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

    1920 Erickson Ave Harrisonburg, VA 22801

    • Warehouses
    • 4,000 SF
    • 0.56 lot acres
    OFF-MARKET
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2673559
    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

    • Warehouses

    Property Details for 1920 Erickson Ave

    Year built
    1984
    Lot size
    0.56 lot acres
    Property size
    4,000 SF
    Zone code
    GENERAL BUSINESS
    Property type
    Warehouses
    APN
    112 A 3
    APU
    112A3

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $254,000
      Market price range: $131k - $631k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $380,000
      Current use
      RETAIL STORES
      $430,000
      Change: +13% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $410,000
      Change: +8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg City
    State
    Virginia
    Longitude
    -78.9062
    Latitude
    38.4328
    CBSA code
    25500
    CBSA name
    HARRISONBURG, 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
    $2,462
    $98,400
    $145,400
    $243,800
    -
    $98,400
    $145,400
    $243,800

    Comparable in this City

    • Value Estimation
      $235,000
      0.26 Acres

      1031 Market St

      WAREHOUSE, STORAGE • 0.26 Acres
      1031 Market St, Harrisonburg, VA 22801-9064
      View Details
    • Value Estimation
      $245,000
      0.06 Acres

      Old S High St

      WAREHOUSE, STORAGE • 0.06 Acres
      Old S High St, Harrisonburg, VA 22801
      View Details
    • Value Estimation
      $235,000
      0.51 Acres

      265 Chesapeake Ave

      WAREHOUSE, STORAGE • 0.51 Acres
      265 Chesapeake Ave, Harrisonburg, VA 22801-3617
      View Details
    • Value Estimation
      $260,000
      3.64 Acres

      1555 Garbers Church Rd

      WAREHOUSE, STORAGE • 3.64 Acres
      1555 Garbers Church Rd, Harrisonburg, VA 22801
      View Details
    • Value Estimation
      $370,000
      10,220 SF

      881 Auto Motion Way

      WAREHOUSE, STORAGE • 10,220 SF
      881 Auto Motion Way, Harrisonburg, VA 22801-9801
      View Details
    • Value Estimation
      $335,000
      1.11 Acres

      2098 John Wayland Hwy

      WAREHOUSE, STORAGE • 1.11 Acres
      2098 John Wayland Hwy, Rockingham, VA 22801-4508
      View Details

    Similar Nearby for Sale

    • $425,000
      Pending

      Harrisonburg Warehouse with Living Quarters

      Warehouse with living space, large doors, and outbuilding.
      119 Pleasant Hill Rd, Harrisonburg, VA 22801
      View Details
    • $2,500,000
      28,824 SF

      Harrisonburg Warehouse and Industrial Property

      28,824 sqft warehouse/industrial property for sale or lease in Harrisonburg.
      2610 S Main St, Harrisonburg, VA 22801
      View Details
    • $595,000
      Pending

      Retail and Warehouse Facility

      Retail and warehouse facility with showroom and office space.
      80 Charles St, Harrisonburg, VA 22801
      View Details
    • $3,595,000
      22,088 SF

      Versatile Commercial Building Near I-81

      22,088 SF commercial property ideal for retail or warehousing.
      1740 E Market St, Harrisonburg, VA 22801
      View Details
    • $549,000
      3,732 SF

      Corner Lot with Office Space

      Industrial property featuring storage, office space, and remodeling underway.
      1110 N Liberty St, Harrisonburg, VA 22801
      View Details
    • $1,500,000
      2.04 Acres

      Prime Commercial Land Near JMU

      2-Acre lot, high traffic, B2 zoning.
      1001 Port Republic Rd, Harrisonburg, VA 22801
      View Details

    Similar Nearby for Lease

    • $1.00 SF/Yr

      Renovated Industrial Building with Parking

      Newly renovated flex/industrial space in downtown Harrisonburg with parking.
      156 E Washington St, Harrisonburg, VA 22801
      View Details
    • $9 SF/Yr
      10,300 SF

      Harrisonburg Flex Space: Prime Location

      10,300 SF Flex Warehouse, Excellent Visibility
      1780 Dealton Ave, Harrisonburg, VA 22801
      View Details
    • $9 SF/Yr
      50,000 SF

      Harrisonburg Warehouse - 50,000 SF

      Prime Industrial Space, I-81 Access
      561 Belle Cir, Harrisonburg, VA 22801
      View Details
    • $9 SF/Yr
      30,000 SF

      Harrisonburg Warehouse and Showroom Space

      30,000 SF Harrisonburg facility with showroom and warehouse space.
      4011 S Main St, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr

      Harrisonburg Warehouse/Industrial/Flex Space For Rent

      Versatile industrial space with loading docks in Harrisonburg, VA.
      641 Acorn Dr, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr

      Harrisonburg Warehouse and Distribution Space

      Centrally located industrial space ideal for storage, distribution, manufacturing.
      1780 Dealton 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.
    1920 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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.