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    Renovated Gymnasium & Assembly Facility Title is generated by Realmo AI

    2054 NEENAH Rd B, Montross, VA 22520

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    For Sale
    $295,000

    Adaptable facility for recreation, events, or institutional use.

    Type:Commercial
    Property size:
    12,000 SF
    Price / SF:
    $24/SF
    Added:
    Apr 15, 2026
    Days on Market:
    49
    Last Refresh:
    Apr 3 at 5:08 pm

    Property Features for 2054 NEENAH Rd B

    General Information

    Standard status
    Active
    Size
    12,000 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1984

    We can help!

    Listing Contact
    Michelle L Smith

    Listing agent Michelle L Smith License #0225267870

    Listing office Dixie Realtors, Inc. DBA RE/MAX Supercenter

    Listing date Apr 15, 2026

    Source Elliman

    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 Dixie Realtors, Inc. DBA RE/MAX Supercenter

    HighLights

    • Extensively renovated 12,000 SF gymnasium/assembly facility suitable for various uses.
    • Fully updated commercial kitchen with quartz countertops and industrial‑grade appliances.
    • New metal roof for long‑term durability.
    • EyeClick interactive projection system for immersive educational/gaming experiences.
    • Includes a full basketball court, secured entry, renovated locker rooms with showers, and updated restrooms.
    • Additional upstairs office/classroom space for enhanced operational flexibility.

    Overview

    This extensively renovated and highly adaptable standalone gymnasium and assembly facility offers flexibility for recreational, institutional, or event-driven use. The building features approximately 12,000 square feet, including a full basketball court and secured entry. Renovated locker rooms with showers, updated restrooms, new CVT flooring, fresh interior paint, new industrial fans, and three functioning air conditioning systems enhance the property. A brand-new metal roof provides long-term durability. The facility includes a fully updated commercial kitchen featuring quartz countertops and industrial-grade appliances suitable for large gatherings or food service and concession operations. The space also includes an EyeClick interactive projection system, providing immersive educational, gaming, or activity-based programming projected onto floor or wall surfaces. Additional upstairs office or classroom space enhances operational flexibility. Ideal uses include recreation center, church fellowship hall, event venue, training facility, youth center, or community gathering space. In 2025 this facility hosted local bingo for 8 months and grossed 85k in additional annual revenue. Bingo equipment conveys. The bike score is 15, indicating it is somewhat bikeable, and the walk score is 1, indicating it is car-dependent.
    Location Intelligence

    Current Use by Public Records

    Fitness centers & gyms

    Map

    City
    Montross
    County
    Westmoreland
    State
    Virginia
    Longitude
    -76.7234124
    Latitude
    38.0528312

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    FAQs

    What type of property is this?
    Fitness center & gym - Adaptable facility for recreation, events, or institutional use.
    Where is this fitness center & gym located?
    The property is located at 2054 NEENAH Rd B Montross, VA.
    What is the asking price?
    The asking price for this property is $295,000.
    What are key features of this property?
    This property features: Extensively renovated 12,000 SF gymnasium/assembly facility suitable for various uses.; Fully updated commercial kitchen with quartz countertops and industrial‑grade appliances.; New metal roof for long‑term durability.
    (540) 735-4163
    We can help!
    Listing Contact
    Michelle L Smith
    Real Estate License ID: 0225267870
    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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