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    Property profile & analytics

    1936 Medical Ave Harrisonburg, VA 22801

    • Commercial land
    For Sale
    View listing
    $945,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2498528
    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 land

    Property Details for 1936 Medical Ave

    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    MAJOR PRICE REDUCTION!! Great opportunity for professional office, medical office, potential multi-family, local retail, and many others! Well located parcel in the heart of Harrisonburg's commercial activity. Adjacent Residence Inn by Marriott and Fairfield Inn by Marriott. Minutes from JMU campus and I-81. One of only a few remaining raw land parcels in this area. See Agent for details. Property will be deed restricted against hotel use.

    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
    -78.8534454
    Latitude
    38.4277066

    Comparable in this City

    • $805,000
      Pending

      Prime Commercial Land in Harrisonburg

      Highly visible commercial land with flexible options for development.
      1 Stone Spring Rd, Harrisonburg, VA 22801
      View Details
    • $319,900
      1.25 Acres

      Prime Land in Rockingham, VA

      1.25 acre lot with utilities in Crossroads Farms.
      Tbd Cross Ky Rd, Harrisonburg, VA 22801
      View Details
    • $1,650,000
      14.46 Acres

      Harrisonburg Land Near Interstate 81

      14.46 acres of B-1 zoned land near Interstate 81.
      PIKE Tbd Vly NORTH, Harrisonburg, VA 22801
      View Details
    • $650,000
      2.76 Acres

      Industrial Lot in Harrisonburg, VA

      2.76 acre industrial lot with utilities in place.
      131 Leray Cir, Harrisonburg, VA 22801
      View Details

    Similar Nearby for Sale

    • $805,000
      Pending

      Prime Commercial Land in Harrisonburg

      Highly visible commercial land with flexible options for development.
      1 Stone Spring Rd, Harrisonburg, VA 22801
      View Details
    • $319,900
      1.25 Acres

      Prime Land in Rockingham, VA

      1.25 acre lot with utilities in Crossroads Farms.
      Tbd Cross Ky Rd, Harrisonburg, VA 22801
      View Details
    • $1,650,000
      14.46 Acres

      Harrisonburg Land Near Interstate 81

      14.46 acres of B-1 zoned land near Interstate 81.
      PIKE Tbd Vly NORTH, Harrisonburg, VA 22801
      View Details
    • $650,000
      2.76 Acres

      Industrial Lot in Harrisonburg, VA

      2.76 acre industrial lot with utilities in place.
      131 Leray Cir, Harrisonburg, VA 22801
      View Details

    Similar Nearby for Lease

    • $35 SF/Yr

      Prime Retail Corridor Land Parcel

      1-acre lot for lease, purchase, or build-to-suit.
      2335 E Market St, Harrisonburg, VA 22801
      View Details
    • Contact for pricing

      High-Visibility Commercial Land For Lease

      0.91 acre commercial land for ground lease or build-to-suit.
      3269 S Main St, Harrisonburg, VA 22801
      View Details
    • Contact for pricing

      Retail Development Land Near Resort

      Land for retail development near Preston Lake and Massanutten Resort.
      Stone Spring Rd, Harrisonburg, VA 22801
      View Details
    • $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
    • Contact for pricing

      Office Space with Secure Lot

      1500 SF office with .6 acre fenced lot.
      767 Pleasant Valley Rd, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr
      33,106 SF

      Harrisonburg Office Space For Rent

      3200 SF office space in growing Harrisonburg business sector.
      3230 Peoples Dr, Harrisonburg, VA 22801
      View Details
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    1936 Medical Ave
    Harrisonburg, VA 22801
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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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