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

    2350 Peters Creek Rd Roanoke, VA 24017

    • Industrial properties
    • 8,635 SF
    • 1.23 lot acres
    For Sale
    View listing
    $1,649,000
    Last Sale
    Oct 29, 2021
    $740,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0597087
    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

    • Grandberry Services / Air Conditioning Store

    Property Details for 2350 Peters Creek Rd

    Year built
    1988
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.23 lot acres
    Property size
    8,635 SF
    Zone code
    CN
    Property type
    Industrial properties
    Property subtype
    Industrial live-work properties
    APN
    616-0627
    APU
    6160627

    Description

    Green Ridge Center, a Class B mixed-use property in Roanoke, VA, is offered at $1,649,000. This 13,908 square foot shopping center boasts excellent visibility on Peters Creek Road, a major thoroughfare. The property comprises two buildings totaling 13,908 net rentable square feet, built in 1988, situated on a 1.23-acre lot with 46 parking spaces. Building 1 (2350 Peters Creek Rd NW) is 5,268 square feet and houses three tenants. Building 2 (2363 Peters Creek Rd NW), encompassing 8,640 square feet, features six 1,440 square foot bays, with two tenants occupying two bays each. A Domino's Pizza, a tenant since 1988, anchors the second building, alongside another tenant since 2012. The property features a new roof installed in 2018 and offers 3,526 square feet of contiguous space ideal for an owner-occupant or new tenant. The property's zoning is CN, and it offers a pro-forma cap rate of 7.67% and a pro-forma NOI of $126,535. This investment opportunity presents strong potential due to its location, long-term tenants, and available space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $770,000
      ML approach
      $790,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,269,000
      Market price range: $480k - $1.27M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $835,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke City
    State
    Virginia
    Longitude
    -80.0063
    Latitude
    37.3137
    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
    $17,973
    $515,100
    $867,800
    $1,382,900
    -
    $515,100
    $867,800
    $1,382,900

    Comparable in this City

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      0.33 Acres

      4505 Ben NW St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 0.33 Acres
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      View Details
    • Value Estimation by Request

      2411 Melrose NW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL)
      2411 Melrose NW Ave, Roanoke, VA 24017-3907
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    • Value Estimation
      $280,000
      0.17 Acres

      Johnson NW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 0.17 Acres
      Johnson NW Ave, Roanoke, VA 24017
      View Details
    • Value Estimation
      $290,000
      576 SF

      2004 Orange NW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 576 SF
      2004 Orange NW Ave, Roanoke, VA 24017-4042
      View Details
    • Value Estimation
      $300,000
      5,110 SF

      1702 Orange NW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 5,110 SF
      1702 Orange NW Ave, Roanoke, VA 24017-4036
      View Details
    • Value Estimation
      $1,425,000
      55,966 SF

      2631 Peters Crk NW Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 55,966 SF
      2631 Peters Crk NW Rd, Roanoke, VA 24017-1637
      View Details

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      Green Ridge Center: Roanoke, VA

      Mixed-use center, high visibility, strong tenants.
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    Similar Nearby for Lease

    • $13 SF/Yr
      1,300 SF

      Industrial Space Available For Rent

      Industrial property with 1300 square feet available for rent.
      3783-3791 Peters Creek Rd, Roanoke, VA 24017
      View Details
    • $2,070 /Mo
      12,500 SF

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      Industrial warehouse space for rent, close to the airport.
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      View Details
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      5,500 SF

      Office/Industrial Space for Lease

      5,500 SF office/industrial space suitable for various uses.
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      View Details
    • $1.95 SF/Yr
      7,500 SF

      Warehouse and Office Space Available

      Warehouse and office space with easy access to I-581.
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      View Details
    • Contact for pricing
      11,000 SF

      Roanoke Warehouse Space Available

      11,000 sq ft warehouse space for lease.
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    • Contact for pricing
      43,700 SF

      Spacious Commercial Warehouse for Rent

      43,700 SqFt warehouse space suitable for storage, distribution, manufacturing.
      3342 Melrose Ave NW, Roanoke, VA 24017
      View Details
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    2350 Peters Creek Rd
    Roanoke, VA 24017
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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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