Sign Up Successful!
You now have access to more from Realmo!
    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

    656 Elm Ave SW Roanoke, VA 24013

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $675,000

    5,553 SF office building near downtown Roanoke.

    Property size:
    5,553 SF
    Lot size:
    0.26 Acres

    Property Features for 656 Elm Ave SW

    General Information

    Size
    5,553 SF
    Lot size
    0.26 Acres

    We can help!

    Listing Contact
    Frank Martin
    Frank Martin
    Source: Moodyscre

    Listing Agent: Frank Martin

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

    Learn more

    Overview

    Roanoke Office Building For Sale

    This property offers approximately 5,553 square feet of office space. The building features modern finishes, large workrooms, cubicles, conference rooms, a courtyard, and ample natural light provided by large windows and skylights. Renovations were completed in 1988 and 1991, with an addition constructed in 2004, followed by interior upgrades. The layout allows for the potential to operate the spaces separately. The property benefits from long-term visibility and includes a monument sign. It is located near downtown Roanoke.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Law Firm Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Salem
    State
    Virginia
    Longitude
    -79.9552681
    Latitude
    37.2673121

    Nearby Similar for Sale

    • $2,875,000
      0.20 Acres

      Historic Horton Building For Sale

      Landmark Roanoke building blending early-20th-century craftsmanship and modern functionality.
      302 1St St SW, Roanoke, VA 24011
      View Details
    • $2,875,000
      0.20 Acres

      Historic Horton Building in Roanoke

      Landmark building blending early-20th-century craftsmanship with modern functionality.
      302 1St St SW, Roanoke, VA 24011
      View Details
    • $650,000
      0.30 Acres

      Roanoke Office/Retail Building For Sale

      Office building with subdivision potential and ample parking.
      356 Campbell Ave SW, Roanoke, VA 24016
      View Details
    • $2,100,000
      0.05 Acres

      Updated Building with High-End Finishes

      Extensively updated building with high-end materials and great views.
      109 Campbell Ave SW, Roanoke, VA 24011
      View Details
    • $1,350,000
      1.00 Acre

      Franklin Road Office/Retail Opportunity

      Prime commercial land on Franklin Road with high traffic volume.
      4040 Franklin Rd SW, Roanoke, VA 24014
      View Details
    • $875,000
      0.05 Acres

      Downtown Roanoke Investment Opportunity

      Two-unit building in vibrant downtown Roanoke with retail and residential.
      22 Campbell Ave SE, Roanoke, VA 24011
      View Details
    • $211,500
      0.17 Acres

      Roanoke Duplex with Rental Potential

      Bungalow duplex with strong rental income potential in Roanoke, VA.
      2923 Melrose Ave NW, Roanoke, VA 24017
      View Details
    • $234,500
      0.12 Acres

      Renovated Triplex in Roanoke, VA

      Well-maintained triplex with recent renovations and immediate income potential.
      611 Stewart Ave SE, Roanoke, VA 24013
      View Details
    • $476,850
      0.32 Acres

      Roanoke Office and Retail Space

      Well-appointed, accessible office/retail space near interstate, airport, and downtown.
      624-626 Abney Rd, Roanoke, VA 24012
      View Details
    • $176,450
      0.17 Acres

      Roanoke Apartments - Turn Key Investment

      Upgraded apartments with new features, ideal for investment.
      1202 Melrose Ave NW, Roanoke, VA 24017
      View Details
    • $2,225,000
      0.08 Acres

      Downtown Roanoke Multifamily Property

      High-end, fully leased 12-unit multifamily property in Downtown Roanoke.
      209 1St St SW, Roanoke, VA 24011
      View Details
    • $176,450
      0.15 Acres

      Turnkey Duplex Investment Opportunity

      Well-maintained duplex with upgrades, convenient location, and income potential.
      1114 Lafayette Blvd NW, Roanoke, VA 24017
      View Details

    FAQs

    What type of property is this?
    Office building - 5,553 SF office building near downtown Roanoke.
    Where is this office building located?
    The property is located at 656 Elm Ave SW Roanoke, VA.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: - +/- 5,553 square feet of office space in an exceptional location near downtown Roanoke.; - Modern finishes with **large workrooms, cubicles, conference rooms, and a courtyard.**; - Abundant natural light from **large windows and skylights.**
    (540) 761-4227
    Request Owner's contact information
    656 Elm Ave SW Roanoke, VA 24013
    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.
    656 Elm Ave SW
    Roanoke, VA 24013
    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
    656 Elm Ave SW Roanoke, VA 24013
    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
    Frank Martin
    Frank Martin
    (540) 761-4227
    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.