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    911 & 921 CHICAGO AVE Harrisonburg, VA 22802

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    Claim this Listing
    For Sale
    $3,490,000

    Building - HARRISONBURG, VA

    Property size:
    47,927 SF
    Lot size:
    3.44 Acres
    Price / SF:
    $72/SF
    Added:
    Apr 7, 2025
    Days on Market:
    395
    Last Refresh:
    May 6 at 4:06 pm

    Property Features for 911 & 921 CHICAGO AVE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B-2 General Business
    Standard status
    Active
    APN
    38 F 1 & 38 F 28 & 48 E 1819
    Size
    47,927 SF
    Lot size
    3.44 Acres

    Taxes and HOA fees

    Tax Annual Amount
    27759

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Flooring type
    Concrete, Wood
    Building materials
    Brick, Frame, Metal Siding
    Roof type
    Composition, Metal, Other, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Keith May
    Keith May

    Listing agent Keith May License #0225049582

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

    Listing date Apr 7, 2025

    MLS# 662856 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.

    HighLights

    • Multi‑use facility with approx. 48,000 SF of industrial, office, and residential space on 3.44 acres.
    • Zoned B‑2 with an Industrial SUP, suitable for various business or redevelopment opportunities.
    • Approx. 26,500 SF of Industrial/Manufacturing/Warehouse space with loading docks and flexible layouts.
    • Proximity to Quarry Heights development (900+ new homes).
    • Potential for multifamily redevelopment (with rezoning).
    • Excellent 1031 Exchange opportunity with two‑year leaseback potential.

    Overview

    Multi-Use Manufacturing Facility on 3.44 Acres

    This multi-use facility offers a combination of industrial, office, and residential space across eight buildings (six commercial and two residential), totaling nearly 48,000 square feet on 3.44 acres. Zoned B-2 with an Industrial SUP, this property is suited for business or redevelopment opportunities. The property features approximately 26,500 square feet of industrial, manufacturing, and warehouse space, including loading docks, covered overhangs, and flexible layouts. There is approximately 11,000 square feet of office space, with the potential to add 7,200 square feet on the unfinished second floor of the main office. Additionally, there are three residential units totaling approximately 3,600 square feet combined. The property is located near the recently approved Quarry Heights development, which includes over 900 new homes. It is a candidate for multifamily redevelopment with rezoning approval and offers a two-year leaseback potential for investors. This property provides current income potential and future development possibilities. It is located in HARRISONBURG, VA.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Blauch Brothers, Inc Plumbing Service

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg
    State
    Virginia
    Longitude
    -78.8765968
    Latitude
    38.463359

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    FAQs

    What type of property is this?
    Manufacturing property - Versatile facility with industrial, office, and residential space.
    Where is this manufacturing property located?
    The property is located at 911 & 921 CHICAGO AVE Harrisonburg, VA.
    What is the asking price?
    The asking price for this property is $3,490,000.
    What are key features of this property?
    This property features: Multi‑use facility with approx. 48,000 SF of industrial, office, and residential space on 3.44 acres.; Zoned B‑2 with an Industrial SUP, suitable for various business or redevelopment opportunities.; Approx. 26,500 SF of Industrial/Manufacturing/Warehouse space with loading docks and flexible layouts.
    (540) 820-7008
    We can help!
    Listing Contact
    Keith May
    Keith May
    Real Estate License ID: 0225049582
    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.

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