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    2306 Riverside Dr West Riverside Dr Salem, VA 24153
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    Property profile & analytics

    2306 Riverside Dr West Riverside Dr, Salem, VA 24153

    View on Map
    • Commercial real estate
    • 17.19 lot acres
    Off-Market
    Property ID
    US87-0947864
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Riverside Nursery Inc / Garden Center / Landscaping

    Property Details for 2306 Riverside Dr West Riverside Dr

    Lot size
    17.19 lot acres
    Property type
    Commercial real estate
    APN
    0612-88-3978-41, 0612-89-4428-61

    Description

    Exceptional investment opportunity in Salem, Virginia! This 17.19-acre property, encompassing the established Riverside Nursery, presents a unique blend of existing business and significant development potential. The nursery itself boasts over 47,000 square feet of greenhouse space and a 30-year history of profitability, producing high-quality plants for diverse uses. The property's R-1 zoning, coupled with its prime riverside location on the Roanoke River with private access and its residential surroundings, suggests opportunities for increased density. The existing infrastructure includes two large wells, one underground pipe drawing from the Roanoke River, and two septic systems. Adding to the property's appeal is a small, two-bedroom, one-bathroom house, ideal for on-site management or worker housing. The property's APN numbers are 0612-88-3978-41 and 0612-89-4428-61. This landmark Salem business offers a solid foundation for expansion or redevelopment. Detailed business information and private showings are available upon execution of a Non-Disclosure Agreement and verification of funds from a reputable financial institution. Asking price: $1,500,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.096583274286
    Latitude
    37.279996852354

    Comparable in this City

    • Contact for pricing

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      12.45 acre land parcel in Salem, Virginia.
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      Developable Land For Sale

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      Salem, VA Commercial Land

      Level corner lot suitable for new business development.
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      2.19 Acres of Land

      2.19 acres of land available for sale.
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    Similar Nearby for Sale

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      Retail Redevelopment Opportunity in Salem

      Prime retail redevelopment property in Salem, VA, with high visibility.
      1622 E Main St, Salem, VA 24153
      View Details
    • $650,000
      12.45 Acres

      Salem, VA Land For Sale

      12.45 acre land parcel in Salem, Virginia.
      1000 Blk Polar Ln, Salem, VA 24153
      View Details
    • Contact for pricing

      Developable Land For Sale

      0.56 AC developable land, ideal for retail, restaurant, or office.
      2005 E Main St, Salem, VA 24153
      View Details
    • Contact for pricing

      Commercial Land with High Visibility

      0.927 acre commercial land with easy highway access.
      142 Horner Ln, Salem, VA 24153
      View Details
    • $180,000
      0.96 Acres

      Salem, VA Commercial Land

      Level corner lot suitable for new business development.
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    • Contact for pricing

      2.19 Acres of Land

      2.19 acres of land available for sale.
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    Similar Nearby for Lease

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      Land for Lease

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      9,900 SF

      Salem, VA Build-to-Suit Opportunity

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      45,120 SF

      Salem Retail Center: Prime Location

      High-traffic retail space, multiple units available.
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      2,138 SF

      Retail Space in Salem Center

      Retail space available in grocer-anchored shopping center in Salem.
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      Redeveloped Retail Space Available

      Junior anchor and small shop availabilities in redeveloped center.
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      Available Warehouse Space for Lease

      414,000 SF warehouse space with varied ceiling heights.
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    Salem, VA 24153
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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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