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Property profile & analytics
FOR SALE
Commercial real estate

1942 Port Republic Rd Harrisonburg, VA 22801

4.6 ac lot Built 2016
Entity Owned Free & Clear
Property ID
US87-2443774
Property summary
AI-generated overview

This exceptional 2.55-acre development site in Harrisonburg, Virginia, presents a remarkable opportunity. Located at 1942 Port Republic Road, zip code 22801, this pad-ready parcel is ideally situated for a 15,500 square foot small shop center. The majority of site work is complete, including extensive parking and infrastructure, requiring only minimal paving. Stormwater management is addressed through a regional pond, with offsets available for quality measures. The site boasts significant visibility from Port Republic Road and the Southeast Connector, providing easy access to all of Harrisonburg's commercial areas. Its strategic location offers unparalleled access to James Madison University's main campus (12,000 student beds within close proximity) and Interstate 81 (within 2 miles). Furthermore, the property neighbors Harrisonburg's primary residential development area of the past 15 years, characterized by high household incomes. With site plan approval already granted and architectural drawings available, this property is ready for immediate vertical construction. An additional 3,200 beds are under construction or proposed within 1.5 miles, further enhancing the site's long-term potential. The asking price is $1,900,000.

Property profile
Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Year built 2016
Lot 4.6 ac (200,550 SF)
Zoning code GENERAL BUSINESS DIST
APN 125-(21)- L4
UPID US87-2443774
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Walmart Pet Services Kennel & Boarding Facility
  • Walmart Baby & Nursery Services Social Service Agency Community Center
  • Walmart Home Services Social Service Agency
  • Walmart Home Theater Installation Electrical Service General Contractor
  • Walmart Patio & Garden Services Landscaping General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$645k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$645k
Owner & transaction history
WAL-MART REAL EST BUSINESS TRUST
WAL-MART REAL EST BUSINESS TRUST
Zoning & alternative use
GENERAL BUSINESS DIST · Rockingham, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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