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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3217 Hershberger Rd Roanoke, VA 24017

    • Industrial properties
    • 107,815 SF
    • 19.84 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1018033
    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

    • Pro Desk at The Home Depot / Big Box & Wholesale Store / Building Supply
    • Garden Center at The Home Depot / Garden Center
    • Home Services at The Home Depot / Plumbing Service / General Contractor
    • The Home Depot / Building Supply / Hardware & Home Improvement
    • Truck Rental Center at The Home Depot / Car Rental Facility

    Property Details for 3217 Hershberger Rd

    Year built
    1998
    Construction
    TYPE NOT SPECIFIED
    Lot size
    19.84 lot acres
    Property size
    107,815 SF
    Zone code
    CLS
    Property type
    Industrial properties
    Property subtype
    Industrial live-work properties
    APN
    644-0117
    APU
    6440117

    Description

    This exceptional 2.3-acre commercial land parcel presents a unique investment opportunity in Roanoke County, Virginia. Strategically located on Hershberger Road, this outparcel (Outparcel D) enjoys high visibility and accessibility, situated just one-third of a mile from Interstate 581. The property's prime location offers significant advantages, benefiting from its proximity to a major retailer, Home Depot, and a substantial concentration of retail establishments. Within a 1.2-mile radius, there's over 1.9 million square feet of existing retail space, indicating a thriving commercial environment. High traffic counts further enhance the property's appeal, with Hershberger Road boasting 23,000 vehicles per day and I-581 registering 52,000 vehicles per day. This translates to substantial daily exposure for any business established on this site. The property's size and location make it exceptionally well-suited for a variety of retail developments, promising strong returns on investment. The address is 3217 Hershberger Road, Roanoke, VA 24017. This is a rare opportunity to acquire a highly desirable commercial land parcel in a rapidly growing area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $22,320,000
      6.5%
      $20,600,000
      7%
      $19,130,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $14,396,000
      Market price range: $6.00M - $15.9M
      AI Estimate
      $16,158,000
      Market price range: $5.48M - $18.1M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $10,455,000
      Current use
      MEDICAL BUILDING
      $21,350,000
      Change: +104% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke City
    State
    Virginia
    Longitude
    -79.9839
    Latitude
    37.3051
    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
    $127,372
    $4,334,600
    $4,870,800
    $9,205,400
    -
    $4,334,600
    $4,870,800
    $9,205,400

    Comparable in this City

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      MIXED USE (COMMERCIAL/INDUSTRIAL) • 713 SF
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    Similar Nearby for Sale

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      Hershberger Road Commercial Land

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      3217 Hershberger Rd, Roanoke, VA 24017
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      Retail Outparcels Near Home Depot

      Available retail outparcels near I-581 and Home Depot.
      3217 Hershberger Rd, Roanoke, VA 24017
      View Details

    Similar Nearby for Lease

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      43,700 SF

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    3217 Hershberger Rd
    Roanoke, VA 24017
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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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