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

    2840 Hershberger Rd NW Roanoke, VA 24017

    • Industrial properties
    • 11,423 SF
    • 0.58 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Last Sale
    Jun 01, 2022
    $1,260,000
    Value Estimations
    $1,640,000
    Cap Rate Potential
    8.8%
    Industrial properties
    Location Intelligence
    Property ID
    US87-1233299
    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

    • 1-800 Office Solutions / Computer & Electronic Repair
    • Practice Management Connections / Employment Agency
    • Pugh Robert L DDS / Dental Office
    • Farmers Insurance / Insurance Agency
    • Farmers Insurance - John Hurley / Insurance Agency

    Property Details for 2840 Hershberger Rd NW

    Year built
    1984
    Construction
    WOOD
    Lot size
    0.58 lot acres
    Property size
    11,423 SF
    Zone code
    CG
    Property type
    Industrial properties
    Property subtype
    Industrial live-work properties
    APN
    248-0164
    APU
    2480164

    Description

    Hershberger Plaza, a Class B office building at 2840 Hershberger Rd NW, Roanoke, VA 24017, offers 9,773 square feet of flexible office space. Built in 1984, this two-story building is conveniently located a quarter-mile from I-581 Exit 3, providing excellent access and high visibility in a bustling retail area. The property currently has 9,434 square feet of vacant space available, divisible into suites ranging from 1,225 to 4,717 contiguous square feet. A total of four suites are available. The building features a secondary entrance, allowing for customizable first-floor suites or loft-style spaces with individual offices on the second floor. Leasing options are flexible, catering to various business needs. This prime Roanoke location offers a unique opportunity for businesses seeking high-profile office space with convenient access to major transportation routes. The property is situated in Roanoke County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,620,000
      ML approach
      $1,575,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,365,000
      6.5%
      $2,185,000
      7%
      $2,025,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,679,000
      Market price range: $635k - $1.68M
      AI Estimate
      $1,913,000
      Market price range: $580k - $1.91M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,110,000
      Current use
      MEDICAL BUILDING
      $2,260,000
      Change: +104% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke City
    State
    Virginia
    Longitude
    -79.9771
    Latitude
    37.3057
    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
    $16,106
    $279,500
    $982,200
    $1,261,700
    -
    $279,500
    $982,200
    $1,261,700

    Comparable in this City

    • Value Estimation by Request
      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
      View Details
    • Value Estimation by Request
      0.17 Acres

      Johnson NW Ave

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

      2004 Orange NW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 576 SF
      2004 Orange NW Ave, Roanoke, VA 24017-4042
      View Details
    • Value Estimation by Request
      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
      $8,665,000
      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

    Similar Nearby for Sale

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      Renovated Commercial Property For Sale

      Renovated commercial property in high-traffic area with easy access.
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      1.00 Acre

      Hershberger Road Commercial Land

      Prime Roanoke, VA commercial lots.
      3217 Hershberger Rd, Roanoke, VA 24017
      View Details
    • $400,000

      Roanoke City Land Parcels

      Four parcels with commercial potential and road frontage.
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      16.86 Acres on Peters Creek

      16.86 acres with 629 FT of Peters Creek Road frontage.
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      Retail Outparcels Near Home Depot

      Available retail outparcels near I-581 and Home Depot.
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    Similar Nearby for Lease

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      12,500 SF

      Industrial Warehouse Space Available

      Industrial warehouse space for rent, close to the airport.
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    • $8 SF/Yr
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      5,500 SF office/industrial space suitable for various uses.
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    • $1.95 SF/Yr
      7,500 SF

      Warehouse and Office Space Available

      Warehouse and office space with easy access to I-581.
      2240 Shenandoah Ave NW, Roanoke, VA 24017
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      43,700 SF

      Spacious Commercial Warehouse for Rent

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      11,000 SF

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    • $12 SF/Yr
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      Creekside Center Retail Space

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      View Details
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    2840 Hershberger Rd NW
    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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