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    2426 Lee Hwy Bristol, VA 24202
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    Property profile & analytics

    2426 Lee Hwy, Bristol, VA 24202

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    • Office Spaces
    • 29,073 SF
    • 4.01 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Holston United Methodist Home for Children / Social Service Agency / Charitable Organization
    • McCormick Taylor / Engineering Consultant
    • Bettis Family Dentistry / Dental Office
    • Preston Square Rehab/Wellness / Physician
    • Prometric Inc / Training Center

    Property Details for 2426 Lee Hwy

    Year built
    1996
    Lot size
    4.01 lot acres
    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    Exceptional investment opportunity: Preston Square, a 29,073 square foot, two-story medical office building in Bristol, VA, is offered for sale. This fee-simple property boasts 100% occupancy with nine tenants, generating a strong net operating income (NOI) of $465,727 and an 8.35% cap rate. Built in 1996, the building sits on a 4.01-acre lot with 194 parking spaces and features direct grade-level access for all tenants. The property enjoys a prominent location on Lee Highway (U.S. Route 19), across from The Falls retail development, offering excellent visibility and accessibility. Zoned B-3, this multi-tenant building presents a compelling investment opportunity, particularly given the presence of a Veterans Affairs clinic occupying 33.25% of the square footage. The asking price is $5,575,000, translating to $191.76 per square foot. The property is available for sale individually or as part of a portfolio that includes a nearby Social Security Administration building. This offering presents a rare chance to acquire a high-performing, well-located medical office building with a strong tenant base and significant residual value. The building's quality construction and prominent location on a major highway contribute to its long-term stability and investment potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Bristol
    County
    Scott
    State
    Virginia
    Longitude
    -82.1499
    Latitude
    36.6294

    Comparable in this City

    • Value Estimation by Request
      13,788 SF

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      3,400 SF

      3176 Linden Dr

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    • Value Estimation by Request
      19,010 SF

      3101 Lee Hwy

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      6,076 SF

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    • Value Estimation by Request
      130,000 SF

      201 Resting Tree Dr

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      201 Resting Tree Dr, Bristol, VA 24202
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    • Value Estimation by Request
      10,367 SF

      294 Blevins Blvd

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      294 Blevins Blvd, Bristol, VA 24202
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    • $879,000
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    Similar Nearby for Lease

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      Prime Retail/Office Space Available

      Centrally located retail and office spaces with flexible terms.
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      Retail space in a high-traffic commercial area.
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      Retail Space with Interstate Visibility

      3,400 SF retail space with high Interstate visibility.
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    2426 Lee Hwy
    Bristol, VA 24202
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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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