Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Blacksburg Land with Subdivision Potential Title is generated by Realmo AI

    507 Nellies Cave Road, Blacksburg, VA 24060

    View on Map
    Claim this Listing
    For Sale
    $399,000

    Land - Blacksburg, VA

    Lot size:
    2.04 Acres
    Added:
    Oct 28, 2024
    Days on Market:
    584
    Last Refresh:
    Jun 3 at 11:06 am

    Property Features for 507 Nellies Cave Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential 4
    Standard status
    Active
    APN
    070428
    Lot size
    2.04 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    1826.41

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Olivia Anton
    Olivia Anton

    Listing agent Olivia Anton

    Listing office RE/MAX 8 - Blacksburg 1344 N. Main St., Blacksburg, VA

    Listing date Oct 28, 2024

    MLS# 422502 Listing URL

    Copyright © 2026 New River Valley 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

    • Subdividable lot offering development potential.
    • Public utilities available.
    • Great location close to local amenities.
    • Proximity to campus.
    • Building lot ready for construction.
    • Location offers endless possibilities.

    Overview

    This 2.04-acre land parcel, zoned Residential 4, is located in Blacksburg, Virginia. The property offers potential for subdivision and is served by public utilities. Its location provides convenient access to local amenities and the university campus. The site is suitable for residential development.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Blacksburg
    County
    Montgomery
    State
    Virginia
    Longitude
    -80.3927777
    Latitude
    37.2132398

    Nearby Similar for Sale

    • $2,000,000
      2,904 SF

      Blacksburg Commercial Property For Sale

      Commercial property in prime location between Christiansburg and Blacksburg.
      3980 S Main Street, Blacksburg, VA 24060
      View Details
    • $955,000

      Blacksburg Development Opportunity Near VT

      2.45 acres near VT, ideal for small lot development.
      508,501,495 PIEDMONT Street, Blacksburg, VA 24060
      View Details
    • $1,295,000

      Blacksburg Investment Opportunity

      Cottage homes and building lots near VT and downtown.
      495,500,501,508 PIEDMONT Street, Blacksburg, VA 24060
      View Details
    • $379,900

      Blacksburg Duplex with Income Potential

      Architecturally designed duplex in Blacksburg with immediate rental income.
      1426 SANDY Circle, Blacksburg, VA 24060
      View Details
    • $3,480,000

      Blacksburg Commercial Property For Sale

      Main Street location near Virginia Tech with development potential.
      1107 N Main St, Blacksburg, VA 24060
      View Details
    • $825,000

      Blacksburg Legacy Parcel with Views

      41.8-acre Blacksburg parcel with stream frontage and mountain views.
      484 Mill Pointe Rd, Blacksburg, VA 24060
      View Details
    • $2,000,000
      2,904 SF

      Commercial Property in Prime Location

      2,904 SF commercial building with high visibility.
      3980 S Main St, Blacksburg, VA
      View Details
    • $4,900,000

      Winery, Event Venue, Hospitality Destination

      Thriving winery, event venue, and hospitality destination on 100+ acres.
      3899 Eakin Farm Rd., Blacksburg, VA 24060, Blacksburg, VA 24060
      View Details
    • $8,774,900

      Expansive Land Parcel in Blacksburg

      135+ acre parcel ideal for multifamily or mixed-use development.
      1801 Toms Creek Rd, Blacksburg, VA 24060
      View Details
    • $139,900

      Blacksburg Vacant Land For Sale

      13.67 acre vacant land parcel in Blacksburg, Virginia.
      6388 Centennial Rd, Blacksburg, Va, Blacksburg, VA 24060
      View Details
    • $140,000

      Blacksburg Land with Installed Utilities

      3-acre lot with well and septic near Blacksburg, VA.
      6500 Great Valley Road, Blacksburg, VA 24060
      View Details
    • $7,850,000
      56,044 SF

      Adaptable Mixed-Use Development Opportunity

      2.56-acre parcel near Virginia Tech suitable for mixed-use redevelopment.
      700 University City Boulevard | Blacksburg, VA 24060, VA 24060
      View Details

    FAQs

    What type of property is this?
    Land - Residential land with subdivision potential, convenient to amenities and campus.
    Where is this land located?
    The property is located at 507 Nellies Cave Road Blacksburg, VA.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: Subdividable lot offering development potential.; Public utilities available.; Great location close to local amenities.
    (540) 599-5070
    We can help!
    Listing Contact
    Olivia Anton
    Olivia Anton
    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
    507 Nellies Cave Road, Blacksburg, VA 24060
    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!