Add Listing
    For Lease
    • 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

    119 Norfolk Ave SW Roanoke, VA

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Office space available for lease in Roanoke, Virginia.

    Type:OFFICE
    Property size:
    3,457 SF
    Lot size:
    0.11 Acres
    Added:
    Dec 5, 2023
    Days on Market:
    851
    Last Refresh:
    Apr 1 at 8:23 pm

    Property Features for 119 Norfolk Ave SW

    General Information

    Standard status
    Active
    Size
    3,457 SF
    Lot size
    0.11 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 119 Norfolk Ave SW Contact us

    We can help!

    Listing Contact
    Chris Nelson
    Chris Nelson

    Listing agent Chris Nelson

    Listing office Hall Associates, Inc

    Listing date Dec 5, 2023

    Source Moodyscre

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

    All listing content including descriptions, pricing, images are the copyrighted material of Hall Associates, Inc

    Overview

    Office Space Available For Rent

    This property offers office space for rent, encompassing a total area of 3457 square feet. It is located in Roanoke, Virginia.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mill Mountain Digital Advertising Agency Aston Carter Temp Agency Acceleration Point, Llc (Bike/Boat/Book/etc) Store One Stop PC ... Tech Support Center Elite Insurance Group Insurance Agency

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Salem
    State
    Virginia
    Longitude
    -79.9431
    Latitude
    37.273

    Nearby Similar for Lease

    • $10/mo

      Downtown Roanoke Office or Retail

      Office or retail space in downtown Roanoke.
      9 Franklin Rd SW, Roanoke, VA 24011
      View Details
    • $11/mo

      Retail Space on Melrose Avenue

      8,316 SF retail space with excellent visibility in Roanoke.
      4160 Melrose Avenue Northwest, Roanoke, VA, 24017
      View Details
    • $12/mo

      Retail/Office Space on Brambleton Ave

      Well-maintained retail/office space with excellent road visibility.
      Roanoke , VA 24018
      View Details
    • $5/mo

      Warehouse and Office Space Available

      25,050 SF warehouse and 7,500 SF office space for lease.
      2240 Shenandoah Ave NW, Roanoke, VA 24017
      View Details
    • $12/mo

      Accessible Office Space Near Downtown

      Office space with easy access and close to downtown Roanoke.
      Roanoke, VA 24016
      View Details
    • $22/mo

      Brambleton Avenue Commercial Space Available

      1,700 SF space suitable for medical, office, or retail.
      5002 Brambleton Ave, Roanoke, VA 24018
      View Details
    • $3/mo

      Spacious Open Floorplan Office Space

      Large office space with flexible layout on Brandon Avenue.
      3441 Brandon Ave SW, Roanoke, VA 24018
      View Details
    • $10/mo

      Downtown Roanoke Office Space Available

      Office space for lease in downtown Roanoke with garage.
      25 Franklin Road, Roanoke, VA 24011
      View Details
    • $14/mo

      Adaptable Downtown Commercial Space

      Versatile commercial building with office and garage space downtown.
      202 2nd St NE, Roanoke, VA 24016
      View Details
    • $20/mo

      Retail Space in West Village

      Flexible retail spaces available for lease in a visible center.
      3555 Electric Rd, Roanoke, VA
      View Details
    • $12/mo

      Prime Commercial Space in Roanoke

      Modern, versatile office space in Roanoke's Innovation Corridor.
      2727 Franklin Rd, Roanoke, VA
      View Details
    • $15/mo

      Downtown Roanoke Office Space

      Professional office space in a beautifully restored historic building.
      120 Day Ave SW, Roanoke, VA
      View Details

    FAQs

    What type of property is this?
    Office units - Office space available for lease in Roanoke, Virginia.
    Where is this office units located?
    The property is located at 119 Norfolk Ave SW Roanoke, VA.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Office space available for lease.; Located in Roanoke, Virginia.
    (540) 761-5515 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Chris Nelson
    Chris Nelson
    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!