Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1215 3rd SW St Roanoke, VA 24016-4611
    Back to Search
    Property profile & analytics

    1215 3rd SW St, Roanoke, VA 24016-4611

    View on Map
    • Specialty properties
    • 4,388 SF
    • 0.34 lot acres
    Off-Market
    Property ID
    US87-0626234
    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

    • Spectrum Lab Network / Medical Laboratory
    • Mcnamara Elizabeth MD / Physician / Medical Clinic
    • Dr. Ayesha Nazli / Pediatrician / Physician

    Property Details for 1215 3rd SW St

    Year built
    1976
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.34 lot acres
    Zone code
    MX
    Property type
    Specialty properties
    APN
    102-3008
    APU
    1023008

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 2, 2014 $560,000 Health Investment Ptshp Child Dorsey & Timmermann LLC Grant Deed —
    Mar 21, 2005 — Dorsey & Timmermann LLC Dermatology Of Roanoke PC Grant Deed · related —
    Jan 20, 2005 $580,000 Dermatology Of Roanoke PC Pmcr LLC Grant Deed · related —
    — — Child Health Investment Ptshp — Deed Of Trust · related $435k · First Citizens Bk
    — — Dorsey & Timmermann LLC — Deed Of Trust · related $280k · Valley Bank

    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
    Roanoke
    County
    Roanoke City
    State
    Virginia
    Longitude
    -79.9456
    Latitude
    37.2625
    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
    $2,272
    $135,900
    $555,900
    $691,800
    -
    $135,900
    $555,900
    $691,800

    Comparable in this City

    • Value Estimation
      $2,450,000
      62,157 SF

      520 Church SW Ave

      CHARITABLE ORGANIZATION
      520 Church SW Ave, Roanoke, VA 24016-5012
      View Details
    • Value Estimation by Request
      6,108 SF

      543 Salem SW Ave

      CHARITABLE ORGANIZATION
      543 Salem SW Ave, Roanoke, VA 24016-3023
      View Details
    • Value Estimation by Request
      9,001 SF

      1240 3rd SW St

      CHARITABLE ORGANIZATION
      1240 3rd SW St, Roanoke, VA 24016-4612
      View Details
    • Value Estimation by Request
      0.29 Acres

      Church SW Ave

      CHARITABLE ORGANIZATION
      Church SW Ave, Roanoke, VA 24016
      View Details
    • Value Estimation by Request
      0.35 Acres

      Church SW Ave

      CHARITABLE ORGANIZATION
      Church SW Ave, Roanoke, VA 24016
      View Details
    • Value Estimation by Request
      7,999 SF

      1201 3rd SW St

      CHARITABLE ORGANIZATION
      1201 3rd SW St, Roanoke, VA 24016-4611
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      20,913 SF

      Historic District Adaptable Building

      Size, visibility, and parking in the urban core.
      1001 Franklin Rd SW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      13,416 SF

      Downtown Roanoke Commercial Property

      Three-level commercial building in downtown Roanoke with secure parking.
      325 Campbell Ave SW, Roanoke, VA 24016
      View Details
    • Contact for pricing

      Level Lot Near Downtown Roanoke

      Level, cleared lot near downtown and Hotel Roanoke.
      Harrison Ave NW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      7,633 SF

      Turn-Key Historic Music Venue

      Historic building, state-of-the-art live music and restaurant venue.
      434 Church Ave SW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      9,851 SF

      Roanoke Office Building For Sale

      9,851 SF office building available in Roanoke, Virginia.
      1421 3Rd St SW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      Pending

      Roanoke, VA Buildable Land

      Buildable land available in Roanoke, Virginia.
      729 Moorman Ave NW, Roanoke, VA 24016
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,078 SF

      Roanoke Office and Medical Space

      Office and medical space in Roanoke's growth corridor.
      1315 2Nd St SW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      300 SF

      Office Space in Old Southwest

      Serviced office space with parking included near downtown Roanoke.
      325 Mountain Ave SW, Roanoke, VA 24016
      View Details
    • Contact for pricing

      Roanoke Office Space For Lease

      48,000 SF office space in Roanoke's Stone Building.
      116 N Jefferson St, Roanoke, VA 24016
      View Details
    • Contact for pricing
      12,620 SF

      Heated Warehouse Near Downtown

      6,120 SF heated warehouse with office space for rent.
      1615 Cleveland Ave - SW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      9,600 SF

      Versatile Industrial Units for Lease

      Flexible industrial units ranging from 924 to 9,600 square feet.
      2104 Salem Ave SW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      15,317 SF

      Modern Office Warehouse Building

      30,635 SF office warehouse for sale near downtown Roanoke.
      442 Rutherford Ave - NE, Roanoke, VA 24016
      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.
    1215 3rd SW St
    Roanoke, VA 24016-4611
    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

    Thank You for Inquiry
    1215 3rd SW St, Roanoke, VA, 24016
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!