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Property profile & analytics
OFF-MARKET
Estimated value
$1,955,000
Office buildings
135 Market St Harrisonburg, VA 22801-3710
Entity Owned
Free & Clear
Property ID
US87-2689986
Property summary
AI-generated overview
This exceptional 47,793 square foot, seven-story office building at 135 W Market Street in Harrisonburg, VA, presents a unique redevelopment opportunity. Currently 100% occupied by Rosetta Stone under lease until May 31, 2026, with a one-year option, this property offers immediate cash flow. Situated on a 26,260 square foot lot (APN: 035-X-9-10) and zoned B-1, it's ideally suited for conversion to multifamily use, with schematic plans for approximately 80 units already available. Its location within a Qualified Opportunity Zone provides significant tax incentives, and eligibility for State and Federal Historic Rehabilitation Tax Credits further enhances its investment appeal. The proximity to James Madison University's main campus (nearly 23,000 students) ensures strong rental demand post-conversion. This is a covered land play with a historic adaptive reuse opportunity, offering substantial returns for the discerning investor. The asking price is $3,750,000.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Total area
7,952 SF
Lot
0.6 ac (26,258 SF)
Zoning code
CENTRAL BUSINESS
APN
035 X 9 10
UPID
US87-2689986
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Rosetta Stone (Bike/Boat/Book/etc) Store Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.71M
Blend (final)
Blend
$1.96M
Owner & transaction history
FAIRFIELD & SONS
FAIRFIELD & SONS
Zoning & alternative use
CENTRAL BUSINESS · Harrisonburg, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Harrisonburg submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Harrisonburg submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.96M
Range $1.76M – $2.15M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$246 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2021Property tax & assessments
Tax year 2021
Tax billed
$34,366
Tax year 2021
Assessed value
$3,818,400
Assessed 2021
Previous assessed
$3,818,400
+0.0% YoY
Effective rate
0.90%
On assessed value
Assessed land
$262,600
Assessed improvement
$3,555,800
Land market value
$262,600
Improvement market value
$3,555,800
Total market value
$3,818,400
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Stories
4
Total area
7,952 SF
Lot
0.6 ac (26,258 SF)
Zoning code
CENTRAL BUSINESS
APN
035 X 9 10
UPID
US87-2689986
Jurisdiction
HARRISONBURG CITY
Zoning & alternative use
CENTRAL BUSINESS · Harrisonburg, VA
Zoning CENTRAL BUSINESS · permitted uses
CENTRAL BUSINESS · Harrisonburg, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Harrisonburg. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Stories
4
Lot
0.6 ac
Current owner
From public records · entity-resolved
FAIRFIELD & SONS
Individual
Free & Clear · 0 yrs held
Mailing address
135 W MARKET ST, HARRISONBURG, VA 22801-3710
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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