Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2121 Colonial Ave SW Roanoke, VA 24015

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space available in a well-visited shopping center.

    Property size:
    22,832 SF
    Lot size:
    22.24 Acres

    Property Features for 2121 Colonial Ave SW

    General Information

    Size
    22,832 SF
    Lot size
    22.24 Acres

    We can help!

    Listing Contact
    Will Collins
    Will Collins
    Source: Moodyscre

    Listing Agent: Will Collins

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Regional Shopping Center Retail Space

    This property offers retail space within a 290,283 square foot regional shopping center. The shopping center is anchored by two grocers: Kroger and Fresh Market. The property is located within a 10-mile radius of over 236,000 residents and is the second most visited open-air shopping center in the surrounding Roanoke market. The available space measures 22,832 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Coinstar Kiosk | Bitcoin ... Atm

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Salem
    State
    Virginia
    Longitude
    -79.9563308
    Latitude
    37.2547413

    Nearby Similar for Lease

    • $16 SF/Yr
      15,485 SF

      Downtown Beaux-Arts Style Office Space

      LEED certified office building in vibrant downtown Roanoke.
      220 Church Ave SW, Roanoke, VA 24011
      View Details
    • $12 SF/Yr
      10,923 SF

      Prime Commercial Space in Roanoke

      Modern, versatile office space in Roanoke's Innovation Corridor.
      2727 Franklin Rd, Roanoke, VA 24014
      View Details
    • $12 SF/Yr
      2,000 SF

      Roanoke Office Space for Rent

      Updated office space with hardwood floors and dedicated parking.
      1524 Patrick Rd NE, Roanoke, VA 24012
      View Details
    • $15 SF/Yr
      1,550 SF

      Downtown Roanoke Office Space

      Professional office space in a beautifully restored historic building.
      120 Day Ave SW, Roanoke, VA 24016
      View Details
    • $13 SF/Yr
      48,000 SF

      Premium Office Space in Roanoke

      Plug and play office space with on-site parking.
      116 N Jefferson St, Roanoke, VA 24011
      View Details
    • $14 SF/Yr
      91,500 SF

      Refreshed Office Space Available

      Modern office space in Roanoke's revitalized central business district.
      34 Campbell Ave SW, Roanoke, VA 24011
      View Details
    • $9 SF/Yr
      4,453 SF

      Office/Industrial Space Near Downtown

      Well-maintained, affordable office/industrial space with warehouse component near downtown.
      306 6Th St SW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      6,500 SF

      New Class A Office Space

      Newly constructed medical/professional office space for lease in Roanoke County.
      3090 Electric Rd, Roanoke, VA 24018
      View Details
    • Contact for pricing
      48,270 SF

      Valley View Mall Retail Space

      48,270 SF retail space in Valley View Mall.
      4802 Valley View Blvd NW, Roanoke, VA 24012
      View Details
    • $20 SF/Yr
      853 SF

      Professional Office at McVitty Center

      853 SF office condo in well-established professional park.
      2758 Electric Rd, Roanoke, VA 24018
      View Details
    • $15 SF/Yr
      2,023 SF

      Office Space in Prime Location

      Ready-to-use office suites in a demographically affluent Roanoke neighborhood.
      3241 Electric Rd, Roanoke, VA 24018
      View Details
    • $12 SF/Yr
      4,016 SF

      Retail Showroom with Warehouse Space

      4,016 SF building with showroom and warehouse for lease.
      3719 Brambleton Ave, Roanoke, VA 24018
      View Details

    FAQs

    What type of property is this?
    Shopping center - Retail space available in a well-visited shopping center.
    Where is this shopping center located?
    The property is located at 2121 Colonial Ave SW Roanoke, VA.
    What are key features of this property?
    This property features: - Anchored by two grocers: Kroger and Fresh Market; - 290,283 SF regional shopping center; - Second most visited “open air” shopping center within the surrounding Roanoke market
    (571) 382-1200
    Request Owner's contact information
    2121 Colonial Ave SW Roanoke, VA 24015
    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.
    2121 Colonial Ave SW
    Roanoke, VA 24015
    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
    2121 Colonial Ave SW Roanoke, VA 24015
    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

    We can help!
    Listing Contact
    Will Collins
    Will Collins
    (571) 382-1200
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.