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    The Largest CRE Database in the US with Over 1 Million Listings

    198 Commonwealth Dr Wytheville, VA 24382

    Sponsored
    For Lease
    $23 SF/Yr ($15,333 /Mo)
    Lot size:
    8,000 SF
    Added:
    Dec 11, 2024
    Days on Market:
    425

    Property Features for 198 Commonwealth Dr

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    8,000 SF
    Class
    B
    Total Rate
    15333.33

    Spaces For Lease

    at 198 Commonwealth Dr, Wytheville, VA 24382 Contact us
    Unit Available Space 1

    $26 /Mo

    Size
    1,506 SF
    Contact us

    We can help!

    Listing Contact
    Ben Harris Ccim
    Ben Harris Ccim

    Learn more

    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    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
    Wytheville
    County
    Wythe
    State
    Virginia
    Longitude
    -81.0970871
    Latitude
    36.9586709

    Nearby Comparable

    • Contact for pricing
      5,021 SF

      Dominant Regional Retail Center Space

      Regional retail center anchored by Walmart and Lowes.
      215-345 Commonwealth Dr, Wytheville, VA 24382
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      99,745 SF

      Wythe Plaza Shopping Center For Lease

      Prime Retail Space, I-77 & I-81 Corridor
      800 Main St, Wytheville, VA 24382
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      4,311 SF

      Renovated Shopping Center For Lease

      99,745 SF renovated shopping center on 8.69 acres.
      880 E Main St, Wytheville, VA 24382
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      1,400 SF

      Renovated Shopping Center Space Available

      99,745 SF renovated shopping center on 8.69 acres.
      235 Fairground Rd, Wytheville, VA 24382
      View Details
    • Contact for pricing
      1,385 SF

      Renovated Shopping Center For Lease

      99,745 SF renovated shopping center on 8.69 acres.
      205 Fairground Rd, Wytheville, VA 24382
      View Details
    • Contact for pricing
      18,900 SF

      Retail Space in Lehy Plaza

      Retail space available in Food Lion anchored Lehy Plaza.
      1370-1380 E Main St, Wytheville, VA 24382
      View Details
    • Contact for pricing

      LeHy Shopping Center: Prime Retail Space

      Wytheville, VA Retail Center - 18,900 sq ft
      1380 Main St, Wytheville, VA 24382
      View Details
    • $216 SF/Yr
      6,064 SF

      Lithia Road Restaurant Opportunity

      Prime Retail Space, I-81 Corridor
      190 Lithia Rd, Wytheville, VA 24382
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    • $11 SF/Yr
      1,920 SF

      Downtown Pulaski Retail Space

      Historic building, renovated 2024, prime location.
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    • $10 SF/Yr
      1,920 SF

      Downtown Pulaski Office Space

      1920 sq ft, renovated 2024 office space
      67 Main St, Pulaski, VA 24301
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    • $6 SF/Yr
      20,250 SF

      Showroom Suite in Pulaski Plaza

      Large showroom suite in busy shopping center with ample parking.
      1106-1200 E Main St, Pulaski, VA 24301
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    • Contact for pricing
      10,500 SF

      Prime Pulaski Retail Space

      10,500 SF Retail Space Available
      1220 Main St, Pulaski, VA 24301
      View Details

    Nearby Similar for Lease

    • Contact for pricing
      5,021 SF

      Dominant Regional Retail Center Space

      Regional retail center anchored by Walmart and Lowes.
      215-345 Commonwealth Dr, Wytheville, VA 24382
      View Details
    • Contact for pricing
      18,900 SF

      Retail Space in Lehy Plaza

      Retail space available in Food Lion anchored Lehy Plaza.
      1370-1380 E Main St, Wytheville, VA 24382
      View Details
    • Contact for pricing
      99,745 SF

      Wythe Plaza Shopping Center For Lease

      Prime Retail Space, I-77 & I-81 Corridor
      800 Main St, Wytheville, VA 24382
      View Details
    • $216 SF/Yr
      6,064 SF

      Lithia Road Restaurant Opportunity

      Prime Retail Space, I-81 Corridor
      190 Lithia Rd, Wytheville, VA 24382
      View Details
    • Contact for pricing

      LeHy Shopping Center: Prime Retail Space

      Wytheville, VA Retail Center - 18,900 sq ft
      1380 Main St, Wytheville, VA 24382
      View Details
    • Contact for pricing
      1,400 SF

      Renovated Shopping Center Space Available

      99,745 SF renovated shopping center on 8.69 acres.
      235 Fairground Rd, Wytheville, VA 24382
      View Details
    • Contact for pricing
      4,311 SF

      Renovated Shopping Center For Lease

      99,745 SF renovated shopping center on 8.69 acres.
      880 E Main St, Wytheville, VA 24382
      View Details
    • Contact for pricing
      1,385 SF

      Renovated Shopping Center For Lease

      99,745 SF renovated shopping center on 8.69 acres.
      205 Fairground Rd, Wytheville, VA 24382
      View Details

    FAQs

    Where is this restaurant located?
    The property is located at 198 Commonwealth Dr Wytheville, VA.
    What is the lease rate?
    The lease rate is $26 SF/Yr.
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    Wytheville, VA 24382
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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
    198 Commonwealth Dr Wytheville, VA 24382
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    Listing Contact
    Ben Harris Ccim
    Ben Harris Ccim
    Real Estate License ID: VIRGINIA0225186839
    Learn more
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