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    120 Morewood Rd Hardy, VA 24101
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    120 Morewood Rd Hardy, VA 24101

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    • Commercial land
    • 3.00 lot acres
    For Sale
    $325,000
    View Listing →
    Westlake Area Commercial Land For Sale
    $325,000
    3.00 Acres

    Westlake Area Commercial Land

    Approximately 3-acre commercial land in the Westlake area.

    120 Morewood Rd, Hardy, VA
    View Listing
    Property ID
    US87-1475584
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 120 Morewood Rd

    Lot size
    3.00 lot acres
    Zone code
    B2
    Property type
    Commercial land
    APN
    030 00-010 00
    APU
    300001000

    Description

    This exceptional 3-acre commercial lot presents a remarkable investment opportunity in the thriving Westlake area of Smith Mountain Lake, Virginia. Located at 120 Morewood Road, Hardy, VA 24101 (APN: 0300001000), this property boasts over 300 feet of road frontage and benefits from its strategic position near the intersection of Route 122/Booker T Washington Highway and the Westlake Towne Center. The property is zoned B-2, allowing for a variety of commercial uses. Its prime location is further enhanced by its proximity to established businesses and residential developments. Across the street sits the brand new, 72-unit Westlake Apartment Homes, ensuring a high volume of potential customers. The surrounding area includes well-established commercial entities such as Carilion Clinic, Westlake Professional Park, and the Runk & Platt Smith Mountain Lake Retirement Village, a senior living community. This property offers significant potential for developers and investors seeking a high-visibility location within a rapidly growing community. The asking price is $325,000. Don't miss this chance to acquire a highly desirable commercial parcel in a sought-after location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Hardy
    County
    Franklin
    State
    Virginia
    Longitude
    -79.7176
    Latitude
    37.1211
    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
    0
    $0.00
    $261,400
    $0.00
    $261,400
    -
    $261,400
    $0.00
    $261,400

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    Similar Nearby for Sale

    • Contact for pricing

      Westlake Towne Center Land

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      View Details
    • $325,000

      Westlake Area Commercial Land

      Approximately 3-acre commercial land in the Westlake area.
      120 Morewood Rd, Hardy, VA 24101
      View Details
    • Contact for pricing

      Prime Westlake Outparcel Opportunity

      1.05 acre commercial outparcel in Westlake district.
      80 Westlake Rd, Hardy, VA 24101
      View Details
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      Prime Commercial Land Opportunity

      Two parcels totaling 5.81 acres on Route 122.
      13165 Booker T Washington Hwy, Hardy, VA 24101
      View Details
    • $2,200,000
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      Westlake Commercial Property for Sale

      7.75 acres of prime commercial real estate in Westlake.
      Booker T Washington Hwy, Hardy, VA 24101
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      Water Access Lot at SML

      Waterfront land with community amenities near Westlake and Vinton.
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    Similar Nearby for Lease

    • Contact for pricing
      7,221 SF

      Retail and Restaurant Spaces Available

      Retail and restaurant spaces for lease in Westlake Shopping Center.
      13307-13369 Booker T Washington Hwy, Hardy, VA 24101
      View Details
    • $12 SF/Yr
      1,200 SF

      Resort Area Retail/Office Space

      In-line office, restaurant, and retail/service space for lease.
      13385-13423 Booker T Washington Hwy, Hardy, VA 24101
      View Details
    • Contact for pricing

      Renovated Retail/Office Spaces Available

      Recently renovated retail and office spaces with flexible layouts.
      13105 Booker T Washington Hwy, Hardy, VA 24101
      View Details
    View Listing
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    120 Morewood Rd
    Hardy, VA 24101
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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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    120 Morewood Rd, Hardy, VA, 24101
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