Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historic Mixed-Use Metro Building Title is generated by Realmo AI

    250 E Elizabeth St, Harrisonburg, VA 22802

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Downtown Harrisonburg mixed-use property with office and residential spaces.

    Type:Office
    Added:
    Dec 3, 2024
    Days on Market:
    535
    Last Refresh:
    Mar 17 at 1:23 pm

    Property Features for 250 E Elizabeth St

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1946

    Spaces For Lease

    at 250 E Elizabeth St Contact us

    Metro Building - Suite 102 $17/Mo

    Size
    Type
    Office
    Discover a prime office space in the heart of downtown Harrisonburg! Suite 102 at...
    show more
    Contact us

    Suite 215 $13/Mo

    Size
    3,675 SF
    Type
    Office
    Located at 250 E. Elizabeth St., this 2nd floor office suite offers a prime location...
    show more
    Contact us

    We can help!

    Listing Contact
    Nick Fornadel

    Listing agent Nick Fornadel License #0225256961

    Listing office Matchbox Realty & Management Services

    Listing date Dec 3, 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 Matchbox Realty & Management Services

    HighLights

    • Prime Downtown Harrisonburg Location: Steps away from cafes, shops, cultural landmarks, and entertainment.
    • Historic Building with Modern Amenities: Experience vintage charm with keyless entry and a secure package room.
    • Mixed‑Use Property: Featuring professional office spaces and luxury apartments.
    • Secure Package Delivery Room: Ensures safe and convenient package handling for all residents.
    • Ample Parking: Convenient parking options available for residents and tenants.
    • Keyless Entry: Offers secure and convenient access to the building.

    Overview

    The Metro, originally constructed in 1946, is located in downtown Harrisonburg. Once the home of the Metro Pant Company, the building blends vintage charm with modern convenience. This mixed-use property offers professional office spaces and luxury apartments. Tenants benefit from keyless entry, a secure package delivery room, and ample parking. The Metro is situated close to cafes, shops, cultural landmarks, and entertainment venues.
    Property Profile Location Intelligence

    Current Use by Public Records

    Journey Counseling Ministries Marriage Or Relationship Counselor Children's Services of Virginia, ... Foster Care Service CWS Harrisonburg Social Service Agency Crossroads Counseling Center Medical Clinic Monteverde Engineering & Design ... General Contractor

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg
    State
    Virginia
    Longitude
    -78.8646119
    Latitude
    38.4501625

    Nearby Similar for Lease

    • $1.00 SF/Yr

      Versatile Commercial Property in Harrisonburg

      Mechanic shop or warehouse opportunity on a 2-acre lot.
      1207 N LIBERTY ST, HARRISONBURG, VA 22802
      View Details
    • $1.00 SF/Yr
      3,468 SF

      Harrisonburg Drive-Through Restaurant Opportunity

      3,468 SF drive-through restaurant space available in December 2026.
      785 MARTIN LUTHER KING JR WAY, HARRISONBURG, VA 22801
      View Details
    • $1.00 SF/Yr

      Professional Office Space on Route 33

      Excellent office space with flexible leasing options available early summer.
      2704 SPOTSWOOD TRL, ROCKINGHAM, VA 22801
      View Details
    • $1.00 SF/Yr

      Professional Office Building in Rockingham

      Remodeled office building with high visibility and ample parking.
      1591 PORT REPUBLIC RD, ROCKINGHAM, VA 22801
      View Details
    • $1.00 SF/Yr

      Retail Space Near Interstate I-81

      New retail space with high visibility and traffic.
      3240 S MAIN ST, HARRISONBURG, VA 22801
      View Details
    • $1.00 SF/Yr

      Versatile Warehouse/Retail Space Available

      Climate-controlled warehouse or retail space with flexible options.
      3315 HARPINE HWY, ROCKINGHAM, VA 22802
      View Details
    • $12 SF/Yr
      12,920 SF

      Versatile Commercial Space in Harrisonburg

      12,920 SF commercial space suitable for retail, warehouse, or flex.
      60 E Rock St, Harrisonburg, VA 22802
      View Details
    • $1.00 SF/Yr
      3,100 SF

      Harrisonburg Flex Space Near I-81

      Flexible 3,100 SF space ideal for various businesses.
      1680 COUNTRY CLUB RD, HARRISONBURG, VA 22802
      View Details
    • $1.00 SF/Yr

      Renovated Flex Space For Lease

      Prime, multi-use commercial space ideal for various business types.
      1090 VIRGINIA AVE, HARRISONBURG, VA 22802
      View Details
    • $1.00 SF/Yr

      Versatile Commercial Space on Main

      High-traffic location with flexible layout and included utilities.
      3015 SOUTH MAIN ST, HARRISONBURG, VA 22801
      View Details
    • $1.00 SF/Yr

      Visible Retail Space on Market

      High-visibility retail space available off Interstate 81.
      1550 E MARKET ST, HARRISONBURG, VA 22801
      View Details
    • $1.00 SF/Yr

      High Visibility Corner Retail Space

      Highly visible corner location with flexible space and ample parking.
      530 N MAIN ST, HARRISONBURG, VA 22801
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Downtown Harrisonburg mixed-use property with office and residential spaces.
    Where is this mixed-use property located?
    The property is located at 250 E Elizabeth St Harrisonburg, VA.
    What are key features of this property?
    This property features: Prime Downtown Harrisonburg Location: Steps away from cafes, shops, cultural landmarks, and entertainment.; Historic Building with Modern Amenities: Experience vintage charm with keyless entry and a secure package room.; Mixed‑Use Property: Featuring professional office spaces and luxury apartments.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Nick Fornadel
    Real Estate License ID: 0225256961
    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
    250 E Elizabeth St, Harrisonburg, VA 22802
    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!