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    32 Market Sq Roanoke, VA 24011
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    Property profile & analytics

    32 Market Sq, Roanoke, VA 24011

    View on Map
    • Retail space
    • 30,000 SF
    Off-Market
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Scrambled / Restaurant
    • Bayou Snowballs / Restaurant
    • Tacos Rojas / Restaurant
    • Sticks & Spoons Ramen Bar / Restaurant
    • The City Market Building / Restaurant

    Property Details for 32 Market Sq

    Year built
    1912
    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 estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -79.93918802
    Latitude
    37.27181812

    Comparable in this City

    • Contact for pricing
      3,000 SF

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      Retail space in downtown Roanoke, near amenities and transportation.
      35-37 Campbell Ave SW, Roanoke, VA 24011
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      Historic Hartsook Building Retail Space

      Historic building in Roanoke's Market Square with retail viability.
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      1,750 SF

      Downtown Roanoke Retail Space Available

      Prime retail space in vibrant downtown Roanoke with heavy foot traffic.
      402-408 S Jefferson St, Roanoke, VA 24011
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      2,508 SF

      Premium Downtown Roanoke Retail/Office Space

      2,508 SF premium ground-level space in downtown Roanoke.
      108 Campbell Ave - SW, Roanoke, VA 24011
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    • Contact for pricing

      Downtown Roanoke Storefront Opportunity

      Versatile street-level storefront in Downtown Roanoke, available July 2026.
      22 Campbell Ave SE, Roanoke, VA 24011
      View Details
    • Contact for pricing
      1,324 SF

      Downtown Retail/Office Space Available

      Window-lined retail/office space in downtown Roanoke.
      401 S Jefferson St, Roanoke, VA 24011
      View Details

    Similar Nearby for Sale

    • $779,000

      Historic Roanoke Retail/Restaurant Opportunity

      Renovated 4,000 SF property in Roanoke's historic market district.
      19 Salem Ave SE, Roanoke, VA 24011
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      Downtown Roanoke Mixed-Use Opportunity

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      Downtown Roanoke Mixed-Use Building

      Two-unit building in vibrant downtown Roanoke with retail and residential.
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      Downtown Roanoke Mixed-Use Investment

      Mixed-use property in downtown Roanoke with value-add potential.
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      Downtown Roanoke Mixed-Use Potential

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    • $2,600,000

      Six-Story Commercial Building in Roanoke

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      302 S Jefferson St, Roanoke, VA 24011
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    Similar Nearby for Lease

    • 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
    • Contact for pricing

      Historic Hartsook Building Retail Space

      Historic building in Roanoke's Market Square with retail viability.
      1 Market Sq SE, Roanoke, VA 24011
      View Details
    • Contact for pricing
      1,750 SF

      Downtown Roanoke Retail Space Available

      Prime retail space in vibrant downtown Roanoke with heavy foot traffic.
      402-408 S Jefferson St, Roanoke, VA 24011
      View Details
    • Contact for pricing
      2,508 SF

      Premium Downtown Roanoke Retail/Office Space

      2,508 SF premium ground-level space in downtown Roanoke.
      108 Campbell Ave - SW, Roanoke, VA 24011
      View Details
    • Contact for pricing
      1,324 SF

      Downtown Retail/Office Space Available

      Window-lined retail/office space in downtown Roanoke.
      401 S Jefferson St, Roanoke, VA 24011
      View Details
    • Contact for pricing

      Downtown Roanoke Storefront Opportunity

      Versatile street-level storefront in Downtown Roanoke, available July 2026.
      22 Campbell Ave SE, 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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