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    2940 Clinch St Richlands, VA 24641

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    For Lease
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    8,040 SF retail space with high visibility and foot traffic.

    Type:Retail
    Property size:
    8,040 SF
    Added:
    Feb 27, 2024
    Days on Market:
    772
    Last Refresh:
    Mar 17 at 1:20 pm

    Property Features for 2940 Clinch St

    General Information

    Standard status
    Active
    Size
    8,040 SF
    Property subtype
    Retail

    Spaces For Lease

    at 2940 Clinch St Contact us

    Available Space $12 /Mo

    Size
    8,600 SF
    Type
    Retail
    Contact us

    We can help!

    Listing Contact
    David Burks

    Listing agent David Burks License #VA

    Listing office Coldwell Banker Commercial Brooks Real Estate

    Listing date Feb 27, 2024

    Source Crexi

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

    All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Commercial Brooks Real Estate

    Overview

    Prime Retail Space on Rt 460

    This 8,040 square foot retail space offers flexible layout options. It is positioned in a prime location between major retailers, with high visibility and foot traffic from Route 460. Located at the building’s front center and sharing the main entrance awning with CVS, Unit C is suitable for national brands or private retailers seeking a custom storefront. The space includes signage opportunities on the front awning and potential pylon to enhance brand exposure. The landlord offers rent abatement to help offset build-out costs. This space is located in Richlands, Virginia.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sandees Sassy Scissors Hair Salon CVS Photo (Bike/Boat/Book/etc) Store Subway Take-out & Catering CVS Pharmacy Pharmacy CDReload at CVS Crypto Atm

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Richlands
    County
    Tazewell
    State
    Virginia
    Longitude
    -81.8210761
    Latitude
    37.0927327

    Nearby Similar for Lease

    • $6/mo

      Prime Retail Space on Front

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      1501 Front St, Richlands, VA
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    • $8/mo

      Office Space for Rent

      Office space available for rent in Richlands, Virginia.
      1517 Front St, Richlands, VA
      View Details
    • $12/mo

      Retail Space in Richlands Towne

      Retail space available in a thriving shopping center.
      2000-2010 2nd St, Richlands, VA
      View Details
    • $8/mo

      Retail Space in Richlands, VA

      1,200 SF retail space with high foot traffic.
      114-180 Kents Ridge Rd, Richlands, VA
      View Details
    • Contact for pricing

      Thriving Shopping Center in Richlands

      Established shopping center with strong tenants and high foot traffic.
      2006 2nd St, Richlands, VA 24641
      View Details

    FAQs

    What type of property is this?
    Retail space - 8,040 SF retail space with high visibility and foot traffic.
    Where is this retail space located?
    The property is located at 2940 Clinch St Richlands, VA.
    What are key features of this property?
    This property features: Prime location on Rt 460 with high visibility and foot traffic.; Flexible 8,040 SF retail space with layout options.; Shares main entrance awning with CVS.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    David Burks
    Real Estate License ID: VA
    Learn More
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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
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