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    302 Main St Pearisburg, VA 24134

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    For Lease
    Contact for pricing

    Giles County Shopping Center - Spaces Available

    Lot size:
    97,798 SF

    Property Features for 302 Main St

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    97,798 SF
    Total Rate
    89648.17

    Spaces For Lease

    at 302 Main St, Pearisburg, VA 24134 Contact us
    Unit 8

    $18 /Mo

    Size
    1,600 SF
    Contact us
    Unit 9

    $11 /Mo

    Size
    23,182 SF
    Contact us
    Unit 2

    $132 /Mo

    Size
    9,000 SF
    Contact us

    We can help!

    Listing Contact
    Hartley Jordan
    Hartley Jordan

    Listing Agency: Commonwealth Commercial Listing Agent: Hartley Jordan

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

    Learn more

    Property Insight Report

    Overview

    Main Street Plaza, a thriving Giles County shopping center, offers exceptional retail opportunities. This 97,798 square foot property features multiple tenancies, providing flexibility for various business needs. Currently, there are three spaces available, ranging from 1,600 square feet to a substantial 23,182 square feet, ideal for expansion or new ventures. One space of approximately 9,000 square feet is conveniently located adjacent to a Food Lion grocery store, ensuring high foot traffic and visibility. Another sizable space, approximately 23,182 square feet, is situated next to a Tractor Supply, offering similar benefits. In addition to the inline spaces, there are also development opportunities. A 0.86-acre pad site is available adjacent to the existing shops, perfect for a standalone building. Furthermore, a 0.482-acre outparcel is situated prominently in front of the strip center, providing excellent exposure for a business seeking high visibility. The minimum divisible space is 1,600 square feet, making it accessible to a range of businesses. A total of 33,783 square feet is currently vacant, presenting a significant opportunity for immediate occupancy. This prime retail location in Giles County offers a unique blend of established tenants and development potential, making it an attractive investment for discerning businesses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Food Lion Grocery & Convenience Store Redbox Cinema Western Union Bank Primo Water Exchange Big Box & Wholesale Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Pearisburg
    County
    Giles
    State
    Virginia
    Longitude
    -80.7357718
    Latitude
    37.3306089

    Nearby Similar for Lease

    • Contact for pricing
      9,000 SF

      Pearisburg Retail Space Available

      Retail spaces and pad sites available in Pearisburg, Virginia.
      302-322 N Main St, Pearisburg, VA 24134
      View Details
    • $9 SF/Yr
      97,798 SF

      Main Street Plaza Retail Center

      Pearisburg, VA Shopping Center - 97,798 SF
      302 Main St, Pearisburg, VA 24134
      View Details

    FAQs

    What type of property is this?
    Retail property - Giles County Shopping Center - Spaces Available
    Where is this retail property located?
    The property is located at 302 Main St Pearisburg, VA.
    What is the lease rate?
    The lease rate is $11-$132 SF/Yr.
    What are key features of this property?
    This property features: Retail shopping center totaling 97,798 square feet.; Multiple tenancies available, with spaces ranging from 1,600 to 23,182 square feet.; 33,783 square feet of vacant space currently available.
    (804) 346-4966 Call to check price and availability
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    302 Main St Pearisburg, VA 24134
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    Pearisburg, VA 24134
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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
    302 Main St Pearisburg, VA 24134
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    Contact for Pricing
    Please call us for current price
    and status of this listing Hartley Jordan
    Hartley Jordan
    Real Estate License ID: 0225271539
    (804) 346-4966 (804) 964-2391
    Learn more
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