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

    3231 Electric Rd Roanoke, VA 24018-6425

    • Medical offices
    • 4,172 SF
    • 1.00 lot acres
    OFF-MARKET
    Value Estimations
    $590,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1055018
    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

    • Dentist / Dentist
    • Johnson Orthodontics / Orthodontist
    • Franklin Wheelock / Orthodontist

    Property Details for 3231 Electric Rd

    Year built
    1981
    Lot size
    1.00 lot acres
    Property size
    4,172 SF
    Zone code
    C1
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    077.17-05-02
    APU
    77170502

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $602,000
      Market price range: $252k - $908k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $825,000
      Current use
      COMMERCIAL (GENERAL)
      $715,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.0078
    Latitude
    37.2291
    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
    $6,907
    $129,500
    $534,600
    $664,100
    -
    $129,500
    $534,600
    $664,100

    Comparable in this City

    • Value Estimation
      $945,000
      5,246 SF

      5100 Bernard Dr, Unit 5104

      MEDICAL BUILDING • 5,246 SF
      5100 Bernard Dr, Roanoke, VA 24018-4349
      View Details
    • Value Estimation
      $520,000
      4,352 SF

      3604 Brambleton Ave

      MEDICAL BUILDING • 4,352 SF
      3604 Brambleton Ave, Roanoke, VA 24018-3612
      View Details
    • Value Estimation
      $880,000
      6,460 SF

      4330 Brambleton Ave

      MEDICAL BUILDING • 6,460 SF
      4330 Brambleton Ave, Roanoke, VA 24018-3405
      View Details
    • Value Estimation by Request
      3,778 SF

      4048 Rdg Top Rd

      MEDICAL BUILDING • 3,778 SF
      4048 Rdg Top Rd, Roanoke, VA 24018-8404
      View Details
    • Value Estimation
      $1,475,000
      10,164 SF

      4040 Postal Dr

      MEDICAL BUILDING • 10,164 SF
      4040 Postal Dr, Roanoke, VA 24018-6438
      View Details
    • Value Estimation by Request
      1,958 SF

      2133 Electric Rd

      MEDICAL BUILDING • 1,958 SF
      2133 Electric Rd, Roanoke, VA 24018-2302
      View Details

    Similar Nearby for Sale

    • $775,000
      6,600 SF

      Cave Spring Office Building

      Prime Medical/Office Space, High Traffic
      3247 Electric Rd, Cave Spring, VA 24018
      View Details
    • $750,000
      0.63 Acres

      Roanoke Office Building For Sale

      Traditional office building with on-site parking and corner location.
      4533 Brambleton Ave, Roanoke, VA 24018
      View Details
    • $990,000
      8,934 SF

      Office Building Near Publix

      Office building in high-visibility commercial corridor, near upcoming Publix.
      4519 Brambleton Ave, Roanoke, VA 24018
      View Details
    • $175,000

      Hunting Hills Multi-Family Land

      3.86 Acres, R3 Zoning, Prime Location
      0 Quail Rdg Cir, Cave Spring, VA 24018
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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
      View Details
    • $149,000
      Pending

      Roanoke Land with Owner Financing

      1.09 acre lot with owner financing available in Roanoke.
      7629 Nandina Dr, Roanoke, VA 24018
      View Details

    Similar Nearby for Lease

    • $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
    • Contact for pricing
      811,270 SF

      Tanglewood Mall Medical Office Space

      Prime Medical Office Space in Roanoke, VA. Multiple suites available.
      4420 Electric Rd, Cave Spring, VA 24018
      View Details
    • $12 SF/Yr
      8,394 SF

      Cave Spring Office Space Available

      1,414 SF Office, Prime Location
      4519 Brambleton Ave, Cave Spring, VA 24018
      View Details
    • $17 SF/Yr
      16,000 SF

      Windsor Hills Medical Office

      Class A medical suites, Southwest Roanoke County
      3090 Electric Rd, Cave Spring, VA 24018
      View Details
    • $18 SF/Yr
      1,893 SF

      Brambleton Ave Office Space For Lease

      High-traffic Cave Spring office space.
      4525 Brambleton Ave, 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
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    3231 Electric Rd
    Roanoke, VA 24018-6425
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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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