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    Property profile & analytics

    1723 Skyview Rd Salem, VA 24153

    • Commercial real estate
    • 35.44 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0620132
    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.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1723 Skyview Rd

    Lot size
    35.44 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 35.44-acre land assemblage presents a unique investment opportunity in Salem, Virginia. Strategically located just north of Exit 137 on I-81, this property boasts unparalleled visibility and accessibility, benefiting from high traffic counts in southwest Virginia and convenient access to the Roanoke Metropolitan area. The site comprises five contiguous parcels, zoned AG1 C2 R1, allowing for a variety of development options, including high-demand multifamily and commercial uses. The property's prime location offers developers significant advantages, including direct access to I-81 and proximity to a range of amenities such as grocery stores, retail establishments, and restaurants. Enjoy breathtaking views of the Roanoke Valley and surrounding mountains. Public water and sewer are readily available on-site, simplifying infrastructure development. This expansive parcel represents a rare chance to capitalize on a highly desirable location with significant growth potential. The asking price is $1,795,000. Don't miss this opportunity to acquire a premier development site in a thriving market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.0989942
    Latitude
    37.2951737

    Comparable in this City

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      Well-Maintained Condo Near Greenway

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      Salem Retail Redevelopment Site

      Prime 2.25-acre CBD land, high visibility.
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      Salem Commercial Land - High-Density Business

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    • $1,150,000
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      Salem Industrial Land - 30 Acres

      Prime Industrial Site, I-2 Zoning, Rail Access
      5832 River Rd, Salem, VA 24153
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    Similar Nearby for Sale

    • $399,000
      4.97 Acres

      Salem Multifamily Land Development

      Prime 5-acre Salem, VA development site.
      1871 Harrogate Dr, Salem, VA 24153
      View Details
    • $318,500
      3,552 SF

      Retail and Residential Investment Opportunity

      3,552 SF building with retail and residential tenants.
      2263 Catawba Valley Dr, Salem, VA 24153
      View Details
    • $208,500

      Well-Maintained Condo Near Greenway

      2-bedroom, 2-bath condo near hospital, shopping, and Greenway.
      2513 Gatehouse Ln, Salem, VA 24153
      View Details
    • $1,300,000
      2.25 Acres

      Salem Retail Redevelopment Site

      Prime 2.25-acre CBD land, high visibility.
      1622 Main St, Salem, VA 24153
      View Details
    • $179,950
      0.56 Acres

      Salem Commercial Land - High-Density Business

      0.56-acre lot, prime Salem location. High traffic count.
      2005 Main St, Salem, VA 24153
      View Details
    • $1,150,000
      30.50 Acres

      Salem Industrial Land - 30 Acres

      Prime Industrial Site, I-2 Zoning, Rail Access
      5832 River Rd, Salem, VA 24153
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      764,204 SF

      Roanoke Blvd Industrial/Office Complex

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      9,625 SF

      Industrial Space in Salem, Virginia

      9,625 SF industrial space with access to I-81.
      1701 Midland Rd, Salem, VA 24153
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    • $12 SF/Yr
      5,000 SF

      Adaptable Commercial Property For Rent

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      1,628 SF

      Retail Space at Lakeside Plaza

      Retail space with high visibility and traffic in Salem, VA.
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      Retail Space in Salem Corridor

      Retail space for lease in Salem's busiest retail corridor.
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    • Contact for pricing
      3,791 SF

      Retail Space in Salem Center

      Retail space available in grocer-anchored shopping center.
      1477-1486 W Main St, Salem, VA 24153
      View Details
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    1723 Skyview Rd
    Salem, VA 24153
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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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