Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Turn Key Medical Office Space Title is generated by Realmo AI

    445 Commonwealth Blvd E, Martinsville, VA 24112

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

    4,200 SF medical office space for lease.

    Type:Office
    Property size:
    4,200 SF
    Added:
    Nov 30, 2022
    Days on Market:
    1259
    Last Refresh:
    Mar 17 at 1:18 pm

    Property Features for 445 Commonwealth Blvd E

    General Information

    Standard status
    Active
    Size
    4,200 SF
    Property subtype
    Office

    Building Details

    Year Built
    1984

    Spaces For Lease

    at 445 Commonwealth Blvd E Contact us

    Suite A - 4,200 sf Medical Office $13 /Mo

    Size
    4,200 SF
    Type
    Office
    This 4,200 sf turn key one story medical office space on East Commonwealth Boulevard...
    show more
    Contact us

    We can help!

    Listing Contact
    Will Vaughn
    Will Vaughn

    Listing agent Will Vaughn License #VA 0225233601

    Listing office J & R Management

    Listing date Nov 30, 2022

    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 J & R Management

    HighLights

    • Turn‑key 4,200 sf medical office space.
    • Designed by Marshall Erdman and Associates, Inc.
    • Eight exam rooms and six private offices.
    • Abundant natural light and plentiful built‑in cabinets.
    • Ground level access from large private parking lot.
    • Located 1 mile from Sovah Health - Martinsville Hospital.

    Overview

    This is a 4,200 square foot, one-story medical office space located on East Commonwealth Boulevard. The space was designed by Marshall Erdman and Associates, Inc. Features include built-in cabinets, abundant natural light, and ground-level access from a large private parking lot. The layout includes a reception desk area that seats six staff members, eight exam rooms, six private offices, an employee breakroom, four restrooms, and medical records shelving behind the reception area. The property is located one mile from Sovah Health - Martinsville Hospital. Neighboring businesses include Hooker Furnishings Corporation, Stateline Heart & Vascular, and Martinsville Center for Sight.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Virginia Prosthetics & Orthotics Orthotics & Prosthetics Service Crossroads Treatment Center ... Medical Clinic Dr. Myron E. ... Pediatrician Ayokunle Dr-Fatade Health ... Pediatrician Commonwealth Family Physicians Medical Clinic

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Martinsville
    County
    Martinsville
    State
    Virginia
    Longitude
    -79.8551703
    Latitude
    36.696701

    Nearby Similar for Lease

    • Contact for pricing

      Martinsville Industrial Facility For Rent

      Class B industrial facility with freezer, ideal for manufacturing/distribution.
      229 Hollie Drive, Martinsville, VA, 24112
      View Details
    • $15 SF/Yr

      Martinsville Office Space Available

      Office space for rent in Martinsville, Virginia, 1200 square feet.
      1101 Brookdale St, Martinsville, VA
      View Details
    • Contact for pricing

      Enterprise Zone Flex/Industrial Space

      Flexible industrial and flex space available within an enterprise zone.
      Martinsville, VA 24112
      View Details
    • Contact for pricing

      Martinsville Industrial Warehouses For Rent

      Three industrial warehouses with vacant space available for lease.
      1501, 1505, 1507 Joseph Martin Hwy, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Former Walgreens Retail Opportunity

      Freestanding retail building available for lease in Martinsville, Virginia.
      2707 Greensboro Rd, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Martinsville Office Space For Lease

      Office space for lease in Martinsville, Virginia.
      1780 Old Chatham Rd, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Professional Brick Office Building

      Office suites with live/work opportunity in Martinsville, VA.
      156 E Market St, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Industrial Building in Martinsville, VA

      100,440 SF Class A industrial building available for lease/purchase.
      740 Beaver Creek Dr, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Retail Center on Greensboro Road

      11,475 SF retail center on primary retail corridor.
      2801 Greensboro Rd, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Warehouse Space with Two Docks

      5,000 SF warehouse space featuring two loading docks.
      90 Tensbury Dr, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Uptown Martinsville Professional Office Space

      Professional office space for rent in Uptown Martinsville, Virginia.
      26 W Church St, Martinsville, VA 24112
      View Details
    • Contact for pricing

      77,000 SF Shopping Center

      77,000 SF shopping center on 5.04 acres for lease.
      2370 Greensboro Rd, Martinsville, VA 24112
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - 4,200 SF medical office space for lease.
    Where is this medical office space located?
    The property is located at 445 Commonwealth Blvd E Martinsville, VA.
    What are key features of this property?
    This property features: Turn‑key 4,200 sf medical office space.; Designed by Marshall Erdman and Associates, Inc.; Eight exam rooms and six private offices.
    (276) 632-5325 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Will Vaughn
    Will Vaughn
    Real Estate License ID: VA 0225233601
    Learn More
    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
    445 Commonwealth Blvd E, Martinsville, VA 24112
    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!