Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1200 Armory Dr Franklin, VA 23851-2463

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1200 Armory Dr Franklin, VA 23851-2463

    View on Map
    • Commercial real estate
    • 8,520 SF
    • 1.57 lot acres
    Off-Market
    Property ID
    US87-2171734
    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
    $1,210,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Laser Service Engineering LLC / Biotechnology Engineer
    • Travel Dreams Inc / Travel Agency
    • Medical Laser Repair / Industrial Manufacturer / Production Facility
    • Don Pancho's Cantina / Restaurant

    Property Details for 1200 Armory Dr

    Year built
    1989
    Lot size
    1.57 lot acres
    Property size
    8,520 SF
    Zone code
    B3
    Property type
    Commercial real estate
    APN
    120 110 2E,2F
    APU
    1201102E2F

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,331,000
      Market price range: $377k - $1.71M
      AI Estimate
      $1,085,000
      Market price range: $363k - $1.09M

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Franklin City
    State
    Virginia
    Longitude
    -76.9435
    Latitude
    36.6723
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 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
    2019
    $7,706
    $526,300
    $317,000
    $843,300
    -
    $526,300
    $317,000
    $843,300

    Comparable in this City

    • Value Estimation by Request
      82.99 Acres

      33322 Lynn Rd

      COMMERCIAL (GENERAL) • 82.99 Acres
      33322 Lynn Rd, Franklin, VA 23851
      View Details
    • Value Estimation by Request
      0.08 Acres

      113 Main St

      COMMERCIAL (GENERAL) • 0.08 Acres
      113 Main St, Franklin, VA 23851
      View Details
    • Value Estimation by Request
      0.13 Acres

      501 Middle St

      COMMERCIAL (GENERAL) • 0.13 Acres
      501 Middle St, Franklin, VA 23851
      View Details
    • Value Estimation by Request
      142.47 Acres

      26570 Rose Vly Rd

      COMMERCIAL (GENERAL) • 142.47 Acres
      26570 Rose Vly Rd, Franklin, VA 23851-5127
      View Details
    • Value Estimation by Request
      1,370.72 Acres

      34040 Un Cp Dr

      COMMERCIAL (GENERAL) • 1,370.72 Acres
      34040 Un Cp Dr, Franklin, VA 23851-1575
      View Details
    • Value Estimation by Request
      0.22 Acres

      2012 Ss St

      COMMERCIAL (GENERAL) • 0.22 Acres
      2012 Ss St, Franklin, VA 23851
      View Details

    Similar Nearby for Sale

    • $899,500
      22,154 SF

      Franklin Warehouse with Storefront Potential

      22,154 SF warehouse with storefront in Franklin, VA.
      115 E 2Nd Ave, Franklin, VA 23851
      View Details
    • $1,400,000
      98,280 SF

      Franklin VA Redevelopment Opportunity

      Almost 100,000 SF on 11 acres near Hwy 58.
      1333 Carrsville Hwy, Franklin, VA 23851
      View Details
    • $499,900
      8.29 Acres

      Franklin, VA Land Parcel

      Highly visible 8.29 acre parcel at a busy intersection.
      8.2Acs General Thomas Hwy, Franklin, VA 23851
      View Details
    • $749,900
      9,821 SF

      Historical Building in Franklin, VA

      Distinctive historical building suitable for commercial, institutional, or community uses.
      101 N High St, Franklin, VA 23851
      View Details
    • $78,500
      1.07 Acres

      Waterfront Lot in Bethel Farms

      One-acre waterfront lot suitable for building a dream home.
      25 Harvest Dr, Franklin, VA 23851
      View Details
    • Contact for pricing

      Spacious Unit Near Armory Drive

      Spacious commercial unit with multiple offices and ample parking.
      175 Commerce Park Rd, Franklin, VA 23851
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for lease in Franklin, Virginia.
      112 Council Dr, Franklin, VA 23851
      View Details
    • Contact for pricing

      Distribution/Manufacturing Facility in Franklin, Virginia

      138,800 SF distribution/manufacturing facility on 14.64 acres for lease.
      221 Progress Pkwy, Franklin, VA 23851
      View Details
    • $7 SF/Yr
      1,600 SF

      Downtown Franklin Retail Storefront Opportunity

      Retail storefront in vibrant downtown Franklin, near parking and events.
      103 N Main St, Franklin, VA 23851
      View Details
    • $12 SF/Yr
      3,440 SF

      Downtown Franklin Versatile Office Building

      Versatile office building in downtown Franklin with flexible space options.
      223 N Main St, Franklin, VA 23851
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1200 Armory Dr
    Franklin, VA 23851-2463
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!