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    Property profile & analytics

    3214 Electric Rd Cave Spring, VA 24018

    • Commercial real estate
    • 19,200 SF
    • 1.16 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2484649
    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

    • Nourished IV Drip Bar and Wellness Clinic / Medical Clinic
    • Perfect Nails / Nail Salon
    • Hair Trends / Hair Salon
    • Charles H. Holland, PHD / Physician / Medical Clinic
    • Springwood Park / Business Service Center / Corporate Office

    Property Details for 3214 Electric Rd

    Year built
    1985
    Lot size
    1.16 lot acres
    Property size
    19,200 SF
    Property type
    Commercial real estate
    APN
    077.13-05-43.03-0000
    APU
    77130543030000

    Description

    Springwood Park, located at 3214 Electric Rd in Cave Spring, VA 24018, offers a diverse range of commercial spaces ideal for businesses of all sizes. This 19,200 square foot property, built in 1985 and situated on a 1.16-acre lot, is zoned C2C - General Commercial. The property features a variety of options, from executive office suites with a minimum divisible space of 168 square feet, to larger contiguous spaces up to 1,200 square feet, perfect for street-level retail. Currently, 3,368 square feet of space is available. The building enjoys a prime location at the intersection of Electric Road and Brambleton Avenue, providing excellent visibility and accessibility. Its long-standing presence in the Southwest Roanoke County submarket makes it a well-established and recognizable address. The property's APN is 540-982-2444, and Roanoke County is the governing jurisdiction. This versatile property is well-suited for a variety of commercial uses, offering a unique opportunity to establish or expand your business in a thriving location. The property's multiple tenancy allows for flexibility in lease terms and space configurations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,937,000
      Market price range: $920k - $3.67M

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.0073
    Latitude
    37.2301
    CBSA code
    40220
    CBSA name
    ROANOKE, VA METROPOLITAN 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
    2024
    $19,584
    $585,700
    $1,297,400
    $1,883,100
    -
    $585,700
    $1,297,400
    $1,883,100

    Comparable in this City

    • Value Estimation by Request
      836 SF

      4519 Brambleton Ave, Unit 303

      COMMERCIAL CONDOMINUIM • 836 SF
      4519 Brambleton Ave, Roanoke, VA 24018-3408
      View Details
    • Value Estimation by Request
      974 SF

      4525 Brambleton Ave Ste, Unit 201

      COMMERCIAL CONDOMINUIM • 974 SF
      4525 Brambleton Ave Ste, Roanoke, VA 24018-3438
      View Details
    • Value Estimation by Request
      878 SF

      4523 Brambleton Ave Ste, Unit 203

      COMMERCIAL CONDOMINUIM • 878 SF
      4523 Brambleton Ave Ste, Roanoke, VA 24018-3409
      View Details
    • Value Estimation by Request
      950 SF

      4523 Brambleton Ave Ste, Unit 104

      COMMERCIAL CONDOMINUIM • 950 SF
      4523 Brambleton Ave Ste, Roanoke, VA 24018-3409
      View Details
    • Value Estimation by Request
      1,320 SF

      3512 Brambleton Ave Ste, Unit 4

      COMMERCIAL CONDOMINUIM • 1,320 SF
      3512 Brambleton Ave Ste, Roanoke, VA 24018-6525
      View Details
    • Value Estimation by Request
      1,430 SF

      6932 Bent Mtn Rd

      COMMERCIAL (GENERAL) • 1,430 SF
      6932 Bent Mtn Rd, Roanoke, VA 24018-5536
      View Details

    Similar Nearby for Sale

    • $475,000
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      Roanoke Industrial Property - 5,200 SF

      Warehouse & Office - Ideal Location
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    • $995,000
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      Prime Roanoke Commercial Land

      3.8-acre lot, high visibility, C1C zoning
      0 Electric Rd, Roanoke, VA 24018
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    • $2,345,000
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      Starkey Road Development Land

      9.38 Acres, C1 Zoning, Prime Location
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    • $775,000
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      Cave Spring Office Building

      Prime Medical/Office Space, High Traffic
      3247 Electric Rd, Cave Spring, VA 24018
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    • $175,000

      Hunting Hills Multi-Family Land

      3.86 Acres, R3 Zoning, Prime Location
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    • $449,000

      Commercial Land Near High Traffic

      1.15 acre commercial land near Peters Creek Road.
      3771 Peters Creek Road Ext SW, Roanoke, VA 24018
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    Similar Nearby for Lease

    • $14 SF/Yr
      2,559 SF

      La Premiere Office Suites, Cave Spring

      Prime Roanoke County office space available.
      2727 Electric Rd, Cave Spring, VA 24018
      View Details
    • $1,250,000
      5,678 SF

      Medical/Office Building in Roanoke County

      5,678 SF medical/office building on 1.15 acre site.
      5303 Indian Grave Rd, Roanoke, VA 24018
      View Details
    • $16 SF/Yr
      62,171 SF

      Office Building Near Lewis-Gale Hospital

      Two-story office building with easy access and ample parking.
      1325 Electric Rd, Roanoke, VA 24018
      View Details
    • Contact for pricing
      80,163 SF

      Southwest Plaza Retail Center

      Roanoke, VA Strip Center - 8 Spaces Available
      2022 Electric Rd, Roanoke, VA 24018
      View Details
    • $18 SF/Yr
      2,900 SF

      Cave Spring Medical Office Space

      2,900 sq ft Single-Tenant Medical Office
      4097 Electric Rd, Cave Spring, VA 24018
      View Details
    • $16 SF/Yr
      139,791 SF

      Prime Roanoke Office Space

      139K SF Office Building, 10K+ SF Vacant
      1325 Electric Rd, Cave Spring, VA 24018
      View Details
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    3214 Electric Rd
    Cave Spring, VA 24018
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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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