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    21865 Governor George C. Peery Hwy Tazewell, VA 24651

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    Claim this Listing
    New
    For Sale
    $1,650,000

    COMMERCIAL - Tazewell, VA

    Property size:
    36,050 SF
    Lot size:
    17.00 Acres
    Price / SF:
    $45/SF
    Added:
    Apr 25, 2026
    Days on Market:
    4
    Last Refresh:
    Apr 28 at 3:06 pm

    Property Features for 21865 Governor George C. Peery Hwy

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    50
    Interior features
    Public Restrooms
    Exterior features
    Lighting
    Standard status
    Active
    Size
    36,050 SF
    Lot size
    17.00 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Part of tract 2A near Pisgah, 17.06 acres
    Tax Annual Amount
    3367

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Heat Pump (Heating)
    Cooling system
    Heat Pump, Central Air
    Water source
    Public

    Building Details

    Flooring type
    Concrete
    Building materials
    Metal Siding, Steel Frame
    Roof type
    Metal

    We can help!

    Listing Contact
    Donna Pridgen

    Listing agent Donna Pridgen

    Listing office Tazewell County Realty Po Box 643, Tazewell, VA

    Listing date Apr 25, 2026

    MLS# 109260

    Copyright © 2026 Southwest Virginia Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Historic Tazewell Commercial Property

    This 17-acre commercial property, known as the location of Farmers Livestock Market, Inc., features a 36,000 square foot structure currently used as a livestock auction facility. The property includes 2,200 feet of road frontage on 19/460, with an average daily traffic count of 11,000+. It also offers over 500 feet of river frontage at the back of the property. Inside the main structure are over 70 interchangeable holding pens suitable for both small and large livestock. USDA certified scales are located on the premises. The indoor arena provides seating for approximately 200 people. The grounds include an outdoor arena that has been used for various events such as rodeos, horseshows, go cart races, and derbies. The facility can accommodate trucks, livestock trailers, and large tractor trailers. The outdoor space is also used for outdoor flea markets. Farmers Livestock Market Inc., incorporated in 1974, will continue its operations until the property is purchased, serving the agricultural communities of Tazewell and surrounding areas.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Specialty properties

    Map

    City
    Tazewell
    County
    Tazewell
    State
    Virginia
    Longitude
    -81.5836427
    Latitude
    37.1201971

    FAQs

    What type of property is this?
    Specialty property - 17-acre commercial property with 36,000 sqft structure in Tazewell.
    Where is this specialty property located?
    The property is located at 21865 Governor George C. Peery Hwy Tazewell, VA.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: 17‑acre parcel with **2200 feet of road frontage** on heavily trafficked 19/460 (11,000+ average daily traffic count).; Features a **36,000 square foot structure** currently used as a livestock auction facility.; Over 500 feet of river frontage.
    (276) 970-3686
    We can help!
    Listing Contact
    Donna Pridgen
    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.

    More about this property
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