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

    1929 Apperson Dr Salem, VA 24153

    • Commercial real estate
    • 6,143 SF
    • 0.87 lot acres
    OFF-MARKET
    Last Sale
    Jul 07, 2022
    $369,420
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0671674
    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 1929 Apperson Dr

    Year built
    1954
    Lot size
    0.87 lot acres
    Property size
    6,143 SF
    Zone code
    HBD
    Property type
    Commercial real estate
    APN
    279-1-1
    APU
    27911

    Description

    This exceptional investment opportunity presents a 6,143 square foot storefront located at 1929 Apperson Dr, Salem, VA 24153. Situated on a highly visible corner lot with over 300 feet of road frontage, this property benefits from a daily traffic count exceeding 21,600 vehicles, ensuring optimal exposure. The building, constructed in 1954, has recently undergone significant improvements, including roof replacement, fresh paint, and cosmetic upgrades, enhancing its value and appeal. Currently operating under a long-term, single-tenant NNN lease with 100% occupancy, this property offers a projected cap rate of 7.75%, making it an attractive addition to any investment portfolio. Its strategic location on a primary thoroughfare between Salem and Roanoke provides easy access and strong visibility. The multi-functional space offers flexibility for future uses. Operational information is readily available. This is a turnkey investment opportunity with a strong tenant and excellent location.

    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
    Salem
    State
    Virginia
    Longitude
    -80.0265
    Latitude
    37.268
    CBSA code
    40220
    CBSA name
    ROANOKE, 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
    2023
    $3,947
    $178,700
    $150,200
    $328,900
    -
    $178,700
    $150,200
    $328,900

    Comparable in this City

    • Value Estimation by Request
      0.34 Acres

      400 College Ave

      COMMERCIAL (GENERAL) • 0.34 Acres
      400 College Ave, Salem, VA 24153
      View Details
    • Value Estimation by Request
      4.12 Acres

      1851 Harrogate Dr

      COMMERCIAL (GENERAL) • 4.12 Acres
      1851 Harrogate Dr, Salem, VA 24153-2358
      View Details
    • Value Estimation by Request
      21.80 Acres

      2210 Main St

      COMMERCIAL (GENERAL) • 21.80 Acres
      2210 Main St, Salem, VA 24153
      View Details
    • Value Estimation by Request
      2,304 SF

      414 4th St

      COMMERCIAL (GENERAL) • 2,304 SF
      414 4th St, Salem, VA 24153-3633
      View Details
    • Value Estimation by Request
      928 SF

      1023 Delaware St

      COMMERCIAL (GENERAL) • 928 SF
      1023 Delaware St, Salem, VA 24153-6341
      View Details
    • Value Estimation
      $725,000
      6,566 SF

      130 Main St

      COMMERCIAL (GENERAL) • 6,566 SF
      130 Main St, Salem, VA 24153-3805
      View Details

    Similar Nearby for Sale

    • $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
    • $720,000
      0.93 Acres

      Salem, VA Commercial Land - I-81 Access

      High-visibility lot, ideal for development.
      142 Horner Ln, Salem, VA 24153
      View Details
    • $399,000
      4.97 Acres

      Salem Multifamily Land Development

      Prime 5-acre Salem, VA development site.
      1871 Harrogate Dr, Salem, VA 24153
      View Details
    • $649,000
      1.31 Acres

      Keagy Road Commercial Land Opportunity

      1.31-acre lot, ideal medical/professional use
      3525 Keagy Rd, 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
      39,580 SF

      Wildwood Plaza Retail Center

      High-traffic retail space for lease.
      36-50 Wildwood Rd, Salem, VA 24153
      View Details
    • $126 SF/Yr
      7,500 SF

      Prime Apperson Drive Office Space

      7,500 SF Office/Warehouse - Ready Now!
      358 Apperson Dr, Salem, VA 24153
      View Details
    • $8 SF/Yr
      7,500 SF

      Corner Unit Warehouse Space Available

      7,500 SF warehouse with office space for lease.
      340 Apperson Dr, Salem, VA 24153
      View Details
    • Contact for pricing
      15,130 SF

      Downtown Salem Office Building

      Two-story office building in the heart of Salem, Virginia.
      110 E Main St, Salem, VA 24153
      View Details
    • $4 SF/Yr
      414,000 SF

      Prime Salem Warehouse Space

      414,000 SF Warehouse - VA
      1501 Roanoke Blvd, Salem, VA 24153
      View Details
    • Contact for pricing
      45,120 SF

      Salem Retail Center: Prime Location

      High-traffic retail space, multiple units available.
      1300 Main St, Salem, VA 24153
      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.
    1929 Apperson Dr
    Salem, VA 24153
    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.