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    1501 Joseph Martin Hwy Martinsville, VA 24112

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    For Lease
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    Three industrial warehouses with vacant space available for lease.

    Property Features for 1501 Joseph Martin Hwy

    General Information

    Standard status
    Active

    Building Details

    Year built
    1985

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    Listing Contact
    Jason Hetherington
    Jason Hetherington
    Source: Crexi

    Listing Agency: CBRE - Richmond Listing Agent: Jason Hetherington

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

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    Overview

    Martinsville Industrial Warehouses For Rent

    Three industrial warehouses located at 1501, 1505, and 1507 Joseph Martin Highway in Martinsville, Virginia, offer a combined total building size of 350,000 square feet. Vacant space includes 250,000 square feet at 1501 Joseph Martin Highway and 97,500 square feet at 1505 Joseph Martin Highway. The occupancy rates are 20% for 1501 Joseph Martin Highway, and 100% for both 1505 and 1507 Joseph Martin Highway. The properties are zoned I1 - Industrial District. The site area for 1501 Joseph Martin Highway is 28.64 acres, while 1505 Joseph Martin Highway has a site area of 15.33 acres. Constructed in 1983 (1501), 1984 (1505), and 1985 (1507), all three buildings were renovated in recent years. The roof type is metal rivet, installed in 1983, 1984, and 1985 respectively, and re-coated in 2021. The roof at 1507 Joseph Martin Highway had 25% of it re-coated in 2019. A 10-year warranty on the roof of 1501 Joseph Martin Highway expires on 11/14/2029. Loading configurations are front loading. Dock doors include 8 electric and 12 manual at 1501 Joseph Martin Highway, 8 electric at 1505 Joseph Martin Highway, and 18 electric and 12 manual at 1507 Joseph Martin Highway. Truck court depths are 100 feet at 1501 and 1505 Joseph Martin Highway, and 150-200 feet at 1507 Joseph Martin Highway. Unlined car parking is available with 50 spaces for 1501 Joseph Martin Highway and 48 spaces for 1505 Joseph Martin Highway. HVAC is provided by gas-fired unit heaters of various years. The power supply is 208 - 3 Phase. All properties are located in Flood Zone X.
    Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Real Estate Agency Dental Office Auto Repair Shop Auto Parts Store Cosmetic Store Pet Store Tanning Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Martinsville
    County
    Martinsville
    State
    Virginia
    Longitude
    -79.8781051
    Latitude
    36.6308333

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    FAQs

    What type of property is this?
    Warehouse - Three industrial warehouses with vacant space available for lease.
    Where is this warehouse located?
    The property is located at 1501 Joseph Martin Hwy Martinsville, VA.
    What are key features of this property?
    This property features: - Significant vacant space: 250,000 SF available at 1501 Joseph Martin Highway.; - 100% occupancy in 1505 & 1507 Joseph Martin Highway, indicating strong tenant demand.; - Buildings renovated between 2020-2021.
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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
    1501 Joseph Martin Hwy Martinsville, VA 24112
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    Listing Contact
    Jason Hetherington
    Jason Hetherington
    Real Estate License ID: 022563421
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