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    280 Virginia Ave Norton, VA 24273

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    For Lease
    Contact for pricing

    Modern Office Space, Multiple Sizes

    Lot size:
    7,019 SF

    Property Features for 280 Virginia Ave

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    7,019 SF
    Class
    A

    Spaces For Lease

    at 280 Virginia Ave, Norton, VA 24273 Contact us
    Unit Available Space 1

    $13 /Mo

    Size
    2,500 SF
    Contact us
    Unit Available Space 4

    $13 /Mo

    Size
    1,711 SF
    Contact us
    Unit Available Space 4

    $13 /Mo

    Size
    1,176 SF
    Contact us
    Unit Available Space 5

    $13 /Mo

    Size
    1,632 SF
    Contact us
    Unit Available Space 2

    $13 /Mo

    Size
    Contact us
    Unit Available Space 3

    $13 /Mo

    Size
    Contact us
    Show more

    We can help!

    Listing Contact
    Abraham Roth

    Listing Agency: Yehuda Gold - Intelligence Listing Agent: Abraham Roth

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional Class A office building in Norton, Virginia, offers a variety of flexible spaces ideal for various professional needs. Located at 280 Virginia Ave NE, 24273, this prime location provides convenient access for clients and employees. The building boasts beautifully updated interiors, creating an inviting and professional atmosphere. Multiple tenancy options are available, ranging from cozy 808 square foot suites to larger spaces of up to 4,200 square feet. The building is well-suited for a variety of office types, including medical, executive, traditional, and creative office spaces. This presents a unique opportunity for businesses seeking a modern and functional workspace in a desirable location. The building's design and amenities cater to the needs of today's professional environment, ensuring a productive and comfortable experience for occupants. With its strategic location and versatile space options, this property represents an excellent investment for businesses seeking to establish or expand their presence in Norton, Virginia. The building's updated features and inviting atmosphere create a professional and welcoming environment for both employees and clients. Contact us today to schedule a viewing and explore the possibilities. This is a rare opportunity to secure high-quality office space in a thriving community.
    Property Profile Location Intelligence

    Current Use by Public Records

    Wellmont Health System Medical Clinic Dr. Sharab M. ... Physician Erich Ernspiker, MD Physician Wise Medical Group Medical Group Mrs. Charlene Farthing Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Norton
    County
    Wise
    State
    Virginia
    Longitude
    -82.6250671
    Latitude
    36.9415013

    Nearby Similar for Lease

    • Contact for pricing
      4,003 SF

      Norton Commons Retail Space Available

      Retail space for lease in a Walmart shadow-anchored center.
      708-780 Commonwealth Dr, Norton, VA 24273
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    • Contact for pricing
      23,145 SF

      Norton, VA Retail Space Available

      High-traffic Co-Tenancy near Rural King
      608 Trent St, Norton, VA 24273
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    FAQs

    What type of property is this?
    Office space - Modern Office Space, Multiple Sizes
    Where is this office space located?
    The property is located at 280 Virginia Ave Norton, VA.
    What is the lease rate?
    The lease rate is $13 SF/Yr.
    What are key features of this property?
    This property features: Excellent highway access via US-23 and US-58 Alternate, providing easy connection to I-181 and I-81.; Prime location at the intersection of US-23 and US-58 Alternate.; Proximity to Norton Community Hospital, a 129-bed acute-care facility serving Southwest Virginia and Southeastern Kentucky.
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    Norton, VA 24273
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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.

    More about this property
    280 Virginia Ave Norton, VA 24273
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    Contact for Pricing
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    Abraham Roth
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