Sign Up Successful!
You now have access to more from Realmo!
    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

    2010 Spruce St Martinsville, VA 24112

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

    124 Acres, Public Utilities, Breathtaking Views

    Property Features for 2010 Spruce St

    General Information

    Property type
    Land
    Lot Size
    5,437,159 SF

    We can help!

    Listing Contact
    Rives Coleman
    Rives Coleman

    Listing Agency: Rives S. Brown Listing Agent: Rives Coleman

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

    Learn more

    Overview

    This exceptional 124.82-acre commercial and industrial land parcel presents a unique development opportunity in Martinsville, Virginia. Located at 2010 Spruce Street, zip code 24112, this property boasts convenient access via Sam Lions Trail and 277 feet of frontage on Spruce Street. The land is zoned R( and features readily available public utilities including water, sewer, natural gas, and cable. Its prime location within Lanier Farms offers stunning views overlooking Mulberry Creek and Forest Park Country Club. This is the last large, developable tract in the city, making it an ideal site for a mixed-use development. Potential uses include single-family homes, townhomes, condominiums, or apartments, catering to a variety of housing needs. The expansive acreage and desirable amenities make this property a highly attractive investment for developers seeking a premier location in Martinsville and Henry County. The APN is 000424900. The asking price for this significant landholding is $355,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Accounting Firm Bar & Pub Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Martinsville
    County
    Martinsville City
    State
    Virginia
    Longitude
    -79.828612961972
    Latitude
    36.659929922907

    Nearby Similar for Sale

    • $94,900
      0.23 Acres

      Martinsville Commercial Property For Sale

      Commercial property with potential for various business uses.
      918 Chatham Heights Rd, Martinsville, VA 24112
      View Details
    • $89,900
      Pending

      Martinsville Commercial Opportunity For Sale

      Commercial building with office space, kitchenette, and storage.
      933 Starling Ave, Martinsville, VA 24112
      View Details
    • $150,000
      0.28 Acres

      Martinsville Commercial Investment Opportunity

      Suites with reception, offices, storage, and conference room.
      15 Cleveland Ave, Martinsville, VA 24112
      View Details
    • $149,900
      1.05 Acres

      Martinsville Church with Meeting Hall

      Church property featuring a large meeting hall and recent updates.
      112 Johnson Ln, Martinsville, VA 24112
      View Details
    • $339,000
      1,120 SF

      Martinsville Multi-Family Opportunity

      Brick ranch home and updated singlewide on 1.25 acres.
      1043 Liberty Street Ext, Martinsville, VA 24112
      View Details
    • New
      $115,000
      0.16 Acres

      Versatile Investment Opportunity in Martinsville

      Prime location with rental and business potential near amenities.
      310 Brown St, Martinsville, VA 24112
      View Details
    • $275,000
      1.14 Acres

      Established Auto Shop with Lifts

      Two-level auto shop with lifts and ample parking.
      1925 Old Chatham Rd, Martinsville, VA 24112
      View Details
    • $329,000
      0.71 Acres

      Retail Investment Opportunity, Martinsville, VA

      High-traffic retail property with existing tenant for immediate income.
      1100 Spruce Street Ext, Martinsville, VA 24112
      View Details
    • $800,000
      4,000 SF

      870 Preston Rd

      Prime Real Estate & High-Cash-Flow Business in Martinsville, VA
      870 Preston Rd, Martinsville, VA 24112
      View Details
    • $225,000
      0.16 Acres

      Mixed-Use Property with Renovations

      Renovated mixed-use property with residential and commercial spaces in Martinsville.
      813 Brookdale St, Martinsville, VA 24112
      View Details
    • $365,000
      2,048 SF

      Retail Building on High-Traffic Corridor

      2,048 SF retail building on 0.46 acre lot.
      1706 Virginia Ave, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Former Restaurant in Historical Corridor

      Former restaurant in Martinsville's historical corridor with recent upgrades.
      410 Starling Ave, Martinsville, VA 24112
      View Details

    FAQs

    What type of property is this?
    Land - 124 Acres, Public Utilities, Breathtaking Views
    Where is this land located?
    The property is located at 2010 Spruce St Martinsville, VA.
    What is the asking price?
    The asking price for this property is $355,000.
    What are key features of this property?
    This property features: 100+ acre prime developable tract in Lanier Farms, Martinsville, Henry County; last large tract available.; 277 ft of frontage on Spruce Street, accessible via Sam Lions Trail.; Utilities available: public water & sewer, natural gas, cable.
    (276) 732-2859 Call to check price and availability
    Request Owner's contact information
    2010 Spruce St Martinsville, VA 24112
    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.
    2010 Spruce St
    Martinsville, VA 24112
    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
    2010 Spruce St Martinsville, VA 24112
    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 Rives Coleman
    Rives Coleman
    Real Estate License ID: V0225041050
    (276) 732-2859
    Learn more
    Google sign-in failed. Please try again or use another login method.