20 Ellsworth StMartinsville, VA 24112

Property Details for 20 Ellsworth St

Year built

1971

Lot size

0.27 AC

Property size (Sq ft)

3,948 SF

Zone code

C-UB

Property type

Office properties

Property subtype

Office buildings

APN

33 (03 )N /08R

APU

3303N08R

Description

This exceptional Class A office building, located at 20 Ellsworth Street in Martinsville, Virginia, presents a unique owner-user opportunity. Boasting 3,948 square feet of versatile space, this single-story building features eleven offices, two conference rooms, a well-equipped break room with cabinets, sink, refrigerator, and sitting area, and three bathrooms (including a handicap-accessible option). Recently renovated in 2020 and 2023, the property includes new flooring and fresh interior paint. Ample parking is available for twelve vehicles, with convenient handicap access via a rear ramp. Situated on a 0.27-acre lot, the building is zoned C-UB, allowing for diverse uses such as medical, legal, insurance, or shared workspace. The property is currently vacant and offered at $395,000 under a gross lease structure. While under contract with a contingency clause expiring January 18, 2025, the seller is actively seeking backup offers from qualified buyers. This is a fee-simple ownership opportunity in the thriving Uptown Martinsville business district.

• CAP approach

  CAP return

  Valuation

  6%

  $433,142

  6.5%

  $399,823

  7%

  $371,265

• Comparable approach

  Method

  Valuation

  Relative Method

  $501,131

  Geo Method

  $906,224

• Alternative Use

  Use

  Valuation

  Residential

  $495,781

  Hospitality

  $454,133

  Educational

  $377,833

  Medical

  $390,827

  Retail

  $587,740

Location Insight

City

Martinsville

County

Martinsville City

State

Virginia

Latitude

36.6888

Longitude

-79.8701

CBSA code

32300

CBSA name

MARTINSVILLE, VA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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