Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2350 Peters Creek Rd Roanoke, VA 24017

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Mixed-use center, high visibility, strong tenants.

    Property size:
    13,908 SF

    Property Features for 2350 Peters Creek Rd

    General Information

    Property type
    Lifestyle centers
    Square Feet
    13,908 SF
    Class
    B
    Lot Size
    53,579 SF

    Building Details

    Year Built
    1988
    Buildings
    2
    Stories
    1

    We can help!

    Listing Contact
    Henry Scholz
    Henry Scholz

    Listing Agency: MKB Commercial Listing Agent: Henry Scholz

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

    Learn more

    Property Insight Report

    Overview

    Green Ridge Center, a Class B mixed-use property in Roanoke, VA, is offered at $1,649,000. This 13,908 square foot shopping center boasts excellent visibility on Peters Creek Road, a major thoroughfare. The property comprises two buildings totaling 13,908 net rentable square feet, built in 1988, situated on a 1.23-acre lot with 46 parking spaces. Building 1 (2350 Peters Creek Rd NW) is 5,268 square feet and houses three tenants. Building 2 (2363 Peters Creek Rd NW), encompassing 8,640 square feet, features six 1,440 square foot bays, with two tenants occupying two bays each. A Domino's Pizza, a tenant since 1988, anchors the second building, alongside another tenant since 2012. The property features a new roof installed in 2018 and offers 3,526 square feet of contiguous space ideal for an owner-occupant or new tenant. The property's zoning is CN, and it offers a pro-forma cap rate of 7.67% and a pro-forma NOI of $126,535. This investment opportunity presents strong potential due to its location, long-term tenants, and available space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Grandberry Services Hardware & Home Improvement

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office 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
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.005726752519
    Latitude
    37.313765351005

    Nearby Similar for Sale

    • $350,000
      5,800 SF

      Roanoke Retail Opportunity For Sale

      Retail property in North Roanoke with high-traffic location.
      5623 Williamson Rd, Roanoke, VA 24012
      View Details
    • $299,950
      0.22 Acres

      Remodeled Commercial Space with Parking

      Updated office/retail space with parking near airport and retail.
      5111 Airport Rd NW, Roanoke, VA 24012
      View Details
    • $545,000
      0.31 Acres

      Roanoke Investment Opportunity

      Well-maintained commercial building leased to the Commonwealth of Virginia.
      414 9Th St SE, Roanoke, VA 24013
      View Details
    • New
      $675,998
      3,700 SF

      Renovated Roanoke Quad with Upscale Finishes

      Fully renovated quad in Roanoke with luxury finishes.
      819 Campbell Ave SW, Roanoke, VA 24016
      View Details
    • $875,000
      0.05 Acres

      Downtown Roanoke Investment Opportunity

      Two-unit building in vibrant downtown Roanoke with retail and residential.
      22 Campbell Ave SE, Roanoke, VA 24011
      View Details
    • $550,000
      0.79 Acres

      Commercial Property on Williamson Road

      Two commercial buildings with high potential on a 0.79-acre lot.
      2211 Williamson Rd NE, Roanoke, VA 24012
      View Details
    • $476,850
      0.32 Acres

      Roanoke Office and Retail Space

      Well-appointed, accessible office/retail space near interstate, airport, and downtown.
      624-626 Abney Rd, Roanoke, VA 24012
      View Details
    • $349,000
      0.19 Acres

      Versatile Retail and Industrial Property

      Retail and industrial property in high-traffic location on Williamson Rd.
      1408 Williamson Rd NE, Roanoke, VA 24012
      View Details
    • $1,350,000
      1.00 Acre

      Franklin Road Office/Retail Opportunity

      Prime commercial land on Franklin Road with high traffic volume.
      4040 Franklin Rd SW, Roanoke, VA 24014
      View Details
    • $350,000
      0.14 Acres

      Roanoke Duplex Near Wasena Park

      Duplex in Wasena neighborhood, close to park, shops, and greenway.
      1228 Wasena Ave SW, Roanoke, VA 24015
      View Details
    • $2,875,000
      0.20 Acres

      Historic Horton Building For Sale

      Landmark Roanoke building blending early-20th-century craftsmanship and modern functionality.
      302 1St St SW, Roanoke, VA 24011
      View Details
    • $2,875,000
      0.20 Acres

      Historic Horton Building in Roanoke

      Landmark building blending early-20th-century craftsmanship with modern functionality.
      302 1St St SW, Roanoke, VA 24011
      View Details

    FAQs

    What type of property is this?
    Lifestyle center - Mixed-use center, high visibility, strong tenants.
    Where is this lifestyle center located?
    The property is located at 2350 Peters Creek Rd Roanoke, VA.
    What is the asking price?
    The asking price for this property is $1,649,000.
    What are key features of this property?
    This property features: Excellent visibility on Peters Creek Road, a major thoroughfare.; Median crossover provides convenient access.; New roof installed in 2018.
    (540) 989-4555 Call to check price and availability
    Request Owner's contact information
    2350 Peters Creek Rd Roanoke, VA 24017
    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.
    2350 Peters Creek Rd
    Roanoke, VA 24017
    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
    2350 Peters Creek Rd Roanoke, VA 24017
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Henry Scholz
    Henry Scholz
    Real Estate License ID: 0225055191
    (540) 989-4555 (540) 353-0100
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!