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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    224 Franklin St Rocky Mount, VA 24151-1354

    • Retail space
    • 3,610 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    Nov 12, 2021
    $225,000
    Value Estimations
    $185,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1791704
    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

    • Crown Studio / Hair Salon

    Property Details for 224 Franklin St

    Year built
    1945
    Lot size
    0.14 lot acres
    Property size
    3,610 SF
    Zone code
    CBD
    Property type
    Retail space
    APN
    207 00-372 00
    APU
    2070037200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $170,000
      ML approach
      $205,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $231,000
      Market price range: $179k - $477k
      AI Estimate
      $169,000
      Market price range: $131k - $364k

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

    Location Insight

    • Map
    • Local Demand
    City
    Rocky Mount
    County
    Franklin
    State
    Virginia
    Longitude
    -79.8935
    Latitude
    36.9995
    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
    0
    $0.00
    $24,200
    $171,500
    $195,700
    -
    $24,200
    $171,500
    $195,700

    Comparable in this City

    • Value Estimation
      $215,000
      1,708 SF

      1000 Main St

      RETAIL STORES (PERSONAL SERVICES) • 1,708 SF
      1000 Main St, Rocky Mount, VA 24151-5957
      View Details
    • Value Estimation
      $260,000
      7,128 SF

      548 Old Franklin Tpke

      RETAIL STORES (PERSONAL SERVICES) • 7,128 SF
      548 Old Franklin Tpke, Rocky Mount, VA 24151
      View Details
    • Value Estimation
      $350,000
      8,050 SF

      525 Old Franklin Tpke

      RETAIL STORES (PERSONAL SERVICES) • 8,050 SF
      525 Old Franklin Tpke, Rocky Mount, VA 24151
      View Details
    • Value Estimation
      $230,000
      7,056 SF

      Old Franklin

      RETAIL STORES (PERSONAL SERVICES) • 7,056 SF
      Old Franklin, Rocky Mount, VA 24151
      View Details
    • Value Estimation
      $310,000
      9,220 SF

      21231 Virgil H Goode Hwy

      RETAIL STORES (PERSONAL SERVICES) • 9,220 SF
      21231 Virgil H Goode Hwy, Rocky Mount, VA 24151-3412
      View Details
    • Value Estimation
      $180,000
      3,108 SF

      120 Franklin St

      RETAIL STORES (PERSONAL SERVICES) • 3,108 SF
      120 Franklin St, Rocky Mount, VA 24151-1654
      View Details

    Similar Nearby for Sale

    • $350,000
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      Haywood Building: Prime Retail Opportunity

      Multi-Tenant Retail Building in Rocky Mount, VA
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      View Details
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      Rocky Mount Commercial Land

      1.14 Acres, Prime Location, $699,000
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    • $660,000
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      Restaurant-Style Building on 0.78 Acres

      2,853 sq. ft. building on 0.78 acres for sale.
      20221 Virgil H Goode Hwy, Rocky Mount, VA 24151
      View Details
    • $325,000
      3,527 SF

      Retail Building in Downtown Rocky Mount

      3,527 SF retail building with ample parking.
      190 Franklin St, Rocky Mount, VA 24151
      View Details
    • $3,890,000
      77,550 SF

      Goodwill Center: Rocky Mount, VA

      Versatile Industrial Property: 77,550 SF
      1045 Main St, Rocky Mount, VA 24151
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    • $1,100,000
      7,513 SF

      Remodeled Motel and Diner Property

      Remodeled 16-unit motel with diner, new HVAC and roof.
      18021-18027 Virgil H Goode Hwy, Rocky Mount, VA 24151
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    Similar Nearby for Lease

    • Contact for pricing
      2,800 SF

      Retail Space in Rocky Mount

      Premier shopping center with highway access and ample parking.
      400 Old Franklin Tpke, Rocky Mount, VA 24151
      View Details
    • Contact for pricing

      1.33 Acre Pad Site Available

      1.33 acre pad site for rent on Old Franklin Turnpike.
      800 Old Franklin Tpke, Rocky Mount, VA 24151
      View Details
    • $9 SF/Yr
      2,550 SF

      Functional Office Space For Rent

      Clean, flexible office space with ample parking and central location.
      110 Maple Ave, Rocky Mount, VA 24151
      View Details
    • Contact for pricing
      9,745 SF

      Warehouse on Large Acreage

      9,745 sq ft warehouse on 11.51 acres for rent.
      10885 Virgil H Goode Hwy, Rocky Mount, VA 24151
      View Details
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    224 Franklin St
    Rocky Mount, VA 24151-1354
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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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