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

    2908 Memorial Ave Lynchburg, VA 24501-2663

    • Retail space
    • 3,624 SF
    • 0.14 lot acres
    OFF-MARKET
    Value Estimations
    $240,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1787900
    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

    • Progressive Cutz Barber Style Shop / Barber Shop
    • Hughes Insurance / Insurance Agency

    Property Details for 2908 Memorial Ave

    Year built
    1932
    Construction
    FRAME
    Lot size
    0.14 lot acres
    Property size
    3,624 SF
    Zone code
    B3
    Property type
    Retail space
    APN
    012 11 013
    APU
    1211013

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $280,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $199,000
      Market price range: $114k - $448k
      AI Estimate
      $179,000
      Market price range: $142k - $372k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $265,000
      Current use
      COMMERCIAL (GENERAL)
      $435,000
      Change: +63% Conversion: Easy
      WAREHOUSE, STORAGE
      $220,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lynchburg
    County
    Lynchburg City
    State
    Virginia
    Longitude
    -79.1694
    Latitude
    37.3982
    CBSA code
    31340
    CBSA name
    LYNCHBURG, 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
    $1,487
    $55,200
    $111,900
    $167,100
    -
    $55,200
    $111,900
    $167,100

    Comparable in this City

    • Value Estimation
      $260,000
      3,633 SF

      1580 Campbell Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,633 SF
      1580 Campbell Ave, Lynchburg, VA 24501
      View Details
    • Value Estimation
      $290,000
      2,623 SF

      3505 Memorial Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,623 SF
      3505 Memorial Ave, Lynchburg, VA 24501-6216
      View Details
    • Value Estimation
      $295,000
      1,684 SF

      1500 12th St

      RETAIL STORES (PERSONAL SERVICES) • 1,684 SF
      1500 12th St, Lynchburg, VA 24501-1950
      View Details
    • Value Estimation
      $155,000
      4,420 SF

      2400 12th St

      RETAIL STORES (PERSONAL SERVICES) • 4,420 SF
      2400 12th St, Lynchburg, VA 24501-5706
      View Details
    • Value Estimation
      $235,000
      6,096 SF

      3503 Memorial Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,096 SF
      3503 Memorial Ave, Lynchburg, VA 24501
      View Details
    • Value Estimation
      $275,000
      520 SF

      806 Oakley Ave

      RETAIL STORES (PERSONAL SERVICES) • 520 SF
      806 Oakley Ave, Lynchburg, VA 24501-3712
      View Details

    Similar Nearby for Sale

    • $1,695,000
      10,113 SF

      Retail Building on Corner Lot

      10,113 SF building on 1.106 AC corner lot.
      3100 Old Forest Rd, Lynchburg, VA 24501
      View Details
    • $399,000
      2,230 SF

      Renovated Retail/Office with Drive-Through

      2,230 SF renovated retail/office space with drive-through for sale.
      1110 Campbell Ave, Lynchburg, VA 24501
      View Details
    • $525,000
      2,230 SF

      Lynchburg Storefront - Prime Location

      Renovated Storefront, High-Traffic Area
      1110 Campbell Ave, Lynchburg, VA 24501
      View Details
    • $975,000
      2 SF

      Retail/Bank Building Investment Opportunity

      Retail/Bank building on Walmart outparcel with lease in place.
      3225 Old Frst Rd Lynchburg, Lynchburg, VA 24501
      View Details
    • $349,900
      0.80 Acres

      Lynchburg Garage on Lakeside Drive

      Garage on 221 in a great location!
      1311 Lakeside Dr, Lynchburg, VA 24501
      View Details
    • $750,000
      4,670 SF

      Lynchburg Office Building For Sale

      Versatile 4,670 SF Office, High Traffic
      3211 Old Forest Rd, Lynchburg, VA 24501
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      910 SF

      Office/Retail Space on Old Forest

      910 Sq. Ft. office/retail unit in highly visible location.
      3831 Old Forest Rd, Lynchburg, VA 24501
      View Details
    • $32 SF/Yr
      2,400 SF

      Retail Space Near Liberty University

      Retail space with high visibility near Liberty University.
      120 Simons Run, Lynchburg, VA 24501
      View Details
    • $18 SF/Yr
      1,200 SF

      Retail Space on Langhorne Road

      Well-located retail space available for rent on Langhorne Road.
      2201 Langhorne Rd, Lynchburg, VA 24501
      View Details
    • Contact for pricing
      10,000 SF

      Retail Space in Shadow Anchored Center

      Up to 10,000 SF available in Lynchburg, Virginia.
      3213 Forest Brook Rd, Lynchburg, VA 24501
      View Details
    • $36 SF/Yr
      10,000 SF

      Fresh Market Station Retail Space

      Lynchburg, VA retail space available.
      3901 Old Forest Rd, Lynchburg, VA 24501
      View Details
    • $15 SF/Yr
      1,400 SF

      Lynchburg Office Sublease Opportunity

      Prime Office Suites, 1163 sq ft, VA
      2600 Memorial Ave, Lynchburg, VA 24501
      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.
    2908 Memorial Ave
    Lynchburg, VA 24501-2663
    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.