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    Harrisonburg Land Near Interstate 81 Title is generated by Realmo AI

    North Valley Pike, Harrisonburg, VA

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    14.5 acres of B-1 zoned land near I-81.

    Type:LAND
    Lot size:
    14.46 Acres
    Added:
    Feb 22, 2024
    Days on Market:
    826
    Last Refresh:
    May 20 at 8:58 pm

    Property Features for North Valley Pike

    General Information

    Standard status
    Active
    Lot size
    14.46 Acres
    Property subtype
    LAND

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    Listing Contact
    Craig Anders
    Craig Anders

    Listing agent Craig Anders License #0225231207

    Listing office Cottonwood Commercial

    Listing date Feb 22, 2024

    Source Moodyscre

    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 Cottonwood Commercial

    HighLights

    • Prime location off Interstate 81 (first Harrisonburg exit) with high traffic volume (50,000+ AADT).
    • B‑1 zoning suitable for various commercial uses.
    • Proximity to Pilot Truck Stop, offering immediate business potential.
    • US 11 frontage road access with significant traffic (15,000 AADT).
    • Rockingham County water & sewer available.
    • Owner is willing to subdivide the property for flexible purchase options.

    Overview

    This property consists of almost 14.5 acres of B-1 zoned land located just off Interstate 81 at the first Harrisonburg exit. The interstate experiences average annual daily traffic counts of over 50,000, which are expected to increase as the interstate is widened to three lanes. The US 11 frontage road sees 15,000 average annual daily traffic. The surrounding area includes Horizon's Sports Edge, residences, warehouses, and distribution centers. Rockingham County water and sewer are available. The owner will consider subdividing the tract to sell either the back portion by subdividing a pipe stem parcel or the front portion; the price is to be negotiated. The property is ideally situated to benefit from business from the Pilot Truck Stop and is suitable for a hotel, restaurant, truck wash, or truck repair facility, subject to rezoning.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Harrisonburg
    County
    Harrisonburg
    State
    Virginia
    Longitude
    -78.8797
    Latitude
    38.4311

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    FAQs

    What type of property is this?
    Commercial land - 14.5 acres of B-1 zoned land near I-81.
    Where is this commercial land located?
    The property is located at North Valley Pike Harrisonburg, VA.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: Prime location off Interstate 81 (first Harrisonburg exit) with high traffic volume (50,000+ AADT).; B‑1 zoning suitable for various commercial uses.; Proximity to Pilot Truck Stop, offering immediate business potential.
    (540) 383-6054 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Craig Anders
    Craig Anders
    Real Estate License ID: 0225231207
    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.

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