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    350 Franklin St Rocky Mount, VA 24151

    Sponsored
    For Sale
    $350,000

    Multi-Tenant Retail Building in Rocky Mount, VA

    Property size:
    11,424 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    The Haywood Building, a 11,424 square foot, two-story retail property located at 350 Franklin St, Rocky Mount, VA 24151, presents a unique owner/user or investment opportunity. This multi-tenant building, situated on a 0.11-acre lot, boasts six tenants, including a barbershop with recently updated flooring, and offers a mix of retail and office spaces. The building, constructed in 1953, has undergone significant recent improvements, including a new roof (2021), a new hot water heater (2022), and new HVAC systems for the upstairs office space (May 2024). The 7,616 square feet of net rentable space is currently priced at $30.64 per square foot, with an asking price of $350,000. The largest tenant has occupied their space since 1953, highlighting the building's strong historical tenancy. Upstairs, there is a sizable wing of office space currently unused, complete with plumbing for future development, a kitchen, and restrooms for tenants. One retail space includes a private bathroom. The building's prime location in a rapidly growing area of Rocky Mount, near The Harvester music center and the library, offers excellent walkability to shops and restaurants. A basement area, currently used for storage, also presents additional development potential. Rent bumps are implemented yearly, and the property is zoned for commercial use. This property offers a blend of established income and significant upside potential for future development.

    Property Features for 350 Franklin St

    General Information

    Property type
    Individual retail properties
    Square Feet
    11,424 SF
    Lot Size
    4,792 SF

    Building Details

    Year Built
    1953
    Buildings
    1
    Stories
    2

    HighLights

    • 11,424 SF two‑story retail building on a 0.11‑acre lot in Rocky Mount, VA.
    • Six‑tenant multi‑tenant building with a mix of retail and office space, including a recently updated barbershop.
    • $350,000 asking price, $30.64/SF net rentable area (7,616 SF).
    • Recent capital improvements including a new roof (2021), hot water heater (2022), and HVAC (May 2024).
    • Prime location near The Harvester and library, with strong historical tenancy (largest tenant since 1953).
    • Significant upside potential: unused office space with plumbing, kitchen, and restrooms; basement storage; yearly rent bumps; and commercial zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Architectural Salvage & Antique ... Publisher LifeSaver Insurance VA Insurance Agency

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Rocky Mount
    County
    Franklin
    State
    Virginia
    Longitude
    -79.8922762
    Latitude
    36.9978376

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    FAQs

    What type of property is this?
    Individual retail property - Multi-Tenant Retail Building in Rocky Mount, VA
    Where is this individual retail property located?
    The property is located at 350 Franklin St Rocky Mount, VA.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: 11,424 SF two-story retail building on a 0.11-acre lot in Rocky Mount, VA.; Six-tenant multi-tenant building with a mix of retail and office space, including a recently updated barbershop.; $350,000 asking price, $30.64/SF net rentable area (7,616 SF).
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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.

    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
    350 Franklin St Rocky Mount, VA 24151
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