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    1462 Unit Luray, VA 22835

    • Retail properties
    • 10.10 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 1462 Unit

    Year built
    1972
    Lot size
    10.10 lot acres
    Property type
    Retail properties

    Description

    This prime retail space is located at 1462 US Highway 211 W, Unit A, in Luray, Virginia. Situated on a 10.1-acre lot, this property is part of the dominant Luray Shopping Center, strategically positioned near Walmart and boasting strong anchor tenants including Food Lion, Schewels Furniture, Tractor Supply, and CVS. The center's high visibility along Route 211, near the popular Luray Caverns, ensures significant traffic flow. Outparcels featuring Truist Bank, Taco Bell, and Dollar General further enhance the shopping destination's appeal and draw regional shoppers. Multiple immediately available spaces are offered, ranging from 900 square feet to 1,800 square feet, providing flexibility for various commercial uses. The landlord is open to a wide range of tenants. These in-line spaces are offered at a highly competitive rate of $10.00 per square foot, NNN. This presents a valuable opportunity for businesses seeking a well-established location within a thriving retail environment. The property's strong anchor tenants and convenient location make it an ideal choice for businesses looking to establish or expand their presence in the Luray area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Luray
    County
    Page
    State
    Virginia
    Longitude
    -78.498
    Latitude
    38.6611

    Comparable in this City

    • Value Estimation by Request
      7.95 Acres

      2487/2547 Us Highway 211

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    • Value Estimation by Request
      10.10 Acres

      1462 Unit

      Retail properties • 10.10 Acres
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    • Value Estimation by Request
      96,700 SF

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      43,312 SF

      1462 Us-211

      Office Properties & Spaces • 43,312 SF
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      1,100 SF

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      67,518 SF

      General & Allison Dr

      Commercial real estate • 67,518 SF
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    Similar Nearby for Sale

    • Contact for pricing
      10.10 Acres

      Luray Retail Space - Highway 211

      High-traffic retail spaces available now.
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      Luray Commercial Property - 7.95 Acres

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      Commercial Building with Vacant Lot

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    • $225,000
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      Downtown Luray Commercial Opportunity

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    Similar Nearby for Lease

    • $10 SF/Yr
      43,312 SF

      Luray Shopping Center Retail Space

      Prime Retail/Office Space in Luray, VA
      1462 Us Highway 211, Luray, VA 22835
      View Details
    • $1,495 /Mo

      Retail/Office Space Available

      Retail or office space for rent on Main Street.
      134 W Main St, Luray, VA 22835
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    • $5 SF/Yr

      Turnkey Grocery Space in Luray

      24,759 SF turnkey grocery space in East Luray Shopping Center.
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      43,312 SF

      Dominant Shopping Center Retail Space

      Retail spaces available in a high-traffic shopping center.
      1462 Us Highway 211 W, Luray, VA 22835
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    • Contact for pricing
      3,550 SF

      Downtown Luray Restaurant Space

      Prime location, 3,550 sq ft, ready to lease.
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    • $4,200 /Mo
      72,310 SF

      LURAY, VA Commercial Lease

      Restaurant/bar/flex building with apartment/office on busy highway.
      8914 Us Highway 211 W, Luray, VA 22835
      View Details
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    1462 Unit
    Luray, VA 22835
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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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