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    Commercial Property Near Historic Courthouse Title is generated by Realmo AI

    116-122 N Independence, Independence, VA 24348

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    For Sale
    $79,000

    COMMERCIAL - Independence, VA

    Property size:
    1,500 SF
    Price / SF:
    $52/SF
    Added:
    Dec 16, 2025
    Days on Market:
    153
    Last Refresh:
    May 18 at 5:06 pm

    Property Features for 116-122 N Independence

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Parking
    1
    Interior features
    Public Restrooms
    Standard status
    Active
    Size
    1,500 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    523

    Utilities

    Utilities
    Phone Available
    Sewer type
    Public Sewer
    Heating system
    Central, Heat Pump (Heating)
    Water source
    Public

    Building Details

    Year built
    1905
    Floors in Building
    2
    Flooring type
    Carpet, Vinyl
    Building materials
    Brick, Masonry
    Additional Structures
    None

    We can help!

    Listing Contact
    Curtis Harrington
    Curtis Harrington

    Listing agent Curtis Harrington License #0225108892

    Listing office Tri-County Real Estate P.O. Box 398, Independence, VA

    Listing date Dec 16, 2025

    MLS# 92485

    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.

    HighLights

    • Prime commercial location directly across from the Historical 1908 Courthouse with excellent visibility.
    • Zoned Commercial with three buildings/offices, each approximately 33x15 sq. ft.
    • Each building includes office space, conference rooms, a kitchen area, and bathrooms.
    • Town water and sewer.
    • Durable construction: brick masonry exterior, poured basement foundation, and membrane roof system.
    • Double hung insulated windows.

    Overview

    This commercial property, zoned for commercial use, offers a prime location with excellent visibility directly across from the historic 1908 Courthouse. Each of the three buildings/offices measures approximately 33x15 square feet. The property features town water and sewer services, a sidewalk, and a poured basement foundation. The exterior walls are constructed of brick masonry, and the roof is a membrane system. Double-hung insulated windows are installed throughout. Each building includes office space, conference rooms, a kitchen area, and bathrooms. The layout is intended to provide the basic services of a professional office building. Additional square footage is available on the second floor, but it requires repairs.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    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
    Independence
    County
    Grayson
    State
    Virginia
    Longitude
    -81.1519
    Latitude
    36.620979

    FAQs

    What type of property is this?
    Office building - Commercial property with office space, conference rooms, and kitchen area.
    Where is this office building located?
    The property is located at 116-122 N Independence Independence, VA.
    What is the asking price?
    The asking price for this property is $79,000.
    What are key features of this property?
    This property features: Prime commercial location directly across from the Historical 1908 Courthouse with excellent visibility.; Zoned Commercial with three buildings/offices, each approximately 33x15 sq. ft.; Each building includes office space, conference rooms, a kitchen area, and bathrooms.
    (276) 233-8633
    We can help!
    Listing Contact
    Curtis Harrington
    Curtis Harrington
    Real Estate License ID: 0225108892
    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.

    More about this property
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