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    Updated Mixed-Use Income Property Title is generated by Realmo AI

    948 E Stuart Drive, Galax, VA 24333

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    For Sale
    $444,900

    Commercial Building - Galax, VA

    Lot size:
    0.15 Acres
    Added:
    Feb 18, 2026
    Days on Market:
    105
    Last Refresh:
    Jun 3 at 7:06 pm

    Property Features for 948 E Stuart Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    200
    Parking features
    Garage
    Standard status
    Active
    APN
    000014790004 / 29- 8
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2286

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1958
    Year renovated
    1958
    Floors in Building
    2
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Jacob Price

    Listing agent Jacob Price

    Listing office YOUR HOME SOLD GUARANTEED REALTY 121 SUBURBAN RD SUITE 101, Knoxville, VA

    Listing date Feb 18, 2026

    MLS# 11658717 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime Galax location with visibility and easy access.
    • Flexible mixed‑use layout allows multiple income strategies.
    • Lower‑level retail space is leased for $2200/month and recently updated.
    • Upstairs apartment is tenant‑occupied with an active lease, providing instant income.
    • Apartment rent has upside potential (similar properties achieving over $1100/month).
    • Property has central air and a metal roof.

    Overview

    This updated mixed-use income property is located in Galax, Virginia. The property features a lower-level retail space that is currently leased for $2200. The retail space has been updated with fresh paint, a new bathroom, and a new kitchen area. The upstairs apartment has its own exterior entrance and is tenant-occupied with an active lease for $650. Similar properties are achieving over $1100 per month in rent. The flexible mixed-use layout allows multiple income strategies and strong future cash flow. The property is situated in a prime Galax location with visibility and easy access. The lot size is 0.15 acres. The zoning is 200. This property is perfect for investors seeking immediate income with upside potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center 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
    Galax
    County
    Galax
    State
    Virginia
    Longitude
    -80.89797
    Latitude
    36.679027

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property with retail and residential income potential.
    Where is this mixed-use property located?
    The property is located at 948 E Stuart Drive Galax, VA.
    What is the asking price?
    The asking price for this property is $444,900.
    What are key features of this property?
    This property features: Prime Galax location with visibility and easy access.; Flexible mixed‑use layout allows multiple income strategies.; Lower‑level retail space is leased for $2200/month and recently updated.
    (865) 365-2280
    We can help!
    Listing Contact
    Jacob Price
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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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