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

    1937 Medical Ave Harrisonburg, VA 22801-3437

    • Medical offices
    • 5,298 SF
    • 0.61 lot acres
    OFF-MARKET
    Last Sale
    Oct 06, 2021
    $700,000
    Value Estimations
    $715,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2972024
    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

    • Dr. Gene Yoder / Internist
    • George A. Roussel, MD / Internist / Doctor
    • Dr. Philip W. Day, MD / Doctor

    Property Details for 1937 Medical Ave

    Year built
    1989
    Lot size
    0.61 lot acres
    Property size
    5,298 SF
    Zone code
    GENERAL BUSINESS
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    079 C 1
    APU
    079C1

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $745,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $596,000
      Market price range: $356k - $1.12M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $680,000
      Current use
      OFFICE BUILDING
      $885,000
      Change: +30% Conversion: Easy
      COMMERCIAL (GENERAL)
      $600,000
      Change: -12% Conversion: Easy
      RETAIL STORES
      $565,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg City
    State
    Virginia
    Longitude
    -78.8542
    Latitude
    38.4277
    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
    2021
    $8,484
    $345,000
    $597,700
    $942,700
    -
    $345,000
    $597,700
    $942,700

    Comparable in this City

    • Value Estimation by Request
      1.00 Acre

      4111 Quarles Ct

      MEDICAL BUILDING • 1.00 Acre
      4111 Quarles Ct, Rockingham, VA 22801-3576
      View Details
    • Value Estimation by Request
      1.91 Acres

      4100 Quarles Ct

      MEDICAL BUILDING • 1.91 Acres
      4100 Quarles Ct, Rockingham, VA 22801-8797
      View Details
    • Value Estimation
      $790,000
      5,586 SF

      1661 Main St

      MEDICAL BUILDING • 5,586 SF
      1661 Main St, Harrisonburg, VA 22801-2728
      View Details
    • Value Estimation by Request
      667 SF

      1751 Erickson Ave

      MEDICAL BUILDING • 667 SF
      1751 Erickson Ave, Harrisonburg, VA 22801-8555
      View Details
    • Value Estimation
      $530,000
      5,255 SF

      1992 Medical Ave

      MEDICAL BUILDING • 5,255 SF
      1992 Medical Ave, Harrisonburg, VA 22801-3436
      View Details
    • Value Estimation by Request
      5,920 SF

      2062 Pro Pointe Ln

      MEDICAL BUILDING • 5,920 SF
      2062 Pro Pointe Ln, Harrisonburg, VA 22801-8021
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.00 Acre

      Harrisonburg Commercial Land

      Prime Medical & Retail Lots
      0 Naomis Way, Harrisonburg, VA 22801
      View Details
    • $629,900
      Pending

      Turn-Key Medical Office Condo

      Fully equipped medical suite in a thriving commercial area.
      1947 Medical Ave, Harrisonburg, VA 22801
      View Details
    • $557,000
      1 SF

      Prime Corner Lot Near Hospital

      One-acre corner lot suitable for office or medical use.
      3545 Naomis Way, Harrisonburg, VA 22801
      View Details
    • $2,200,000
      7,197 SF

      Harrisonburg Office Building For Sale

      7,200 SF professional office building in high-traffic location.
      530 Neff Ave, 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
    • $1,250,000
      6,640 SF

      Harrisonburg Office Building For Sale

      Visible Harrisonburg office building with income-generating tenant.
      963 Reservoir St, Harrisonburg, VA 22801
      View Details

    Similar Nearby for Lease

    • $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
    • $14 SF/Yr
      11,482 SF

      Copperstone 1: Prime Office Space

      11,482 SF Office, Multiple Uses Available
      847 M.l.k. Jr Way, Harrisonburg, VA 22801
      View Details
    • $18 SF/Yr
      2,146 SF

      Professional Office Space Available

      Office space for rent with excellent signage and parking.
      560-590 Neff Ave, Harrisonburg, VA 22801
      View Details
    • $28 SF/Yr
      10,464 SF

      Medical Office Building For Lease

      10,464 SF medical office space available in Spring 2026.
      2291 Evelyn Byrd Ave, Harrisonburg, VA 22801
      View Details
    • $18 SF/Yr
      1,078 SF

      Neff Avenue Office Suite 500

      Prime Office Space, 1078 sq ft
      560 Neff Ave, Harrisonburg, VA 22801
      View Details
    • $14 SF/Yr
      4,700 SF

      Office Space Ready for Design

      Office space available for rent, design to suit needs.
      871 Martin Luther King Jr Way, 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.
    1937 Medical Ave
    Harrisonburg, VA 22801-3437
    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.