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

    221 Progress Pkwy Franklin, VA 23851-4153

    • Industrial properties
    • 135,311 SF
    • 14.65 lot acres
    OFF-MARKET
    Value Estimations
    $1,155,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2207852
    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

    • Industrial properties

    Property Details for 221 Progress Pkwy

    Year built
    1997
    Construction
    LIGHT FRAME
    Lot size
    14.65 lot acres
    Property size
    135,311 SF
    Zone code
    M2
    Property type
    Industrial properties
    APN
    170 186 7
    APU
    1701867

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,155,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Franklin City
    State
    Virginia
    Longitude
    -76.9257
    Latitude
    36.6563
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 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
    2019
    $45,954
    $322,300
    $2,754,300
    $3,076,600
    -
    $322,300
    $2,754,300
    $3,076,600

    Comparable in this City

    • Value Estimation by Request
      138,800 SF

      221 Progress Pkwy

      Distribution properties • 138,800 SF
      221 Progress Pkwy, Franklin, VA 23851
      View Details
    • Value Estimation
      $615,000
      33,280 SF

      29140 General Thomas Hwy

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 33,280 SF
      29140 General Thomas Hwy, Franklin, VA 23851-4840
      View Details
    • Value Estimation
      $4,905,000
      8,160 SF

      101 Frst Pne Rd

      MINI-WAREHOUSE, STORAGE • 8,160 SF
      101 Frst Pne Rd, Franklin, VA 23851-1320
      View Details
    • Value Estimation
      $270,000
      620 SF

      145 Sachs Ave

      BULK STORAGE, TANKS • 620 SF
      145 Sachs Ave, Franklin, VA 23851
      View Details
    • Value Estimation
      $195,000
      0.60 Acres

      106 Barrett St

      MINI-WAREHOUSE, STORAGE • 0.60 Acres
      106 Barrett St, Franklin, VA 23851
      View Details
    • Value Estimation
      $215,000
      0.48 Acres

      Mechanic St

      MINI-WAREHOUSE, STORAGE • 0.48 Acres
      Mechanic St, Franklin, VA 23851
      View Details

    Similar Nearby for Sale

    • $1,400,000
      98,280 SF

      Franklin VA Redevelopment Opportunity

      Almost 100,000 SF on 11 acres near Hwy 58.
      1333 Carrsville Hwy, Franklin, VA 23851
      View Details
    • $890,000
      12,543 SF

      Franklin Warehouse For Sale

      12,543 SF warehouse/industrial property in Franklin, VA.
      141 Commerce Park Rd, Franklin, VA 23851
      View Details
    • Contact for pricing
      1.17 Acres

      Franklin, VA Commercial Land Parcel

      1.17-Acre Commercial Lot, High Traffic
      1240 Armory Dr, Franklin, VA 23851
      View Details
    • Contact for pricing

      1.17 Acre Pad Site

      1.17 acre pad site available on Armory Drive.
      1240 Armory Dr, Franklin, VA 23851
      View Details
    • $499,900
      8.65 Acres

      Franklin Commercial Land Opportunity

      8.65 acre commercial land parcel in Franklin, Virginia.
      8.6Acs Councill Dr, Franklin, VA 23851
      View Details
    • $175,000
      1,554 SF

      Franklin Duplex: Investment Opportunity

      Duplex with tenant-occupied and vacant units, great investment potential.
      205 Cobb St, Franklin, VA 23851
      View Details

    Similar Nearby for Lease

    • $7 SF/Yr
      138,800 SF

      Franklin, VA Industrial Facility

      138,800 SF Manufacturing/Distribution Space
      221 Progress Pkwy, Franklin, VA 23851
      View Details
    • $1.00 SF/Yr
      2,063 SF

      Spacious Unit in Franklin, VA

      Commercial/Industrial space with open layout, offices, and storage.
      175 Commerce Park Rd, Franklin, VA 23851
      View Details
    • Contact for pricing
      197,572 SF

      Franklin Commons Retail Space

      Virginia Shopping Center - Spaces Available
      112 Council Dr, Franklin, VA 23851
      View Details
    • $7 SF/Yr
      1,600 SF

      Downtown Franklin Retail Storefront Opportunity

      Retail storefront in vibrant downtown Franklin, near parking and events.
      103 N Main St, Franklin, VA 23851
      View Details
    • $12 SF/Yr
      3,440 SF

      Downtown Franklin Versatile Office Building

      Versatile office building in downtown Franklin with flexible space options.
      223 N Main St, Franklin, VA 23851
      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.
    221 Progress Pkwy
    Franklin, VA 23851-4153
    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.