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    Property profile & analytics

    2061 Electric Rd Roanoke, VA 24018

    • Strip malls
    • 49,881 SF
    • 3.48 lot acres
    For Lease
    View listing
    Last Sale
    Jan 30, 2023
    $4,800,000
    Value Estimations
    $5,385,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0664983
    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

    • Strip malls

    Property Details for 2061 Electric Rd

    Year built
    1964
    Lot size
    3.48 lot acres
    Property size
    49,881 SF
    Zone code
    C2S
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    076.07-04-33
    APU
    76070433

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,090,000
      ML approach
      $5,850,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $8,115,000
      MEDICAL BUILDING
      $6,980,000
      COMMERCIAL (GENERAL)
      $6,210,000
      RESTAURANT
      $5,505,000
      APARTMENT HOUSE (5+ UNITS)
      $4,055,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.0319
    Latitude
    37.2456
    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
    2024
    $36,068
    $1,218,200
    $2,249,900
    $3,468,100
    -
    $1,218,200
    $2,249,900
    $3,468,100

    Comparable in this City

    • Value Estimation
      $530,000
      13,371 SF

      4206 Brambleton Ave, Unit 4218

      SHOPPING CENTER, STRIP CENTER • 13,371 SF
      4206 Brambleton Ave, Roanoke, VA 24018-3403
      View Details
    • Value Estimation
      $2,270,000
      79,909 SF

      3901 Brambleton Ave, Unit 3955

      SHOPPING CENTER, STRIP CENTER • 79,909 SF
      3901 Brambleton Ave, Roanoke, VA 24018-6402
      View Details
    • Value Estimation by Request
      14,348 SF

      3565 Electric Rd

      SHOPPING CENTER, STRIP CENTER • 14,348 SF
      3565 Electric Rd, Roanoke, VA 24018-4449
      View Details
    • Value Estimation by Request
      10,500 SF

      3260 Electric Rd

      SHOPPING CENTER, STRIP CENTER • 10,500 SF
      3260 Electric Rd, Roanoke, VA 24018-6400
      View Details
    • Value Estimation
      $1,425,000
      85,722 SF

      4335 Starkey Rd, Unit 4387

      SHOPPING CENTER, STRIP CENTER • 85,722 SF
      4335 Starkey Rd, Roanoke, VA 24018-0610
      View Details
    • Value Estimation
      $925,000
      28,000 SF

      3524 Electric Rd, Unit 3576

      SHOPPING CENTER, STRIP CENTER • 28,000 SF
      3524 Electric Rd, Roanoke, VA 24018-4453
      View Details

    Similar Nearby for Sale

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      Land with C2 zoning near new Publix development.
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      Roanoke, Virginia NNN Investment Property

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      Leased Retail Buildings For Sale

      Two fully leased retail buildings in Roanoke, Virginia.
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    • $850,000
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      Cave Spring Retail Investment Opportunity

      Two Fully Leased Buildings, High Traffic Area
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    • $3,101,040
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      Roanoke Land with Development Potential

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      Cave Spring Office Building

      Prime Medical/Office Space, High Traffic
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    Similar Nearby for Lease

    • Contact for pricing
      4,720 SF

      Retail Space with High Visibility

      Retail space available in a busy, high-visibility location.
      2061 Electric Rd, Roanoke, VA 24018
      View Details
    • Contact for pricing
      80,163 SF

      Southwest Plaza Retail Center

      Roanoke, VA Strip Center - 8 Spaces Available
      2022 Electric Rd, Roanoke, VA 24018
      View Details
    • $18 SF/Yr
      2,900 SF

      Cave Spring Medical Office Space

      2,900 sq ft Single-Tenant Medical Office
      4097 Electric Rd, Cave Spring, VA 24018
      View Details
    • $12 SF/Yr
      4,016 SF

      Retail Showroom with Warehouse Space

      4,016 SF building with showroom and warehouse for lease.
      3719 Brambleton Ave, Roanoke, VA 24018
      View Details
    • Contact for pricing
      2,296 SF

      Standalone Retail/Office Building For Rent

      Standalone building suitable for retail or office use with parking.
      4316 Brambleton Ave, Roanoke, VA 24018
      View Details
    • Contact for pricing
      811,270 SF

      Tanglewood Mall Medical Office Space

      Prime Medical Office Space in Roanoke, VA. Multiple suites available.
      4420 Electric Rd, Cave Spring, VA 24018
      View Details
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    2061 Electric Rd
    Roanoke, VA 24018
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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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