Add Listing
    For Lease
    • 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

    15 Salem Ave Roanoke, VA 24011

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Prime Office Suites, Move-In Ready

    Lot size:
    4,929 SF

    Property Features for 15 Salem Ave

    General Information

    Property type
    Medical Office Space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    4,929 SF
    Class
    B

    Building Details

    Buildings
    1
    Stories
    3

    Spaces For Lease

    at 15 Salem Ave, Roanoke, VA 24011 Contact us
    Unit Suite 300

    $16 /Mo

    Size
    3,599 SF
    Contact us
    Unit Suite 213

    $16 /Mo

    Size
    1,330 SF
    Contact us

    We can help!

    Listing Contact
    Kristine Davis
    Kristine Davis

    Listing Agency: Hall Associates Listing Agent: Kristine Davis

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

    Learn more

    Property Insight Report

    Overview

    This exceptional, renovated office building in the heart of downtown Roanoke offers two available suites totaling 1,330 to 3,599 square feet of versatile space. The building, classified as Class B, boasts attractive features including high ceilings, exposed brick walls, and an elevator for convenient access to all three floors. ADA-compliant restrooms are provided for accessibility. Suite 213 is immediately available, while Suite 300 will be ready for occupancy in January 2025. The property is zoned D and features a single building with multiple tenancies. Its central location places it within easy walking distance of Roanoke's vibrant entertainment district, museums, and acclaimed restaurants. The property's address is 15 Salem Ave SE, Roanoke, VA 24011, and its Assessor's Parcel Number (APN) is 4010311. The building is suitable for various office uses, including executive, coworking, traditional, creative, and medical offices. This is a unique opportunity to secure high-quality office space in a thriving downtown location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The EI Group, Inc. Environmental Consultant Trinity Consultants Environmental Consultant Chapter 13 Trustee Law Firm LPA Engineer

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -79.939871413856
    Latitude
    37.272472321682

    Nearby Similar for Lease

    • $12 SF/Yr
      7,260 SF

      Retail/Office Space on Brambleton Ave

      Well-maintained retail/office space with excellent road visibility.
      Roanoke, VA 24018
      View Details
    • $12 SF/Yr
      4,016 SF

      Retail Showroom with Warehouse Space

      4,016 SF building with showroom and warehouse for lease.
      3719 Brambleton Ave, Roanoke, VA 24018
      View Details
    • $15 SF/Yr
      1,550 SF

      Downtown Roanoke Office Space

      Professional office space in a beautifully restored historic building.
      120 Day Ave SW, Roanoke, VA 24016
      View Details
    • $20 SF/Yr
      853 SF

      Professional Office at McVitty Center

      853 SF office condo in well-established professional park.
      2758 Electric Rd, Roanoke, VA 24018
      View Details
    • $18 SF/Yr
      1,450 SF

      Renovated Historic Office Building

      Completely renovated 1929 office building with modern amenities.
      26-30 Franklin Rd SW, Roanoke, VA 24011
      View Details
    • $14 SF/Yr
      2,810 SF

      Office and Warehouse Space Available

      Modern office and functional warehouse space for rent.
      6742-6746 Thirlane Rd, Roanoke, VA 24019
      View Details
    • $14 SF/Yr
      1,480 SF

      Office Space with Creative Loft

      Two-story office space with flexible layout and creative loft.
      2840 Hershberger Rd NW, Roanoke, VA 24017
      View Details
    • $1,700 /Mo
      2,500 SF

      Office/Warehouse Space For Rent

      2,500 SF office/warehouse unit with versatile space.
      1807 Murry Rd SW, Roanoke, VA 24018
      View Details
    • $12 SF/Yr
      1,750 SF

      Retail Space in High-Traffic Area

      Retail space with high visibility and strong residential base.
      631-635 Peters Creek Rd NW, Roanoke, VA 24017
      View Details
    • $22 SF/Yr
      3,925 SF

      Retail Space in West Village

      Flexible retail spaces available for lease in a visible center.
      3555 Electric Rd, Roanoke, VA 24018
      View Details
    • $12 SF/Yr
      7,544 SF

      Accessible Office Space Near Downtown

      Office space with easy access and close to downtown Roanoke.
      Roanoke, VA 24016
      View Details
    • $9 SF/Yr
      4,453 SF

      Office/Industrial Space in Roanoke

      Affordable 4,453 SF office/warehouse space available for lease.
      306 6Th St SW, Roanoke, VA 24016
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Prime Office Suites, Move-In Ready
    Where is this medical office space located?
    The property is located at 15 Salem Ave Roanoke, VA.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Abundant natural light.; High ceilings with exposed brick.; Elevator service.
    (540) 309-9429 Call to check price and availability
    Request Owner's contact information
    15 Salem Ave Roanoke, VA 24011
    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.
    15 Salem Ave
    Roanoke, VA 24011
    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
    15 Salem Ave Roanoke, VA 24011
    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 Kristine Davis
    Kristine Davis
    Real Estate License ID: 0225264055
    (540) 309-9429 (540) 982-0011
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!