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

    2978 Us Hwy 211th E Luray, VA 22835-4767

    • Commercial real estate
    • 3,139 SF
    • 4.28 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1381296
    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 2978 Us Hwy 211th E

    Year built
    1939
    Lot size
    4.28 lot acres
    Property size
    3,139 SF
    Zone code
    C COMMERCIAL
    Property type
    Commercial real estate
    APN
    44 A 49
    APU
    44A49

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Luray
    County
    Page
    State
    Virginia
    Longitude
    -78.3811
    Latitude
    38.6696

    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
    $6,591
    $94,100
    $986,800
    $1,080,900
    -
    $94,100
    $986,800
    $1,080,900

    Comparable in this City

    • Value Estimation by Request
      67,518 SF

      General & Allison Dr

      Commercial real estate • 67,518 SF
      General & Allison Dr, Luray, VA 22835
      View Details
    • Value Estimation by Request
      668 SF

      Luray, VA 22835

      COMMERCIAL (GENERAL) • 668 SF
      Luray, VA 22835
      View Details
    • Value Estimation by Request
      1,161 SF

      7 Berrey Blvd

      COMMERCIAL (GENERAL) • 1,161 SF
      7 Berrey Blvd, Luray, VA 22835-2025
      View Details
    • Value Estimation by Request
      1,062 SF

      5 Broad St

      COMMERCIAL (GENERAL) • 1,062 SF
      5 Broad St, Luray, VA 22835-1904
      View Details
    • Value Estimation by Request
      1,680 SF

      207 Collins Ave

      COMMERCIAL (GENERAL) • 1,680 SF
      207 Collins Ave, Luray, VA 22835-2113
      View Details
    • Value Estimation by Request
      945 SF

      736 Main St

      COMMERCIAL (GENERAL) • 945 SF
      736 Main St, Luray, VA 22835-1031
      View Details

    Similar Nearby for Sale

    • $465,000
      67,518 SF

      Luray Commercial Land - Prime Location

      High-visibility lot, ideal for various businesses.
      General & Allison Dr, Luray, VA 22835
      View Details
    • $950,000
      7.95 Acres

      Luray Commercial Property - 7.95 Acres

      Mountain View Restaurant & Gift Shop
      2487/2547 Us Highway 211, Luray, VA 22835
      View Details
    • $239,900
      0.23 Acres

      Commercial Building with Vacant Lot

      Commercial zoned building with vacant lot in good condition.
      4 1St St, Luray, VA 22835
      View Details
    • Contact for pricing
      1.07 Acres

      Luray, VA Acreage for Retreat

      1.07 acre lot near Shenandoah National Park.
      Forest Drive Ext, Luray, VA 22835
      View Details
    • $209,000

      Land For Sale

      Land available for sale.
      216 4Th St, Luray, VA 22835
      View Details
    • $225,000
      0.03 Acres

      Downtown Luray Commercial Opportunity

      Renovated commercial space in downtown Luray, suitable for various businesses.
      5 S Broad St, Luray, VA 22835
      View Details

    Similar Nearby for Lease

    • $1,895 /Mo
      1,200 SF

      Renovated Office Space on Main

      Newly renovated office space with private offices and conference room.
      311 E Main St, Luray, VA 22835
      View Details
    • $1,495 /Mo

      Retail/Office Space Available

      Retail or office space for rent on Main Street.
      134 W Main St, Luray, VA 22835
      View Details
    • $12 SF/Yr
      43,312 SF

      Dominant Shopping Center Retail Space

      Retail spaces available in a high-traffic shopping center.
      1462 Us Highway 211 W, Luray, VA 22835
      View Details
    • $1.00 SF/Yr

      LURAY, VA - Office Space

      Office space available within a larger industrial property.
      10 Wallace Ave, Luray, VA 22835
      View Details
    • $600 /Mo

      Furnished Office with Warehouse Space

      Furnished office space with warehouse, convenient location, ample parking.
      2134 Us Highway 340, Luray, VA 22835
      View Details
    • $600 /Mo

      Furnished Office with Warehouse Space

      Furnished office space with warehouse, convenient location, ample parking.
      2134 Us Highway 340 N, Luray, VA 22835
      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.
    2978 Us Hwy 211th E
    Luray, VA 22835-4767
    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.