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    3360 Riverside Dr Danville, VA 24541

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    3360 Riverside Dr Danville, VA 24541

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    • Office properties & Spaces
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    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Planet Fitness / Gym & Fitness Center

    Property Details for 3360 Riverside Dr

    Property type
    Office properties & Spaces

    Description

    This Danville, Virginia office property, located at 3360 Riverside Drive (zip code 24541), offers multiple suites for lease within the Danville Riverside Shopping Center. The available spaces range from 400 square feet to 2,110 square feet, providing flexibility for various business needs. The building is classified as a Class B Traditional Office space with multiple tenants. The property enjoys excellent visibility and accessibility, situated conveniently off Highway 29, a major north/south thoroughfare serving the greater Danville area. This high-traffic location benefits from an impressive daily traffic count of 22,000 vehicles. The shopping center boasts a strong tenant mix, including established businesses such as Shoe Carnival, Planet Fitness, CitiTrends, Wells Fargo, ABC Store, and Subway. This presents a unique opportunity to establish a presence in a vibrant and well-established commercial center. Total available space within the center ranges up to 9,762 square feet. Inquire today to learn more about available suite sizes and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Danville
    County
    Pittsylvania
    State
    Virginia
    Longitude
    -79.4279
    Latitude
    36.5844

    Comparable in this City

    • Value Estimation by Request
      699 SF

      125 Executive Dr

      OFFICE (GENERAL) • 699 SF
      125 Executive Dr, Danville, VA 24541-4155
      View Details
    • Value Estimation by Request
      3,040 SF

      328 Floyd St

      OFFICE (GENERAL) • 3,040 SF
      328 Floyd St, Danville, VA 24541-1004
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    • Value Estimation by Request
      2,580 SF

      3 Park Ave Ext

      OFFICE (GENERAL) • 2,580 SF
      3 Park Ave Ext, Danville, VA 24541-4214
      View Details
    • Value Estimation
      $840,000
      6,010 SF

      524 Chatham Ave

      OFFICE (GENERAL) • 6,010 SF
      524 Chatham Ave, Danville, VA 24541-4308
      View Details
    • Value Estimation
      $680,000
      4,800 SF

      111 Exchange St

      OFFICE (GENERAL) • 4,800 SF
      111 Exchange St, Danville, VA 24541-3556
      View Details
    • Value Estimation
      $790,000
      6,278 SF

      701 Patton St

      OFFICE (GENERAL) • 6,278 SF
      701 Patton St, Danville, VA 24541-1905
      View Details

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    Similar Nearby for Lease

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      3,800 SF

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      Danville Shopping Center Retail Space

      Retail space in a 235,000 SF shopping center.
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      Riverside Drive Retail Space

      Retail spaces available for lease on Riverside Drive.
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    • $6 SF/Yr

      Warehouse/Showroom Space For Lease/Sale

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      2,100 SF

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    Danville, VA 24541
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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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