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

    2940 Clinch St Richlands, VA 24641

    • Strip malls
    • 163,985 SF
    • 13.60 lot acres
    For Lease
    View listing
    $4 SF/Yr
    Last Sale
    Sep 08, 2023
    $1,500,000
    Value Estimations
    $1,520,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2198966
    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

    • Sandees Sassy Scissors / Beauty Salon
    • CVS Photo / Passport Photo Processor / Digital Printer
    • Subway / Sandwich Shop / Caterer
    • CVS Pharmacy / Pharmacy
    • CDReload at CVS / Crypto Atm

    Property Details for 2940 Clinch St

    Year built
    1960
    Lot size
    13.60 lot acres
    Property size
    163,985 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    105A3A 0023
    APU
    105A3A0023

    Description

    This exceptional 18,000+/- square foot flex space, located at 2940 Clinch Street, Unit H, in Richlands, Virginia, offers unparalleled versatility for a wide range of businesses. Situated on Highway 460, this property boasts convenient access to major transportation routes, facilitating efficient logistics and distribution. The unit features a spacious open layout, easily adaptable to various needs, including industrial, flex, or retail uses. A well-designed vestibule houses two offices, providing a dedicated administrative area. Essential amenities such as restrooms are included. Loading docks at the rear of the unit ensure smooth shipping and receiving operations. This strategic location provides easy access to major cities including Charlotte, NC

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,545,000
      ML approach
      $1,535,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Richlands
    County
    Tazewell
    State
    Virginia
    Longitude
    -81.8218
    Latitude
    37.0928
    CBSA code
    14140
    CBSA name
    BLUEFIELD, WV-VA MICROPOLITAN 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
    2019
    $9,611
    $637,100
    $1,019,900
    $1,657,000
    -
    $637,100
    $1,019,900
    $1,657,000

    Comparable in this City

    • Value Estimation
      $4,450,000
      95,790 SF

      114 Kents Rdg Rd

      SHOPPING CENTER, STRIP CENTER • 95,790 SF
      114 Kents Rdg Rd, Richlands, VA 24641-2736
      View Details
    • Value Estimation
      $615,000
      36,894 SF

      Richlands, VA 24641

      SHOPPING CENTER, STRIP CENTER • 36,894 SF
      Richlands, VA 24641
      View Details
    • Value Estimation
      $1,935,000
      37,210 SF

      2nd St

      SHOPPING CENTER, STRIP CENTER • 37,210 SF
      2nd St, Richlands, VA 24641
      View Details
    • Value Estimation by Request
      3,712 SF

      Richlands, VA 24641

      AUTO REPAIR, GARAGE • 3,712 SF
      Richlands, VA 24641
      View Details
    • Value Estimation by Request
      2,841 SF

      2611 Frnt St

      RESTAURANT • 2,841 SF
      2611 Frnt St, Richlands, VA 24641-2216
      View Details
    • Value Estimation
      $1,395,000
      12,500 SF

      2029 2nd St

      RETAIL STORES (PERSONAL SERVICES) • 12,500 SF
      2029 2nd St, Richlands, VA 24641-2305
      View Details

    Similar Nearby for Sale

    • $134,500
      4,884 SF

      Mixed-Use Building with Apartment

      Versatile commercial building with apartment in convenient location.
      6195 Gov. G C Peery Hwy, Richlands, VA 24641
      View Details
    • Contact for pricing
      0.37 Acres

      Land For Sale, Richlands, VA

      Land for sale in Lake Park area of Richlands.
      Highland Ave, Richlands, VA 24641
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      1,200 SF

      Retail Space in Richlands, VA

      1,200 SF retail space with high foot traffic.
      114-180 Kents Ridge Rd, Richlands, VA 24641
      View Details
    • $12 SF/Yr
      2,500 SF

      Retail Space in Richlands Towne

      Retail space available in a thriving shopping center.
      2000-2010 2Nd St, Richlands, VA 24641
      View Details
    • $4 SF/Yr
      129,433 SF

      Richlands Fitness Space For Lease

      8,600 SF Retail Space - Prime Location
      2940 Clinch St, Richlands, VA 24641
      View Details
    • $5 SF/Yr
      129,433 SF

      Richlands Retail Space Available

      Prime Retail Space, High Visibility
      2940 Clinch St, Richlands, VA 24641
      View Details
    • $12 SF/Yr
      2,500 SF

      Richlands Retail Space - Prime Location

      2,500 sq ft Retail Space in Thriving Center
      2006 2Nd St, Richlands, VA 24641
      View Details
    • $6 SF/Yr
      2,289 SF

      Prime Retail Space on Front

      2,289 SF retail space on Richlands' busiest street.
      1501 Front St, Richlands, VA 24641
      View Details
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    Richlands, VA 24641
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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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