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    Renovated Shenandoah Triplex Investment Opportunity Title is generated by Realmo AI

    442 FIRST ST, Shenandoah, VA 22849

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    For Sale
    $599,000

    Triplex - SHENANDOAH, VA

    Type:Triplex
    Property size:
    3,100 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $193/SF
    Added:
    Mar 17, 2026
    Days on Market:
    61
    Last Refresh:
    May 16 at 11:06 pm

    Property Features for 442 FIRST ST

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Triplex
    Zoning
    C-1 Commercial
    Bedrooms
    5
    Bathrooms
    4
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Standard status
    Active
    APN
    102A3-1-B-2A
    Size
    3,100 SF
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Annual Amount
    772.34

    Utilities

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

    Building Details

    Year built
    1933
    Number of units
    3
    Flooring type
    Carpet, Hardwood, Tile, Tile - Ceramic, Vinyl
    Building materials
    Brick, Stucco
    Roof type
    Metal, Other
    Architectural style
    Other

    We can help!

    Listing Contact
    Brad Reese

    Listing agent Brad Reese License #0225230205

    Listing office Melinda Beam Shenandoah Valley Real Estate 3445 Lake Pointe Dr, Harrisonburg, VA

    Listing date Mar 17, 2026

    MLS# 674462 Listing URL

    Copyright © 2026 Harrisonburg-Rockingham 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.

    HighLights

    • Proven Income: Generated over $60k in 2024 and $65k in 2025 as short‑term rentals.
    • Prime Location: Centered between Swift Run Gap and Thornton Gap entrances to Shenandoah National Park.
    • High Airbnb/VRBO Rating: Superhost status with 4.98 stars and over 150 reviews.
    • Fully Renovated Multi‑Use Building: Currently operating as 3 separate short‑term rentals.
    • Mixed‑Use Zoning: Allows for both residential and commercial use.
    • Proximity to Attractions: Less than 1 mile from Shenandoah River access and close to Massanutten Resort, Luray Caverns, and more.

    Overview

    Located in the heart of Shenandoah, Virginia, this renovated multi-use building operates as three separate short-term rentals. The property generated over $60,000 in gross income in 2024 and over $65,000 in 2025. Zoned C-1 Commercial, the property allows for both residential and commercial use. The property has 4.98 stars and over 150 reviews on Airbnb & VRBO. The property is located between the Swift Run Gap and Thornton Gap Park entrances, across from a historic railyard and the Shenandoah Museum and Welcome Center, and less than 1 mile from public access to the Shenandoah River. Other nearby attractions include Massanutten Four Seasons Resort, Luray Caverns, George Washington National Forest, and Lake Arrowhead. Shenandoah River Adventures, offering tubing, canoeing, kayaking, and fishing, is less than 1 mile away. The property size is 3100 square feet and the lot size is 0.09 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Shenandoah
    County
    Page
    State
    Virginia
    Longitude
    -78.6254909
    Latitude
    38.4851266

    FAQs

    What type of property is this?
    Triplex - Fully renovated triplex in Shenandoah, VA, with strong rental income.
    Where is this triplex located?
    The property is located at 442 FIRST ST Shenandoah, VA.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Proven Income: Generated over $60k in 2024 and $65k in 2025 as short‑term rentals.; Prime Location: Centered between Swift Run Gap and Thornton Gap entrances to Shenandoah National Park.; High Airbnb/VRBO Rating: Superhost status with 4.98 stars and over 150 reviews.
    (540) 578-1494
    We can help!
    Listing Contact
    Brad Reese
    Real Estate License ID: 0225230205
    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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