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    315 Main St Luray, VA 22835
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    Property profile & analytics

    315 Main St Luray, VA 22835

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    • Commercial real estate
    • 512 SF
    • 0.25 lot acres
    Off-Market
    Property ID
    US87-1548668
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 315 Main St

    Year built
    1933
    Lot size
    0.25 lot acres
    Property size
    512 SF
    Property type
    Commercial real estate

    Description

    This charming 512-square-foot cottage, located at 315 W Main Street in the heart of historic downtown Luray, Virginia, presents a fantastic investment opportunity. Currently operating as a successful short-term rental, known as "Cubs Cottage," this property offers immediate income potential. Situated on a 0.25-acre lot, the cottage boasts two bedrooms and one bathroom, providing comfortable accommodations for guests. Its prime location allows for easy walking access to all the attractions and amenities that Luray's vibrant downtown area has to offer, including shops, restaurants, and historical sites. The property's cozy atmosphere and convenient location make it highly desirable for tourists and vacationers seeking a comfortable and centrally located base for exploring the Shenandoah Valley. The asking price of $175,000 reflects the property's strong rental history and its potential for continued growth. This is an exceptional opportunity to acquire a turnkey short-term rental property in a highly sought-after location. The property's current operational status as a successful short-term rental provides a clear picture of its income-generating capabilities. This makes it an attractive investment for those seeking a stable and profitable venture in the thriving tourism market of Luray, Virginia. The compact size of the property, combined with its prime location, ensures ease of management and maintenance, making it an ideal investment for both seasoned and novice investors.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Luray
    County
    Page
    State
    Virginia
    Longitude
    -78.46521
    Latitude
    38.66544

    Comparable in this City

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      Luray Commercial Land - Prime Location

      High-visibility lot, ideal for various businesses.
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      348 Acres in Blue Ridge

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    • $40,000
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      Luray, VA Building Lot

      1.47 acre building lot near Shenandoah River.
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      0.75 Acres

      Riverfront Lot in Luray, VA

      0.75-acre wooded lot with river access and mountain views.
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    Similar Nearby for Sale

    • $465,000
      67,518 SF

      Luray Commercial Land - Prime Location

      High-visibility lot, ideal for various businesses.
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      View Details
    • $8,500,000
      Pending

      348 Acres in Blue Ridge

      348 acres in Blue Ridge Mtn foothills in Luray, VA.
      None, Luray, VA 22835
      View Details
    • $40,000
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      Luray, VA Building Lot

      1.47 acre building lot near Shenandoah River.
      Tbd Riv Vw Rd, Luray, VA 22835
      View Details
    • Contact for pricing
      0.75 Acres

      Riverfront Lot in Luray, VA

      0.75-acre wooded lot with river access and mountain views.
      Riverbend Dr, Luray, VA 22835
      View Details

    Similar Nearby for Lease

    • $1,895 /Mo
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      Renovated Office Space on Main

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    • $1.00 SF/Yr

      LURAY, VA - Office Space

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      Luray Shopping Center Retail Spaces

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      Downtown Luray Restaurant Space

      Prime location, 3,550 sq ft, ready to lease.
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    315 Main St
    Luray, VA 22835
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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.

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