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    2602 Sheffield Dr Blacksburg, VA 24060

    Sponsored
    For Sale
    $485,900

    .584-acre commercial lot, prime location.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This exceptional .584-acre commercial land parcel in Blacksburg, Virginia, presents a compelling investment opportunity. Located at 2602 Sheffield Drive, 24060, Montgomery County, this property boasts a prime location on a high-traffic road, ensuring excellent visibility and accessibility. Zoned PR (Planned Residential), the land offers versatile development potential, accommodating a range of projects from residential to mixed-use developments, or specialized commercial applications. A site plan sample and rendering of a potential office/retail project are available. The approximately 25,408 square foot lot provides ample space for a project tailored to individual needs, whether for business expansion, a new venture, or strategic investment. Its high visibility and significant daily traffic make it ideal for attracting attention and driving customer engagement. This is a rare opportunity to acquire a well-situated parcel in a thriving area, offering substantial potential for future growth and return. The asking price is $485,900.

    Property Features for 2602 Sheffield Dr

    General Information

    Property type
    Land
    Lot Size
    25,439 SF

    HighLights

    • 0.58‑acre lot (approx. 25,408 SF).
    • PR (Planned Residential) zoning, suitable for residential, mixed‑use, or select commercial projects.
    • High‑traffic road frontage offering excellent visibility and accessibility.
    • High‑visibility location with strong daily traffic counts.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Auto Repair Shop Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Blacksburg
    County
    Montgomery
    State
    Virginia
    Longitude
    -80.451777590571
    Latitude
    37.219877993676

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    FAQs

    What type of property is this?
    Land - .584-acre commercial lot, prime location.
    Where is this land located?
    The property is located at 2602 Sheffield Dr Blacksburg, VA.
    What is the asking price?
    The asking price for this property is $485,900.
    What are key features of this property?
    This property features: 0.58-acre lot (approx. 25,408 SF).; PR (Planned Residential) zoning, suitable for residential, mixed-use, or select commercial projects.; High-traffic road frontage offering excellent visibility and accessibility.
    (540) 357-2084
    Request Owner's contact information
    2602 Sheffield Dr Blacksburg, VA 24060
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    Blacksburg, VA 24060
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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
    2602 Sheffield Dr Blacksburg, VA 24060
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