135 Market StHarrisonburg, VA 22801

Property Details for 135 Market St

Lot size

0.60 AC

Property size (Sq ft)

7,952 SF

Zone code

CENTRAL BUSINESS

Property type

Office properties

Property subtype

Office buildings

APN

035 X 9 10

APU

035X910

Description

This exceptional 47,793 square foot, seven-story office building at 135 W Market Street in Harrisonburg, VA, presents a unique redevelopment opportunity. Currently 100% occupied by Rosetta Stone under lease until May 31, 2026, with a one-year option, this property offers immediate cash flow. Situated on a 26,260 square foot lot (APN: 035-X-9-10) and zoned B-1, it's ideally suited for conversion to multifamily use, with schematic plans for approximately 80 units already available. Its location within a Qualified Opportunity Zone provides significant tax incentives, and eligibility for State and Federal Historic Rehabilitation Tax Credits further enhances its investment appeal. The proximity to James Madison University's main campus (nearly 23,000 students) ensures strong rental demand post-conversion. This is a covered land play with a historic adaptive reuse opportunity, offering substantial returns for the discerning investor. The asking price is $3,750,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,892,658

  6.5%

  $1,747,068

  7%

  $1,622,278

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,589,923

  Geo Method

  $1,589,923

• Alternative Use

  Use

  Valuation

  Residential

  $2,166,365

  Hospitality

  $1,984,379

  Educational

  $1,650,980

  Medical

  $1,707,759

  Retail

  $2,568,191

Location Insight

City

Harrisonburg

County

Harrisonburg City

State

Virginia

Latitude

38.4494

Longitude

-78.8716

CBSA code

25500

CBSA name

HARRISONBURG, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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