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    Property profile & analytics

    32 Market Sq Roanoke, VA 24011

    • Retail space
    • 30,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0833537
    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

    • Scrambled / Breakfast Restaurant / Restaurant
    • Bayou Snowballs / American Restaurant
    • Tacos Rojas / Restaurant / Mexican Restaurant
    • Sticks & Spoons Ramen Bar / Ramen Restaurant
    • The City Market Building / Food Court / Event Venue

    Property Details for 32 Market Sq

    Year built
    1912
    Property size
    30,000 SF
    Property type
    Retail space
    Property subtype
    Storefront properties

    Description

    This vibrant, three-story City Market Building, located at 32 Market Square SE, Roanoke, VA 24011, offers a unique opportunity for retail, restaurant, or special purpose tenants. Built in 1912 and renovated in 2011, this Class B building boasts 30,000 square feet of space, with 12 suites available. Individual spaces range from a minimum of 314 square feet to a maximum contiguous space of 1,000 square feet

    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
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -79.93918802
    Latitude
    37.27181812

    Comparable in this City

    • $20 SF/Yr
      1,750 SF

      Downtown Roanoke Retail Storefront

      Prime location, 1750 sq ft, high foot traffic
      408 Jefferson St, Roanoke, VA 24011
      View Details
    • Contact for pricing
      3,000 SF

      Downtown Retail Space For Rent

      Retail space in downtown Roanoke, near amenities and transportation.
      35-37 Campbell Ave SW, Roanoke, VA 24011
      View Details
    • $12 SF/Yr
      2,000 SF

      Downtown Roanoke Retail Space

      Prime retail location in downtown Roanoke with historic charm.
      17 Church Ave SW, Roanoke, VA 24011
      View Details
    • $349,950
      4,474 SF

      Downtown Roanoke Mixed-Use Opportunity

      Former florist building with live-work potential in downtown Roanoke.
      21 Church Ave SW, Roanoke, VA 24011
      View Details
    • $6 SF/Yr
      5,000 SF

      Renovated Downtown Roanoke Event Space

      5,000 SF event space in a mixed-use building.
      312 2Nd St SW, Roanoke, VA 24011
      View Details
    • Contact for pricing
      46,910 SF

      Visible Commercial Space For Lease

      Two-story commercial building with mezzanine in enterprise zone.
      120 Salem Ave, Roanoke, VA 24011
      View Details

    Similar Nearby for Sale

    • $779,000
      4,000 SF

      Historic Roanoke Retail/Restaurant Opportunity

      Renovated 4,000 SF property in Roanoke's historic market district.
      19 Salem Ave SE | Roanoke, Roanoke, VA 24011
      View Details
    • $625,000
      6,701 SF

      Downtown Building in Opportunity Zone

      6,701 SF three-story building in downtown Roanoke for sale.
      30 Campbell Ave SW, Roanoke, VA 24011
      View Details
    • $2,875,000
      0.20 Acres

      Historic Horton Building For Sale

      Landmark Roanoke building blending early-20th-century craftsmanship and modern functionality.
      302 1St St SW, Roanoke, VA 24011
      View Details
    • $875,000
      0.05 Acres

      Downtown Roanoke Investment Opportunity

      Two-unit building in vibrant downtown Roanoke with retail and residential.
      22 Campbell Ave SE, Roanoke, VA 24011
      View Details
    • $779,000
      4,000 SF

      Downtown Roanoke Retail Gem

      Historic building, 4,000 sq ft, vacant.
      19 Salem Ave, Roanoke, VA 24011
      View Details
    • $2,100,000
      0.05 Acres

      Updated Building with High-End Finishes

      Extensively updated building with high-end materials and great views.
      109 Campbell Ave SW, Roanoke, VA 24011
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      1,750 SF

      Downtown Roanoke Retail Storefront

      Prime location, 1750 sq ft, high foot traffic
      408 Jefferson St, Roanoke, VA 24011
      View Details
    • $12 SF/Yr
      2,000 SF

      Downtown Roanoke Retail Space

      Prime retail location in downtown Roanoke with historic charm.
      17 Church Ave SW, Roanoke, VA 24011
      View Details
    • Contact for pricing
      3,000 SF

      Downtown Retail Space For Rent

      Retail space in downtown Roanoke, near amenities and transportation.
      35-37 Campbell Ave SW, Roanoke, VA 24011
      View Details
    • $349,950
      4,474 SF

      Downtown Roanoke Mixed-Use Opportunity

      Former florist building with live-work potential in downtown Roanoke.
      21 Church Ave SW, Roanoke, VA 24011
      View Details
    • $6 SF/Yr
      5,000 SF

      Renovated Downtown Roanoke Event Space

      5,000 SF event space in a mixed-use building.
      312 2Nd St SW, Roanoke, VA 24011
      View Details
    • Contact for pricing
      46,910 SF

      Visible Commercial Space For Lease

      Two-story commercial building with mezzanine in enterprise zone.
      120 Salem Ave, Roanoke, VA 24011
      View Details
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    32 Market Sq
    Roanoke, VA 24011
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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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