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

    231 Charles St Harrisonburg, VA 22802-4611

    • Warehouses
    • 3,200 SF
    • 1.43 lot acres
    OFF-MARKET
    Value Estimations
    $250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2460759
    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

    • Complete Restoration Solution / Contractor
    • Super deal auto LLC / Used Car Dealer

    Property Details for 231 Charles St

    Year built
    1950
    Lot size
    1.43 lot acres
    Property size
    3,200 SF
    Zone code
    GENERAL INDUSTRIAL
    Property type
    Warehouses
    APN
    040 A 13
    APU
    040A13

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $225,000
      Market price range: $137k - $388k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $270,000
      Current use
      MEDICAL BUILDING
      $400,000
      Change: +49% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $340,000
      Change: +27% Conversion: Easy
      COMMERCIAL (GENERAL)
      $235,000
      Change: -13% Conversion: Difficult
      RETAIL STORES
      $225,000
      Change: -15% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg City
    State
    Virginia
    Longitude
    -78.8623
    Latitude
    38.4635
    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
    2024
    $3,086
    $187,500
    $118,000
    $305,500
    -
    $187,500
    $118,000
    $305,500

    Comparable in this City

    • Value Estimation
      $495,000
      8.02 Acres

      950 Acorn Dr

      MINI-WAREHOUSE, STORAGE • 8.02 Acres
      950 Acorn Dr, Harrisonburg, VA 22802-2400
      View Details
    • Value Estimation
      $240,000
      1,056 SF

      837 Main St

      WAREHOUSE, STORAGE • 1,056 SF
      837 Main St, Harrisonburg, VA 22802
      View Details
    • Value Estimation
      $255,000
      2,080 SF

      148 Charles St

      WAREHOUSE, STORAGE • 2,080 SF
      148 Charles St, Harrisonburg, VA 22802-4610
      View Details
    • Value Estimation
      $245,000
      1,519 SF

      879 Rockingham Dr

      WAREHOUSE, STORAGE • 1,519 SF
      879 Rockingham Dr, Harrisonburg, VA 22802-5617
      View Details
    • Value Estimation
      $370,000
      3,480 SF

      1583 Cf Pours Dr

      WAREHOUSE, STORAGE • 3,480 SF
      1583 Cf Pours Dr, Harrisonburg, VA 22802-8310
      View Details
    • Value Estimation by Request
      3,732 SF

      1110 Liberty St

      Distribution properties • 3,732 SF
      1110 Liberty St, Harrisonburg, VA 22802
      View Details

    Similar Nearby for Sale

    • $1,700,000
      11,000 SF

      New Warehouse/Flex Space in Harrisonburg

      New 11,000 sq ft warehouse/flex space with customization options.
      975 Sawtooth Oak Cir, Harrisonburg, VA 22802
      View Details
    • $275,000
      0.58 Acres

      Industrial Land with Approved Plans

      Industrial land with approved plans for a 5,000 SF warehouse.
      966 Sawtooth Oak Cir, Harrisonburg, VA 22802
      View Details
    • $6,650,000
      42,000 SF

      High-Security Building Near JMU

      Premium high-security building on 7.55 acres near JMU.
      1450 Technology Dr, Harrisonburg, VA 22802
      View Details
    • $1,200,000
      7,560 SF

      New Construction Warehouse/Flex Space

      New construction warehouse/flex space for sale or lease in Harrisonburg.
      979 Sawtooth Oak Cir, Harrisonburg, VA 22802
      View Details
    • $3,490,000
      47,927 SF

      Multi-Use Manufacturing Facility on 3.44 Acres

      Versatile facility with industrial, office, and residential space.
      911 Chicago Ave, Harrisonburg, VA 22802
      View Details
    • $999,000
      4,600 SF

      Renovated Flex Space on Rt. 42

      Multi-use commercial space ideal for various business types.
      1090 Virginia Ave, Harrisonburg, VA 22802
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      6,600 SF

      Harpine Highway Flex Space

      Unique warehouse/retail space available.
      3315 Harpine Hwy, Harrisonburg, VA 22802
      View Details
    • $5 SF/Yr
      10,000 SF

      1047 Mt Clinton Pike

      Distribution properties • 10,000 SF
      1047 Mount Clinton Pike, Harrisonburg, VA 22802
      View Details
    • $1.00 SF/Yr

      Harrisonburg Warehouse Space For Lease

      Flexible 3,100 SF warehouse space with easy I-81 access.
      1680 Country Club Rd, Harrisonburg, VA 22802
      View Details
    • $12 SF/Yr
      12,920 SF

      Versatile Commercial Space in Harrisonburg

      12,920 SF commercial space suitable for retail, warehouse, or flex.
      60 E Rock St, Harrisonburg, VA 22802
      View Details
    • $1.00 SF/Yr
      54,450 SF

      New Construction Warehouse/Flex Space

      New 11,000 sq ft warehouse/flex space available for lease.
      975 Sawtooth Oak Cir, Harrisonburg, VA 22802
      View Details
    • $1,250 /Mo
      3,000 SF

      Harrisonburg Warehouse Space for Rent

      3,000 SF warehouse space with loading dock and utilities included.
      1051 Mount Clinton Pike, Harrisonburg, VA 22802
      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.
    231 Charles St
    Harrisonburg, VA 22802-4611
    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.