Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Pad-Ready Commercial Land Title is generated by Realmo AI

    Lee Highway, Radford, VA 24141

    View on Map
    Claim this Listing
    For Sale
    $395,000

    COMMERCIAL - Radford, VA

    Lot size:
    2.33 Acres
    Added:
    May 12, 2020
    Days on Market:
    2216
    Last Refresh:
    Jun 5 at 4:06 pm

    Property Features for Lee Highway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    General Business
    Standard status
    Active
    Lot size
    2.33 Acres

    Taxes and HOA fees

    Tax Year
    2017
    Tax Description
    New Tract 1 and 2 W Side Rt 11 Parcel numbers 039-1-46 and 039-1-23E
    Tax Annual Amount
    3119

    We can help!

    Listing Contact
    Nancy Page

    Listing agent Nancy Page License #225043559

    Listing office Page & Assoc. Real Estate 1655 Roanoke Street, POB1499, Christiansburg, VA

    Listing date May 12, 2020

    MLS# 408678 Listing URL

    Copyright © 2026 New River Valley Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 2.35‑acre commercial parcel, pad ready and graded
    • Frontage on University Park Drive and Lee Highway
    • Zoned Commercial District (CM‑1)
    • Average daily traffic count of 26,000
    • Convenient access near a lighted intersection

    Overview

    This pad-ready commercial land site has been graded for development and offers a prepared starting point for a new build. The property totals approximately 2.35 acres and is designated for commercial use under General Business zoning (CM-1), supporting a variety of office, service, and retail-oriented concepts.

    The site has frontage on University Park Drive and Lee Highway, two prominent access routes. Public remarks note it serves as the main artery between Radford, Dublin, and Pulaski, with an average daily traffic count of 26,000. The property is described as being just down from a lighted intersection, which is intended to support convenient access.

    From a tenant and operator standpoint, this configuration can work well for businesses seeking a straightforward ground-up location with readying improvements already in place. With commercial development and a mix of nearby businesses indicated in the surrounding area, the parcel may fit users looking for a visible site and flexible commercial layout based on their business requirements within the CM-1 district.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Radford
    County
    Radford
    State
    Virginia
    Longitude
    -80.5770586
    Latitude
    37.1404367

    Nearby Similar for Sale

    • $1,600,000
      8,263 SF

      Side-by-Side Multifamily Portfolio

      Five R-4 zoned homes with current rental income and walkability to Radford University.
      1201 - 1217 Fairfax Street, Radford, VA 24141
      View Details
    • $569,750
      5,180 SF

      Single-Wide Mobile Home Rental Property

      Five single-wide homes on individual lots, each with three bedrooms and two baths, with in-unit appliances included.
      6765 Lee Highway, Radford, VA 24141
      View Details
    • $1,600,000

      Radford Multifamily Investment Portfolio

      Five homes near Radford University generating substantial monthly income.
      1201-1217 Fairfax St, Radford, VA 24141
      View Details
    • $214,900
      2,104 SF

      Radford Triplex with Updated Unit

      Triplex with two separate utility metered units plus a recently refreshed two-bedroom apartment ready for occupancy.
      1201 4TH Street, Radford, VA 24141
      View Details
    • $5,280,000

      Lakefront Campground and Event Center

      Lakefront resort property with 22 boat slips, event center, cabins, and support facilities.
      4100 Adventure Base Road, Radford, VA 24141
      View Details
    • $589,000

      5 Acres in Heron's Landing

      5-acre property suitable for apartment or townhome development.
      TBD River Course Drive, Radford, VA 24141
      View Details
    • $115,000

      Build-Ready Homesite with Well & Septic

      Well and septic are already in place on a gently sloping lot ready for your new home construction.
      Maple Branch Road, Radford, VA 24141
      View Details
    • $69,900

      Downtown Radford Retail Opportunity

      Storefront property in downtown Radford near Radford University.
      1087 E MAIN Street, Radford, VA 24141
      View Details
    • $39,500

      Wooded Land with Building Site

      Mostly wooded acreage with gently sloping topography and a suitable building site near Radford.
      Waterworks Road, Radford, VA 24141
      View Details
    • $185,000

      Lakefront Land in Radford, Virginia

      0.79-acre lakefront parcel with 100+ feet of shoreline.
      Martin Road lot: 2A, Radford, VA 24141
      View Details
    • $94,500

      Waterfront Land in Claytor Lake

      0.89 acre lot with lake access and boat slip.
      0 Shadow Land Drive, Radford, VA 24141
      View Details
    • Contact for pricing
      6,500 SF

      Turnkey Restaurant Opportunity in Radford

      Former Applebee's restaurant with high visibility and traffic.
      33 West Main Street, Radford, VA, Radford, VA 24141
      View Details

    FAQs

    What type of property is this?
    Commercial land - Graded and pad ready with frontage on major thoroughfares, suited for a range of commercial site plans.
    Where is this commercial land located?
    The property is located at Lee Highway Radford, VA.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: 2.35‑acre commercial parcel, pad ready and graded; Frontage on University Park Drive and Lee Highway; Zoned Commercial District (CM‑1)
    (540) 392-9505
    We can help!
    Listing Contact
    Nancy Page
    Real Estate License ID: 225043559
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    Lee Highway, Radford, VA 24141
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!