Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1812 Erickson Ave Harrisonburg, VA 22801

    • Commercial real estate
    • 1.96 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2846732
    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 1812 Erickson Ave

    Lot size
    1.96 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 1.96-acre commercial lot, located at 1812 Erickson Ave in Harrisonburg, VA, presents a unique investment opportunity. Situated directly adjacent to a Walmart superstore, this B-2 zoned parcel benefits from unparalleled visibility and high traffic volume generated by one of the nation's most successful retailers. The property is completely level and vacant, offering immediate development potential. Its strategic location promises significant commercial success, making it ideal for a variety of uses. Consider a strip mall, hotel, gas station, restaurant, automotive service center, or medical office – the possibilities are vast and the potential for high returns is undeniable. Further enhancing the property's value is a recently approved 897-unit housing development directly across the street, guaranteeing a substantial and growing customer base. This almost two-acre parcel represents a prime location for commercial development, offering a smart investment for both immediate and long-term gains. The property's proximity to a major retailer and a new residential development ensures consistent traffic and a strong potential for rental income or resale value. Don't miss this chance to secure a piece of Harrisonburg's thriving commercial landscape. The asking price is $369,000.

    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
    Harrisonburg
    County
    Harrisonburg
    State
    Virginia
    Longitude
    -78.90773
    Latitude
    38.43388

    Comparable in this City

    • $4,900,000
      6.01 Acres

      Harrisonburg Commercial Land - 6 Acres

      Prime commercial development land, ideal location.
      55 Baxter Dr, Harrisonburg, VA 22801
      View Details
    • Contact for pricing
      1.00 Acre

      Harrisonburg Commercial Land

      Prime Medical & Retail Lots
      0 Naomis Way, Harrisonburg, VA 22801
      View Details
    • $499,900
      0.73 Acres

      .727 Acres Brookhaven Drive, VA

      Prime Commercial Land, High Visibility
      0 Brookhaven Dr, Harrisonburg, VA 22801
      View Details
    • $1,650,000
      14.46 Acres

      Prime Commercial Land, Harrisonburg VA

      14.46 Acres, B1 Zoning, Development Ready
      0 Valley Pike, Harrisonburg, VA 22801
      View Details
    • Contact for pricing
      0.84 Acres

      Stone Port Commercial Land

      Prime Harrisonburg location, flexible acreage.
      1942 Port Republic Rd, Harrisonburg, VA 22801
      View Details
    • $999,500
      1.40 Acres

      Harrisonburg Corner Lot Investment

      1.4-Acre Commercial Land, Prime Location
      2775 Ridgedale Rd, Harrisonburg, VA 22801
      View Details

    Similar Nearby for Sale

    • $5,000,000
      9.91 Acres

      West Plaza Retail Center

      Three Suites Available, Bexar County
      1071 Port Republic Rd, Harrisonburg, VA 22801
      View Details
    • $349,000
      0.48 Acres

      Deyerle Ave Commercial Land

      Prime Harrisonburg location, vacant lot, B-2 zoning.
      2050 Deyerle Ave, Harrisonburg, VA 22801
      View Details
    • $4,795,000
      9.37 Acres

      Harrisonburg Retail Land Opportunity

      Prime 9.37-acre retail site, high traffic
      3050 Main St, Harrisonburg, VA 22801
      View Details
    • $4,900,000
      6.01 Acres

      Harrisonburg Commercial Land - 6 Acres

      Prime commercial development land, ideal location.
      55 Baxter Dr, Harrisonburg, VA 22801
      View Details
    • Contact for pricing
      1.00 Acre

      Harrisonburg Commercial Land

      Prime Medical & Retail Lots
      0 Naomis Way, Harrisonburg, VA 22801
      View Details
    • $499,900
      0.73 Acres

      .727 Acres Brookhaven Drive, VA

      Prime Commercial Land, High Visibility
      0 Brookhaven Dr, Harrisonburg, VA 22801
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      65,365 SF

      Port Crossing Shopping Center: Retail Space

      High-traffic retail center; spaces available.
      1021 Port Republic Rd, Harrisonburg, VA 22801
      View Details
    • $12 SF/Yr
      24,455 SF

      Retail Space in Cloverleaf Center

      Retail suite available in Harrisonburg's Cloverleaf Shopping Center.
      125-139 S Carlton St, Harrisonburg, VA 22801
      View Details
    • Contact for pricing
      1,596 SF

      Retail Spaces Near James Madison

      Retail spaces available near James Madison University and anchored by Kroger.
      1790 E Market St, Harrisonburg, VA 22801
      View Details
    • Contact for pricing

      Land For Rent Harrisonburg

      Land available for rent in Harrisonburg, Virginia.
      2028 E Market St, Harrisonburg, VA 22801
      View Details
    • New
      $1.00 SF/Yr

      Prime Commercial Land in Harrisonburg

      1.435-acre ground-lease opportunity in Harrisonburg's fastest growing commercial area.
      Tbd Stone Spg Rd, Harrisonburg, VA 22801
      View Details
    • $18 SF/Yr
      2,169 SF

      Neff Avenue Office Building For Sale

      Prime Medical/Office Space Available
      590 Neff Ave, Harrisonburg, VA 22801
      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.
    1812 Erickson Ave
    Harrisonburg, VA 22801
    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.