Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Boutique Hotel Investment Opportunity Title is generated by Realmo AI

    2 S Court St, Luray, VA 22835

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Hospitality property with 12 boutique rooms in Luray, Virginia.

    Type:Hospitality
    Property size:
    11,000 SF
    Price / SF:
    $181/SF
    Added:
    Sep 13, 2024
    Days on Market:
    628
    Last Refresh:
    May 13 at 8:05 pm

    Property Features for 2 S Court St

    General Information

    Standard status
    Active
    Size
    11,000 SF
    Property subtype
    Hospitality

    Building Details

    Year Built
    1933

    We can help!

    Listing Contact
    Rich Vaaler

    Listing agent Rich Vaaler License #VA 0225198687

    Listing office Vaaler Commercial Real Estate

    Listing date Sep 13, 2024

    Source Crexi

    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 Vaaler Commercial Real Estate

    HighLights

    • Prime B1 zoned location in the vibrant Luray area, close to key attractions
    • 11,000 square foot property with 12 boutique rooms suitable for apartments, Air BnB, or hotel
    • Meticulously renovated in 2015, blending timeless architecture with modern amenities
    • Exceptional hospitality investment opportunity with potential for high returns
    • Additional lot on Main St included in the price
    • Built in 1933, offering a unique and established presence

    Overview

    This 11,000 square foot hospitality property, constructed in 1933 and renovated in 2015, features 12 boutique rooms. Zoned B1, the property is located in the Luray area. It is suitable for apartments, Air BnB, or a hotel. An additional lot on Main St is included.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center 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
    Luray
    County
    Page
    State
    Virginia
    Longitude
    -78.4646832
    Latitude
    38.6653775

    Nearby Similar for Sale

    • $1,349,900
      6,730 SF

      Mountain View Cabins - Luray

      Two furnished cabins on 9.5 acres, ideal short-term rentals.
      2225 & 2319 VALLEY BURG RD, LURAY, VA 22835
      View Details
    • $266,500
      1,109 SF

      Luray Duplex Investment Opportunity

      Duplex in downtown Luray near amenities with income potential.
      115 E PAGE Street, LURAY, VA 22835
      View Details
    • $1,349,900
      2,968 SF

      Furnished Cabins with Mountain Views

      Two fully furnished cabins on 9.5 acres with mountain views.
      2225 & 2319 VALLEY BURG Rd, Luray, VA 22835
      View Details
    • $239,900

      Commercial Building with Vacant Lot

      Commercial zoned building with vacant lot in good condition.
      4 FIRST Street, LURAY, VA 22835
      View Details
    • $488,000
      2,400 SF

      Renovated Commercial Building on Corner

      2,400 SF renovated building on a nearly half-acre lot.
      1208 E MAIN STREET, LURAY, VA 22835
      View Details
    • $2,250,000
      11,000 SF

      Charlottesville Area Car Wash

      12-unit car wash in Charlottesville area with renovation.
      2 S Court St, Luray, VA
      View Details
    • $289,990

      Luray, VA Land Opportunity

      Land available in Luray, VA for $299,990.
      0 BAKER Dr, Luray, VA 22835
      View Details
    • $849,000
      6,728 SF

      Retail Gift Shop with Cottages

      Retail gift shop with cottages, mountain views, and rental potential.
      2487/2547 US HWY 211 W, LURAY, VA 22835
      View Details

    FAQs

    What type of property is this?
    Hotel - Hospitality property with 12 boutique rooms in Luray, Virginia.
    Where is this hotel located?
    The property is located at 2 S Court St Luray, VA.
    What is the asking price?
    The asking price for this property is $1,999,000.
    What are key features of this property?
    This property features: Prime B1 zoned location in the vibrant Luray area, close to key attractions; **11,000 square foot property with 12 boutique rooms suitable for apartments, Air BnB, or hotel**; Meticulously renovated in 2015, blending timeless architecture with modern amenities
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Rich Vaaler
    Real Estate License ID: VA 0225198687
    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

    Thank You for Inquiry
    2 S Court St, Luray, VA 22835
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!