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    Property profile & analytics

    2302 Colonial Ave Roanoke, VA 24015

    • Industrial properties
    • 8,464 SF
    • 0.41 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0604170
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Michael S. Burgoon, DC / Chiropractor
    • TOWERS FAMILY CHIROPRACTIC / Chiropractor
    • Helpful Hands Homecare Services / Senior Citizen Center / Home Health Care Service
    • Brian Evans - State Farm Insurance Agent / Renter'S Insurance Agency / Insurance Agency
    • Arara Language Solutions, LLC. / Translation Service

    Property Details for 2302 Colonial Ave

    Year built
    1977
    Construction
    WOOD
    Lot size
    0.41 lot acres
    Property size
    8,464 SF
    Zone code
    CG
    Property type
    Industrial properties
    Property subtype
    Industrial live-work properties
    APN
    127-1006
    APU
    1271006

    Description

    Tower Corporate Center offers exceptional office space in Roanoke, Virginia. This Class B building, constructed in 1977, boasts a total of 8,400 square feet, with 1,729 square feet currently available for lease. The property is situated at 2302 Colonial Ave SW, Roanoke, VA 24015, offering convenient access to the city. Multiple tenancy options are available, catering to a range of business needs. Currently, two spaces are immediately available, ranging in size from 197 to 569 square feet, ideal for smaller companies or individuals seeking a professional setting. The building features on-site management and ample parking for tenants' convenience. All utilities are included in the competitive monthly lease rate, making budgeting straightforward and predictable. This is a fantastic opportunity to secure modern, well-maintained office space in a desirable Roanoke location. The building's traditional office layout provides a classic and efficient workspace. Interested parties are encouraged to inquire about available space and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $930,000
      Market price range: $521k - $1.92M
      AI Estimate
      $769,000
      Market price range: $460k - $1.58M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,270,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke City
    State
    Virginia
    Longitude
    -79.9579
    Latitude
    37.2533
    CBSA code
    40220
    CBSA name
    ROANOKE, VA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $9,035
    $197,500
    $483,200
    $680,700
    -
    $197,500
    $483,200
    $680,700

    Comparable in this City

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      3,975 SF

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      MIXED USE (COMMERCIAL/INDUSTRIAL) • 3,975 SF
      802 Wiley SW Dr, Roanoke, VA 24015-5314
      View Details
    • Value Estimation by Request
      440 SF

      2825 Roanoke SW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 440 SF
      2825 Roanoke SW Ave, Roanoke, VA 24015
      View Details
    • Value Estimation
      $1,265,000
      10,882 SF

      1315 Grandin SW Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 10,882 SF
      1315 Grandin SW Rd, Roanoke, VA 24015
      View Details
    • Value Estimation
      $3,010,000
      29,073 SF

      1354 8th SW St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 29,073 SF
      1354 8th SW St, Roanoke, VA 24015-1812
      View Details
    • Value Estimation by Request
      2,394 SF

      1602 Grandin SW Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 2,394 SF
      1602 Grandin SW Rd, Roanoke, VA 24015-2308
      View Details
    • Value Estimation by Request
      2,652 SF

      1409 Grandin SW Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 2,652 SF
      1409 Grandin SW Rd, Roanoke, VA 24015-2317
      View Details

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    Similar Nearby for Lease

    • $15 SF/Yr
      8,400 SF

      Roanoke Office Space for Lease

      Modern Office Suites in Roanoke, VA
      2302 Colonial Ave, Roanoke, VA 24015
      View Details
    • $14 SF/Yr
      24,685 SF

      Colonial Office Center: Roanoke, VA

      Prime Office Space, Convenient Location
      2728 Colonial Ave, Roanoke, VA 24015
      View Details
    • Contact for pricing
      22,832 SF

      Regional Shopping Center Retail Space

      Retail space available in a well-visited shopping center.
      2121 Colonial Ave SW, Roanoke, VA 24015
      View Details
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    Roanoke, VA 24015
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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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