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    3101 Lee Hwy Bristol, VA 24202
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    3101 Lee Hwy, Bristol, VA 24202

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    • Retail properties & Spaces
    • 19,010 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • DataSpark Solutions / Computer & Electronic Repair
    • Don Schanzenbach Construction / Construction Company / General Contractor
    • Miracle-Ear / Hearing Aid Store / Hearing Aid Repair Service
    • GFG Bag Manufacturer / Industrial Manufacturer / Production Facility
    • Metro by T-Mobile / Mobile Phone Store / Electronics & Wireless Store

    Property Details for 3101 Lee Hwy

    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    The Bare Brothers Centre, located at 3101 Lee Hwy in Bristol, Virginia (zip code 24202), offers a unique opportunity for medical or retail businesses. This Class A, single-story building totals 19,010 square feet and comprises 13 individual suites, with a minimum divisible space of 1,692 square feet. Currently, 1,692 square feet are vacant and immediately available for lease. The property's previous use as a medical spa provides a valuable existing build-out, perfect for a variety of medical office uses or adaptable for retail purposes. The center enjoys a high-traffic location, situated near major retailers such as Walmart and Sam's Club, ensuring excellent visibility and accessibility. Strong co-tenancy within the center further enhances the property's appeal and potential for success. The property's APN is 188 1 3. This is a multi-tenant property with significant potential for growth and profitability. The available space is ideal for businesses seeking a well-established location with high foot traffic and convenient access. Don't miss this chance to secure a prime space in a thriving commercial center.

    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
    -82.1288
    Latitude
    36.632

    Comparable in this City

    • Value Estimation by Request
      3,400 SF

      3176 Linden Dr

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      13,788 SF

      294 Blevins Blvd

      Medical Office Space
      294 Blevins Blvd, Bristol, VA 24202
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    • Value Estimation by Request
      29,073 SF

      2426 Lee Hwy

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      2426 Lee Hwy, Bristol, VA 24202
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    • Value Estimation by Request
      27,705 SF

      100 Linden Square Dr

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    • Value Estimation by Request
      6,076 SF

      3002 Lee Hwy

      Restaurants
      3002 Lee Hwy, Bristol, VA 24202
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    • Value Estimation by Request
      7,443 SF

      3177 Linden Dr

      Office Spaces
      3177 Linden Dr, Bristol, VA 24202
      View Details

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      Retail Space with Interstate Visibility

      Retail space for sale or lease with high traffic exposure.
      3173 Linden Dr, Bristol, VA 24202
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    • $410,000
      40.09 Acres

      40-Acre Vacant Land Opportunity

      Large acreage suitable for farming, development, or private estate.
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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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      3,400 SF

      Retail Space with Interstate Visibility

      3,400 SF retail space with high Interstate visibility.
      3176 Linden Dr, Bristol, VA 24202
      View Details
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    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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