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    631 Peters Creek Rd Roanoke, VA 24017

    Sponsored
    For Lease
    $12 SF/Yr ($16,530 /Mo)

    Roanoke, VA Strip Center - 6,300 SF Available

    Lot size:
    16,530 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    Creekside Center, a 16,530 square foot retail strip center in Roanoke, Virginia, offers exceptional opportunities for businesses seeking high-visibility locations. Built in 2005, this single-story building boasts 6,300 square feet of immediately available space, divisible into units ranging from 1,400 to 2,800 contiguous square feet. The property sits on a 2.65-acre lot and provides ample parking, with a ratio of 3.63 spaces per 1,000 square feet. Its prime location at the intersection of Shenandoah Avenue and Peters Creek Road in Roanoke County (zip code 24017) ensures high traffic volume, benefiting from its position on well-traveled routes connecting Salem and Roanoke. The center benefits from excellent signage along Peters Creek Road and enjoys the proximity of a Food Lion anchor tenant on an adjacent parcel. This established center features long-term, strong tenants, creating a stable and desirable environment for new businesses. The property is surrounded by a robust residential population, providing a ready-made customer base. Easy access to a signaled intersection further enhances its appeal and accessibility.

    Property Features for 631 Peters Creek Rd

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    16,530 SF
    Total Rate
    16530

    Building Details

    Year Built
    2005

    Unit(s) available at that property

    Space
    1st Fl, Ste 102
    Size
    1,750 SF
    Rate per SF
    $12
    Space
    1st Fl, Ste 105
    Size
    1,400 SF
    Rate per SF
    $12
    Space
    Suite 108
    Size
    1,400 SF
    Rate per SF
    $12
    Space
    1st Fl, Ste 110
    Size
    1,750 SF
    Rate per SF
    $12

    HighLights

    • High visibility from major thoroughfare.
    • Excellent location, serving Salem and Roanoke markets.
    • High traffic count: 33,000 vehicles daily.
    • Supported by a dense residential population.
    Property Profile Location Intelligence

    Current Use by Public Records

    Divas & Dolls Beauty Salon The Pink Bar, Inc. Women'S Clothing Store Sk Beauty Supply Beauty Supply Store Beauty Hut LLC Beauty Supply Store

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.0083939
    Latitude
    37.2797777

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    FAQs

    What type of property is this?
    Retail property - Roanoke, VA Strip Center - 6,300 SF Available
    Where is this retail property located?
    The property is located at 631 Peters Creek Rd Roanoke, VA.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: High visibility from major thoroughfare.; Excellent location, serving Salem and Roanoke markets.; High traffic count: 33,000 vehicles daily.
    Request Owner's contact information
    631 Peters Creek Rd Roanoke, VA 24017
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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
    631 Peters Creek Rd Roanoke, VA 24017
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