Add Listing
    For Sale
    • 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

    Thompson Memorial Dr Salem, VA 24153

    View on Map
    Claim this Listing
    For Sale
    $78,300

    LAND - Salem, VA

    Lot size:
    5.22 Acres
    Added:
    Jul 21, 2025
    Days on Market:
    281
    Last Refresh:
    Apr 27 at 6:06 pm

    Property Features for Thompson Memorial Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    CS-2
    Standard status
    Active
    APN
    036.10-01-19.00-0000
    Lot size
    5.22 Acres

    Taxes and HOA fees

    Tax Annual Amount
    940

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    JEANNINE HANSON

    Listing agent JEANNINE HANSON

    Listing office LONG & FOSTER - ROANOKE OFFICE 5324 FALLOWATER LN, SUITE 100, Roanoke, VA

    Listing date Jul 21, 2025

    MLS# 919368

    Copyright © 2026 Roanoke Valley 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.

    Overview

    Salem, VA Land For Sale

    This 5.22-acre lot is located in Salem, Virginia, and is zoned C2, making it suitable for many uses. The property offers easy access to Salem and the New River Valley and is located minutes from Interstate 81. The location benefits from strong traffic counts.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Salem
    County
    Salem
    State
    Virginia
    Longitude
    -80.043351
    Latitude
    37.325304

    Nearby Similar for Sale

    • $495,000

      Salem Commercial Building For Sale

      Well-maintained commercial building suitable for office, service, or retail.
      904 Apperson Dr, Salem, VA 24153
      View Details
    • $195,000

      Commercial Land in Salem, VA

      Commercial land available at corner of 4th and Wilson.
      625 W 4th St, Salem, VA 24153
      View Details
    • $85,000

      Land with Mountain Views

      4.336-acre property near Salem with mountain views.
      2160 Zana Drive, Salem, VA 24153
      View Details
    • $180,000

      Salem, VA Commercial Land

      Level corner lot suitable for new business development.
      W Main St, Salem, VA 24153
      View Details
    • $180,000

      Salem, VA Corner Lot

      Level corner lot in Salem, VA, zoned C-1.
      W Main St, Salem, VA 24153
      View Details
    • $995,000
      5,163 SF

      Salem, VA Office Building For Sale

      Multi-tenant office building in Salem's Electric Road corridor.
      1101 Electric Rd, Salem, VA 24153
      View Details
    • $670,000
      5,280 SF

      Salem Office | Manufacturing | Lab

      Well-appointed office and lab/manufacturing space in Salem.
      1405 Mill Race Dr, Salem, VA 24153
      View Details
    • $1,349,000

      Secluded Mountaintop Property with Lake

      Private 31.37-acre property with lake, shop, and utilities.
      5841 Twine Hollow Rd, Salem, VA 24153
      View Details
    • $99,950

      Salem, VA Land Available

      Land for sale in Salem, Virginia.
      Edgebrook Rd, Salem, VA 24153
      View Details
    • $89,950

      Land For Sale, Salem, VA

      Land available in Salem, Virginia.
      Edgebrook Rd, Salem, VA 24153
      View Details
    • $650,000

      Salem, VA Land For Sale

      12.45 acre land parcel in Salem, Virginia.
      1000 BLK Polar Ln, Salem, VA 24153
      View Details
    • $78,300

      Salem Land with C2 Zoning

      5.22 acre lot with C2 zoning near Interstate 81.
      0 Thompson Memorial DR, Salem, VA 24153
      View Details

    FAQs

    What type of property is this?
    Commercial land - 5.22 acre lot with C2 zoning near Interstate 81.
    Where is this commercial land located?
    The property is located at Thompson Memorial Dr Salem, VA.
    What is the asking price?
    The asking price for this property is $78,300.
    What are key features of this property?
    This property features: Large 5.22 Acre Lot; C2 Zoning (Suitable for Many Uses); Convenient Access to Interstate 81
    (540) 772-9206
    We can help!
    Listing Contact
    JEANNINE HANSON
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!