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    N Main St Hillsville, VA 24343

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    Sponsored
    For Sale
    $875,000

    MULTI_FAMILY - Hillsville, VA

    Property size:
    16,766 SF
    Days on Market:
    8
    Last Refresh:
    Mar 15 at 11:06 pm

    Property Features for N Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Security features
    Security System
    Window features
    Insulated Windows, Vinyl Frames
    Rooms
    Bedroom 5, Bedroom 2, Bedroom 11, Bedroom 12, Bedroom 7, Bedroom 9, Bedroom 13, Bedroom 8, Bedroom 3, Bedroom 6, Bedroom 10, Bedroom 14, Bedroom 4, Basement, Bedroom 15, Bedroom 1
    Bedrooms
    15
    Interior features
    Carbon Monoxide Detector, Newer Paint
    Basement
    Unfinished
    Appliances
    Range Hood, Range, Dishwasher, Refrigerator, Electric Water Heater
    Size
    16,766 SF

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Ductless (Heating)
    Cooling system
    Ductless, Zoned
    Water source
    Public

    Building Details

    Year built
    1930
    Number of units
    10
    Flooring type
    Wood, Vinyl
    Building materials
    Brick
    Roof type
    Metal

    We can help!

    Listing Contact
    Elaine Smith

    Mountain Sky Properties (276) 228-8882

    Listing agent Elaine Smith (540) 315-0155

    Listing date Mar 7, 2026

    MLS# 104698 Listing URL

    Copyright © 2026 Southwest Virginia 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

    Overview

    Hillsville Multi-Family Investment Opportunity

    Two commercial buildings in Hillsville, Virginia, offer immediate income for multi-family investors. The first property is a multi-use building with an established tenant on the main floor. The spacious top floor can be converted into office or retail spaces, or additional apartments, to maximize investment potential. This building benefits from high visibility and foot traffic, presenting an opportunity for retail or professional services. The second property features a mix of residential and retail options. The ground floor is designed for retail leasing, providing high exposure. The top floor is finished, with four one-bedroom and two two-bedroom apartments fully rented and producing immediate income. The second floor is framed for three two-bedroom apartments, one one-bedroom apartment, and a common laundry room, enhancing rental potential in a desirable area. The combined properties offer a total size of 16766 square feet.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Hillsville
    County
    Carroll
    State
    Virginia
    Longitude
    -80.7373816
    Latitude
    36.7662698

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    FAQs

    What type of property is this?
    Mixed-use property - Two commercial buildings in Hillsville, VA, offering immediate income.
    Where is this mixed-use property located?
    The property is located at N Main St Hillsville, VA.
    What is the asking price?
    The asking price for this property is $875,000.
    What are key features of this property?
    This property features: - Immediate Income: Both properties are fully rented, offering immediate income.; - High Rental Potential: Property 2 has framed space for additional apartments, increasing future rental income.; - Multi-Use Buildings: Benefit from diverse income streams with a mix of commercial and residential options.
    (276) 228-8882
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    N Main St Hillsville, VA 24343
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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
    N Main St Hillsville, VA 24343
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    We can help!
    Listing Contact
    Elaine Smith
    Real Estate License ID: 0225239057
    (276) 228-8882 (540) 315-0155
    Learn more
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