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    Virginia Mkt Pl Dr Rocky Mount, VA 24151

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    For Sale
    Contact for pricing

    1.14 Acres, Prime Location, $699,000

    Property Features for 0 Virginia Mkt Pl Dr

    General Information

    Property type
    Retail space
    Lot Size
    49,658 SF

    We can help!

    Listing Contact
    Bryan Musselwhite, Ccim
    Bryan Musselwhite, Ccim

    Listing Agency: Poe & Cronk Real Estate Listing Agent: Bryan Musselwhite, Ccim

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

    Learn more

    Overview

    This exceptional 1.14-acre commercial land parcel, located at 0 Virginia Market Place Drive in Rocky Mount, Virginia (zip code 24151), presents a unique investment opportunity. Situated in Franklin County, this property boasts a highly desirable location at a signalized intersection, ensuring excellent visibility and accessibility. The lot is zoned PCD, offering versatility for a range of commercial developments. Imagine the possibilities: a modern office building, a thriving retail center, or a state-of-the-art warehouse facility. This property's strategic placement guarantees high daily consumer traffic counts, providing unparalleled exposure for any business. The asking price is $699,000. The property's APN is 0440700300. This prime commercial land offers significant potential for substantial returns, making it an ideal investment for both seasoned developers and first-time investors. Its size and location combine to create an exceptional opportunity to establish a successful and visible business in a bustling area. Don't miss this chance to acquire this highly sought-after commercial real estate in Rocky Mount, Virginia.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Rocky Mount
    County
    Franklin
    State
    Virginia
    Longitude
    -79.897573007961
    Latitude
    37.07144106752

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    FAQs

    What type of property is this?
    Retail space - 1.14 Acres, Prime Location, $699,000
    Where is this retail space located?
    The property is located at Virginia Mkt Pl Dr Rocky Mount, VA.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: 1.14-acre commercial lot in Rocky Mount, VA (24151), located at 0 Virginia Market Place Drive.; Highly desirable location at a signalized intersection with excellent visibility and accessibility.; PCD zoning allows for versatile commercial development.
    (540) 982-2444 Call to check price and availability
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    Virginia Mkt Pl Dr Rocky Mount, VA 24151
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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
    Virginia Mkt Pl Dr Rocky Mount, VA 24151
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Bryan Musselwhite, Ccim
    Bryan Musselwhite, Ccim
    Real Estate License ID: 0225190438
    (540) 982-2444 (540) 314-7796 (540) 855-3654
    Learn more
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