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    3199 Frk Rd Elliston, VA 24087

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    3199 Frk Rd Elliston, VA 24087

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    • Retail properties & Spaces
    • 3,516 SF
    • 2.53 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 3199 Frk Rd

    Year built
    1970
    Lot size
    2.53 lot acres
    Property size
    3,516 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Restaurants

    Description

    This 3,516 square foot restaurant located at 3199 Northfork Road, Elliston, VA 24087, presents a unique investment opportunity. Previously a successful Italian restaurant with seating for up to 72 guests, this turnkey establishment includes all business equipment. The property boasts a reliable standby generator and efficient propane heating, ensuring year-round operation. Situated on a 2.53-acre lot, the building offers a cozy yet spacious interior ideal for dining and events, complemented by stunning mountain views. Ample parking is available. Built in 1970, this property benefits from its established history as a beloved local eatery and offers significant potential for mixed-use development given the expansive lot size. The asking price is $349,900. Additional photos are forthcoming.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Elliston
    County
    Montgomery
    State
    Virginia
    Longitude
    -80.2839
    Latitude
    37.2132

    Comparable in this City

    • Value Estimation by Request
      0.67 Acres

      5914 Northfork Rd

      COMMERCIAL (GENERAL) • 0.67 Acres
      5914 Northfork Rd, Elliston, VA 24087-3118
      View Details
    • Value Estimation by Request
      6,660 SF

      1679 Big Spg Dr

      COMMERCIAL (GENERAL) • 6,660 SF
      1679 Big Spg Dr, Elliston, VA 24087
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    • Value Estimation by Request
      7,150 SF

      5691 Lafayette Rd

      COMMERCIAL (GENERAL) • 7,150 SF
      5691 Lafayette Rd, Elliston, VA 24087
      View Details
    • Value Estimation
      $2,185,000
      20,163 SF

      5151 Northfork Rd

      COMMERCIAL (GENERAL) • 20,163 SF
      5151 Northfork Rd, Elliston, VA 24087-3103
      View Details
    • Value Estimation
      $615,000
      23,087 SF

      10001 Roanoke Rd

      COMMERCIAL (GENERAL) • 23,087 SF
      10001 Roanoke Rd, Elliston, VA 24087
      View Details
    • Value Estimation by Request
      0.50 Acres

      Elliston, VA 24087

      COMMERCIAL (GENERAL) • 0.50 Acres
      Elliston, VA 24087
      View Details

    Similar Nearby for Sale

    • $299,900
      2.53 Acres

      Elliston Restaurant with Mountain Views

      Turn-key restaurant with equipment, seating for 72, and acreage.
      3199 North Northfork Rd, Elliston, VA 24087
      View Details
    • $1,800,000
      6.16 Acres

      Elliston, VA Land For Sale

      Visible, high-traffic site near I-81 between Roanoke and Blacksburg.
      5110 N Fork Rd, Elliston, VA 24087
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    • $75,500
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      5.481-acre lot perfect for building your dream home.
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    • $99,900
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      20 Acres of Land

      20 acres of land with potential homesite in Elliston, VA.
      2881 Reese Mountain Rd, Elliston, VA 24087
      View Details
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    3199 Frk Rd
    Elliston, VA 24087
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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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