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

    240 Commonwealth Dr Wytheville, VA 24382-1181

    • Commercial real estate
    • 7,875 SF
    • 1.15 lot acres
    OFF-MARKET
    Value Estimations
    $1,070,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2991284
    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

    • Commercial real estate

    Property Details for 240 Commonwealth Dr

    Year built
    2007
    Construction
    CONCRETE BLOCKS
    Lot size
    1.15 lot acres
    Property size
    7,875 SF
    Property type
    Commercial real estate
    APN
    041A-079-0000-0009
    APU
    041A07900000009

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,158,000
      Market price range: $344k - $1.16M
      AI Estimate
      $978,000
      Market price range: $293k - $978k

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

    Location Insight

    • Map
    • Local Demand
    City
    Wytheville
    County
    Wythe
    State
    Virginia
    Longitude
    -81.0972
    Latitude
    36.9589

    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
    2022
    $6,162
    $396,600
    $0.00
    $396,600
    -
    $396,600
    $0.00
    $396,600

    Comparable in this City

    • Value Estimation by Request
      1,280 SF

      Wytheville, VA 24382

      COMMERCIAL (GENERAL) • 1,280 SF
      Wytheville, VA 24382
      View Details
    • Value Estimation by Request
      3,080 SF

      1934 Matney Flts Rd

      COMMERCIAL (GENERAL) • 3,080 SF
      1934 Matney Flts Rd, Wytheville, VA 24382-5429
      View Details
    • Value Estimation by Request
      7,616 SF

      Wytheville, VA 24382

      COMMERCIAL (GENERAL) • 7,616 SF
      Wytheville, VA 24382
      View Details
    • Value Estimation by Request
      3,248 SF

      L H Marshall St

      COMMERCIAL (GENERAL) • 3,248 SF
      L H Marshall St, Wytheville, VA 24382
      View Details
    • Value Estimation by Request
      5,405 SF

      Wytheville, VA 24382

      COMMERCIAL (GENERAL) • 5,405 SF
      Wytheville, VA 24382
      View Details
    • Value Estimation by Request
      2,072 SF

      940 7th St

      COMMERCIAL (GENERAL) • 2,072 SF
      940 7th St, Wytheville, VA 24382-3210
      View Details

    Similar Nearby for Sale

    • $179,000
      1.10 Acres

      Wytheville Commercial Building - High Visibility

      Prime Commercial Space, High Visibility, 5300 sq ft
      610 Lee Hwy, Wytheville, VA 24382
      View Details
    • $395,000
      2,400 SF

      Prime Wytheville Car Wash Business

      Profitable Car Wash - High Visibility
      425 Main St, Wytheville, VA 24382
      View Details
    • $77,000
      7.37 Acres

      Ridgetop Land Near Wytheville, VA

      7.3 acre ridgetop property with mountain views near Wytheville.
      Sandrel Ln, Wytheville, VA 24382
      View Details
    • $45,000
      0.42 Acres

      Residential Land Near Golf Course

      Building lot near Wytheville Country Club Golf course.
      Old Stage Rd, Wytheville, VA 24382
      View Details
    • $640,000
      17.50 Acres

      Commercial Property with Highway Access

      17.5 acre commercial property with building and highway visibility.
      135 Envision Dr, Wytheville, VA 24382
      View Details
    • $62,500
      0.58 Acres

      Residential Land with Mountain Views

      0.58 acre lot with mountain views near Wytheville.
      Allison Ln, Wytheville, VA 24382
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,311 SF

      Renovated Shopping Center For Lease

      99,745 SF renovated shopping center on 8.69 acres.
      880 E Main St, Wytheville, VA 24382
      View Details
    • Contact for pricing
      5,021 SF

      Dominant Regional Retail Center Space

      Regional retail center anchored by Walmart and Lowes.
      215-345 Commonwealth Dr, Wytheville, VA 24382
      View Details
    • $23 SF/Yr
      8,000 SF

      STARBUCKS ANCHORED STRIP

      Restaurants • 8,000 SF
      198 Commonwealth Dr, Wytheville, VA 24382
      View Details
    • Contact for pricing

      LeHy Shopping Center: Prime Retail Space

      Wytheville, VA Retail Center - 18,900 sq ft
      1380 Main St, Wytheville, VA 24382
      View Details
    • Contact for pricing
      1,400 SF

      Renovated Shopping Center Space Available

      99,745 SF renovated shopping center on 8.69 acres.
      235 Fairground Rd, Wytheville, VA 24382
      View Details
    • Contact for pricing
      99,745 SF

      Wythe Plaza Shopping Center For Lease

      Prime Retail Space, I-77 & I-81 Corridor
      800 Main St, Wytheville, VA 24382
      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.
    240 Commonwealth Dr
    Wytheville, VA 24382-1181
    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.