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    116 3Rd Ave Radford, VA 24141

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    For Lease
    $10 SF/Yr ($1,696 /Mo)

    Office space for rent near Radford University and Main Street.

    Property size:
    2,036 SF
    Lot size:
    0.25 Acres

    Property Features for 116 3Rd Ave

    General Information

    Size
    2,036 SF
    Lot size
    0.25 Acres
    Source: Moodyscre

    Listing Agent: Brandon Meade

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

    Overview

    Radford Office Space For Rent

    This office space is located in Radford, one block from Main Street and in close proximity to Radford University. The property is situated near restaurants, retail shops, and other commercial offices. It is a multi-tenant office building with a public parking lot adjacent to the building. The property offers 2,036 square feet of space and is available for rent.
    Location Intelligence

    Current Use by Public Records

    Radford - Roanoke Foot ... Podiatrist Stephen D McCuin ... Cosmetic Dentist Stephen D McCuin ... Dentist Bell Medical Services ... Social Services Organization Roanoke Foot & Ankle ... Podiatrist

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Radford
    County
    Radford
    State
    Virginia
    Longitude
    -80.5583165
    Latitude
    37.1400928

    Nearby Similar for Lease

    • Contact for pricing
      100,000 SF

      Radford Industrial Space - 100,000 SF

      Prime Radford warehouse & cold storage. I-81 Corridor location.
      113 Corporate Dr, Radford, VA 24141
      View Details
    • Contact for pricing
      8,320 SF

      Freestanding Retail Space Near University

      Freestanding retail space in main corridor, near Radford University.
      800 W Main St, Radford, VA 24141
      View Details

    FAQs

    What type of property is this?
    Office space - Office space for rent near Radford University and Main Street.
    Where is this office space located?
    The property is located at 116 3Rd Ave Radford, VA.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: - Great location in Radford, one block from Main Street.; - Close proximity to Radford University.; - Walking distance to restaurants and retail shops.
    (540) 774-1641
    Request Owner's contact information
    116 3Rd Ave Radford, VA 24141
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    Radford, VA 24141
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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
    116 3Rd Ave Radford, VA 24141
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