunity on MLK Jr. Way.; - Ample parking for both customers and employees.
    (540) 383-6054
    Request Owner's contact information
    847 Martin Luther King Jr Way Harrisonburg, VA 22801
    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.
    847 Martin Luther King Jr Way
    Harrisonburg, VA 22801
    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
    847 Martin Luther King Jr Way Harrisonburg, VA 22801
    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

    We can help!
    Listing Contact
    Craig Anders
    Craig Anders
    Real Estate License ID: 0225231207
    (540) 383-6054
    Learn more
    Google sign-in failed. Please try again or use another login method.