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    Restaurant Space in Prime Location Title is generated by Realmo AI

    1324 Armory Drive, Franklin, VA 23851

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    For Lease
    $14 SF/Yr $5,833/Mo (calc)

    COMMERCIAL - Franklin, VA

    Property size:
    5,000 SF
    Lot size:
    1.14 Acres
    Added:
    Apr 27, 2026
    Days on Market:
    17
    Last Refresh:
    May 13 at 3:06 am

    Property Features for 1324 Armory Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    B3
    Standard status
    Active
    Size
    5,000 SF
    Lot size
    1.14 Acres

    Utilities

    Heating system
    Zoned, Heat Pump (Heating), Electric (Heating)
    Cooling system
    Heat Pump, Zoned, Central Air

    Building Details

    Year built
    1987
    Roof type
    Shingle

    We can help!

    Listing Contact
    Darren Stauffer

    Listing agent Darren Stauffer

    Listing office CENTURY 21 Gold Market Realty 1393 Armory Dr., Franklin, VA

    Listing date Apr 27, 2026

    MLS# 10631801 Listing URL

    Copyright © 2026 Real Estate Information Network, Inc. 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 location at a signalized corner on a major city artery with high visibility.
    • Approximately 5,000+ sq. ft. of restaurant space available.
    • Approximately 2,000 sq. ft. can be used as a banquet/private dining space.
    • Kitchen equipment and dining fixtures are negotiable.
    • Located near major businesses including Food Lion, Lowes, KFC/Taco Bell, Belk, and Burger King.
    • Zoned heating and cooling with heat pump and central air.

    Overview

    This commercial space, suitable for a restaurant, offers approximately 5,000 square feet. It is located at a signalized corner fronting a major city artery and a heavily used side thoroughfare, providing high visibility. The property is situated on a 1.14-acre lot. Approximately 2,000 square feet of the building can be closed off and used as a banquet or private dining space. The surrounding businesses include Food Lion, Lowes, KFC/Taco Bell, Belk, and Burger King. The zoning is B3. Kitchen equipment and dining fixtures are available on site and can be negotiated separately from the lease. This location is ideal for opening, expanding, or adding another restaurant location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Butcher’s Steak & Seafood Restaurant

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Franklin City
    State
    Virginia
    Longitude
    -76.946922
    Latitude
    36.670311

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    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant space available in a high-visibility location.
    Where is this conventional restaurant located?
    The property is located at 1324 Armory Drive Franklin, VA.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: Prime location at a signalized corner on a major city artery with high visibility.; Approximately 5,000+ sq. ft. of restaurant space available.; Approximately 2,000 sq. ft. can be used as a banquet/private dining space.
    (757) 562-2295
    We can help!
    Listing Contact
    Darren Stauffer
    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.

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