Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1150 Spruce St Martinsville, VA 24112
    Property profile & analytics

    1150 Spruce St, Martinsville, VA 24112

    View on Map
    • Land
    • 0.86 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 1150 Spruce St

    Lot size
    0.86 lot acres
    Property type
    Land

    Description

    This exceptional 0.863-acre commercial lot, located at 1150 Spruce St, Martinsville, VA 24112 (APN 000425500), is ideally suited for a variety of professional uses. Owned by Lanier Farms Inc., this property boasts approximately 180 feet of road frontage on Spruce Street, providing excellent visibility and accessibility. The permitted zoning is C-N, making it suitable for commercial or professional office development. Its convenient location near the Druid Hills shopping center offers easy access to amenities and a strong customer base. The property's proximity to the US 58/220 bypass (within 2.5 miles) ensures convenient access for clients and employees. This is a rare opportunity to acquire a well-situated commercial lot in a thriving area of Martinsville, Virginia. The asking price is $125,000. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Martinsville
    County
    Martinsville City
    State
    Virginia
    Longitude
    -79.852
    Latitude
    36.679

    Comparable in this City

    • Value Estimation by Request
      46.00 Acres

      Lawson St

      Farms
      0 Lawson St, Martinsville, VA 24112
      View Details
    • Value Estimation by Request
      54.00 Acres

      Melody Ln

      Land
      0 Melody Ln, Martinsville, VA 24112
      View Details
    • Value Estimation by Request
      40.00 Acres

      285 Club House Rd

      Farms
      285 Club House Rd, Martinsville, VA 24112
      View Details
    • Value Estimation by Request
      1.00 Acre

      205 V C Dr

      Land
      205 V C Dr, Martinsville, VA 24112
      View Details
    • Value Estimation by Request
      90.00 Acres

      1673 Roundabout Rd

      Land
      1673 Roundabout Rd, Martinsville, VA 24112
      View Details
    • Value Estimation by Request
      124.82 Acres

      2010 Spruce St

      Land
      2010 Spruce St, Martinsville, VA 24112
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      124.82 Acres of Land

      Large land parcel available for sale in Martinsville, Virginia.
      2010 Spruce St, Martinsville, VA 24112
      View Details
    • Contact for pricing
      5.10 Acres

      Martinsville Land with Shared Pond

      5.10 acre land parcel with shared pond access.
      9 Dusty Ln, Martinsville, VA 24112
      View Details
    • Contact for pricing
      5.18 Acres

      Secluded Woodsy Land with Pond

      5.18 acres of private land near Martinsville, VA.
      8 Dusty Ln, Martinsville, VA 24112
      View Details
    • $59,000
      10.33 Acres

      Undeveloped Land in Horsepasture District

      10.33 acres of land ready for your vision.
      Meadowood Trl, Martinsville, VA 24112
      View Details
    • $32,550
      4.67 Acres

      Martinsville Land For Sale

      4.67 acres of wooded land with development potential.
      Jordan Creek Rd, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Land Lot in City

      Land lot available in Martinsville, Virginia.
      1299 Oakgrove Ave, Martinsville, VA 24112
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      17,424 SF

      Uptown Martinsville Commercial Lot

      Prime 0.4-acre lot, ideal for business.
      0 Fayette St And Moss St, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Land Parcel For Rent

      Land available for rent near major roads.
      Southland Dr, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Land Parcel Near Railroad

      Land for rent near Rives Road and Norfolk Southern railroad.
      Lawson St, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Land Parcel on Smith River

      Land for rent on the West Side of Martinsville.
      1673 Roundabout Rd, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Commercial Land Parcel For Rent

      Commercial land parcel zoned B1, near Virginia Avenue.
      301 Koehler Rd, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Secure Fenced Truck Parking Facility

      20-acre fenced facility with easy highway access, divisible for rent.
      900 V C Dr, Martinsville, VA 24112
      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.
    1150 Spruce St
    Martinsville, VA 24112
    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
    1150 Spruce St, Martinsville, VA, 24112
    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!