Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1719 High St Harrisonburg, VA 22801

    • Land
    • 5.92 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • OneMain Financial / Loan Service

    Property Details for 1719 High St

    Lot size
    5.92 lot acres
    Property type
    Land

    Description

    Rockingham Square, a thriving 55,848-square-foot shopping center in Harrisonburg, Virginia, presents a compelling investment opportunity. This established center, located at 1719-1755 South High St, 22801, boasts a strong anchor tenant: Food Lion, a fixture for over four decades with consistently growing sales. Built in 1984 and renovated in 2007, the property sits on a 5.919-acre lot and is currently 100% leased to six tenants, ensuring immediate cash flow. The ample parking provides 297 spaces, including 9 designated handicap spots. Utilities are serviced by public electric, natural gas, water, and sewer. The property offers a pro-forma cap rate of 7.00% and is listed at $6,500,000. This well-maintained center benefits from its established tenant base, prime location, and significant upside potential, making it an ideal addition to any commercial real estate portfolio. The property's strong performance history and attractive features make it a rare opportunity in the Harrisonburg market. This is a chance to acquire a stable, income-producing asset with a proven track record of success.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Rockingham
    State
    Virginia
    Longitude
    -78.8722
    Latitude
    38.405

    Comparable in this City

    • Value Estimation by Request
      1.00 Acre

      Naomis Way

      Medical offices • 1.00 Acre
      0 Naomis Way, Harrisonburg, VA 22801
      View Details
    • Value Estimation by Request
      1.79 Acres

      1 Quarles Ct

      Land • 1.79 Acres
      1 Quarles Ct, Harrisonburg, VA 22801
      View Details
    • Value Estimation by Request
      0.73 Acres

      Brookhaven Dr

      Land • 0.73 Acres
      0 Brookhaven Dr, Harrisonburg, VA 22801
      View Details
    • Value Estimation by Request
      1.30 Acres

      1936 Medical Ave

      Land • 1.30 Acres
      1936 Medical Ave, Harrisonburg, VA 22801
      View Details
    • Value Estimation by Request
      1.21 Acres

      Huntington Springs Dr

      Land • 1.21 Acres
      0 Huntington Springs Dr, Harrisonburg, VA 22801
      View Details
    • Value Estimation by Request
      2.50 Acres

      2630 Main St

      Land • 2.50 Acres
      2630 Main St, Harrisonburg, VA 22801
      View Details

    Similar Nearby for Sale

    • $350,000
      0.61 Acres

      Harrisonburg Commercial Land Opportunity

      0.61-acre commercial lot, prime location.
      00 Reservoir St, Harrisonburg, VA 22801
      View Details
    • $1,500,000
      2.04 Acres

      Prime Commercial Land Near JMU

      2-Acre lot, high traffic, B2 zoning.
      1001 Port Republic Rd, Harrisonburg, VA 22801
      View Details
    • $4,600,000
      6.01 Acres

      Prime Harrisonburg Commercial Land

      6 Acres, I-81 Visibility, High Traffic
      3091 Main St, Harrisonburg, VA 22801
      View Details
    • $12,000,000

      Rockingham County Golf Course Opportunity

      27+ hole golf course with development potential in high-growth area.
      4101 Shen Lake Dr, Harrisonburg, VA 22801
      View Details
    • $149,000
      0.31 Acres

      Prime Harrisonburg Commercial Lot

      Build Your Business Here!
      0 Brookhaven Dr, Harrisonburg, VA 22801
      View Details
    • $999,500
      1.40 Acres

      Harrisonburg Corner Lot Investment

      1.4-Acre Commercial Land, Prime Location
      2775 Ridgedale Rd, Harrisonburg, VA 22801
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land For Rent Harrisonburg

      Land available for rent in Harrisonburg, Virginia.
      2028 E Market St, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr

      Prime Commercial Land in Harrisonburg

      1.435-acre ground-lease opportunity in Harrisonburg's fastest growing commercial area.
      Tbd Stone Spg Rd, Harrisonburg, VA 22801
      View Details
    • Contact for pricing

      Retail Development Land Near Resort

      Land for retail development near Preston Lake and Massanutten Resort.
      Stone Spring Rd, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr

      Harrisonburg Office Space For Lease

      5,097 SF office space with private offices and conference rooms.
      847 Martin Luther King Jr Way, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr

      Professional Office Building For Rent

      5200 SF office building in Rockingham County, available early Summer.
      1591 Port Republic Rd, Harrisonburg, VA 22801
      View Details
    • Contact for pricing
      1,202 SF

      Retail Space in Garber's Crossing

      Retail space available in busy shopping center.
      2184-2204 John Wayland Hwy, Harrisonburg, VA 22801
      View Details
    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.
    1719 High St
    Harrisonburg, VA 22801
    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

    Google sign-in failed. Please try again or use another login method.