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Property profile & analytics
OFF-MARKET
Estimated value
$1,160,000
Industrial properties
1603 Franklin SW Rd Roanoke, VA 24016-5208
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US87-1332113
Property summary
AI-generated overview
This exceptional Class A office building, located at 1603 Franklin Rd SW, Roanoke, VA 24016, offers 5,194 square feet of meticulously renovated space. Built in 1962 and completely renovated in 2021-2022, the property boasts a new roof, HVAC system, 600-amp electrical service, and updated plumbing. High-quality finishes include LVP flooring, Scuffmaster paint, and new windows, doors, and cabinetry. The main level, fully ADA compliant, comprises 4,076 square feet of flexible space, including open areas, private offices, and collaboration zones. A second-floor suite of 1,118 square feet offers walk-out roof access, a three-fixture restroom, and potential for residential or live/work conversion. The 0.37-acre lot includes ample on-site parking for 18 vehicles, a circular drive, and excellent visibility from US 220/I-581 South and US 200 South. The property is zoned MX and features a single tenancy. Asking price is $1,345,000 ($258.95/sq ft). This prime location at the southern edge of the Old Southwest office district offers easy access to downtown Roanoke and Carilion facilities.
Property profile
Verified
Property type
Industrial properties
Use group
MIXED USE (COMMERCIAL/INDUSTRIAL)
Year built
1962
Construction
TYPE NOT SPECIFIED
Total area
5,632 SF
Lot
0.37 ac (16,265 SF)
Zoning code
MX
APN
103-1107
UPID
US87-1332113
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
-
Balance Wellspace Integrative Medicine Medical Clinic
-
Blue Ridge Wound Care Medical Clinic
-
Evers Gregory W DO Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.21M
CAP Approach
CAP
$1.08M
Comparable Approach
Comparable
$938k
Blend (final)
Blend
$1.16M
Owner & transaction history
Evergreen Capital Ventures LLC · 1 yrs held
Evergreen Capital Ventures LLC
since 2025
Last sale
$1.2M
6 recorded transactions
Zoning & alternative use
MX · Roanoke, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.1M
+87.3%
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 Roanoke submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Roanoke 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
$1,220,000
ML approach
$1,210,000
CAP Approach
CAP Return
Estimation
6%
$1,165,000
6.5%
$1,075,000
7%
$1,000,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,115,000
Change: +87% · Conversion: Easy
Blend value · Realmo final
$1.16M
Range $1.04M – $1.28M · ±10% · vs last sale $1.15M (May 30 2025)
Last sale anchor
$1.15M
May 30 2025
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
$206 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$12,669
Tax year 2024
Assessed value
$1,007,900
Assessed 2024
Previous assessed
$990,500
+1.8% YoY
Effective rate
1.26%
On assessed value
Assessed land
$191,900
Assessed improvement
$816,000
Land market value
$191,900
Improvement market value
$816,000
Total market value
$1,007,900
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
Industrial properties
Use group
MIXED USE (COMMERCIAL/INDUSTRIAL)
Status
Off-Market
Year built
1962
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
NONE
Stories
2
Total area
5,632 SF
Lot
0.37 ac (16,265 SF)
Zoning code
MX
APN
103-1107
UPID
US87-1332113
Jurisdiction
ROANOKE CITY
Zoning & alternative use
MX · Roanoke, VA
Zoning MX · permitted uses
MX · Roanoke, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Roanoke. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING
Est. value
$1.1M
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1962
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
2
Lot
0.37 ac
Current owner
From public records · entity-resolved
Evergreen Capital Ventures LLC
Entity
Mailing address
915 OAKWOOD DR SW, ROANOKE, VA 24015-3821
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 30, 2025
$1,150,000
Evergreen Capital Ventures LLC
Wellspace LLC
Deed
$1,035,000 · Pinnacle Bank
Jan 12, 2024
—
Wellspace LLC
—
Deed
related
$400,000 · First Bank
Mar 28, 2023
—
Wellspace LLC
—
Deed
related
$1,003,270 · Woody LLC
Oct 20, 2021
$230,000
Wellspace LLC
Curis At Roanoke Propco LLC
Deed
$690,000 · M&w Properties INC
Jul 26, 2018
$500,000
Curis At Roanoke Propco LLC
Gre Properties Roanoke II LLC
Grant Deed
—
Aug 25, 2011
$455,000
Gre Properties Roanoke II LLC
1603 Franklin Corp
Grant Deed
—
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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