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    Property profile & analytics

    3241 Electric Rd Roanoke, VA 24018

    • Office properties & Spaces
    • 4,352 SF
    • 1.00 lot acres
    For Lease
    View listing
    Last Sale
    Apr 12, 2024
    $618,000
    Value Estimations
    $620,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0547075
    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

    • Rhodes IP PLC / Law Firm
    • Bill Meador Insurance Agency / Insurance Agency
    • Lawson Realty Group, LLC / Property Management Company
    • Blue Ridge Digital / Film Production / Television Studio

    Property Details for 3241 Electric Rd

    Year built
    1989
    Lot size
    1.00 lot acres
    Property size
    4,352 SF
    Zone code
    C1
    Property type
    Office properties & Spaces
    APN
    077.17-05-08
    APU
    77170508

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $620,000
      ML approach
      $620,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $692,000
      Market price range: $209k - $832k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $745,000
      Current use
      MEDICAL BUILDING
      $860,000
      Change: +15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.0077
    Latitude
    37.2281
    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
    $6,997
    $198,900
    $473,900
    $672,800
    -
    $198,900
    $473,900
    $672,800

    Comparable in this City

    • Value Estimation
      $3,360,000
      40,728 SF

      5115 Bernard Dr

      OFFICE (GENERAL) • 40,728 SF
      5115 Bernard Dr, Roanoke, VA 24018-4357
      View Details
    • Value Estimation by Request
      1,316 SF

      3640 Brambleton Ave

      OFFICE (GENERAL) • 1,316 SF
      3640 Brambleton Ave, Roanoke, VA 24018-3612
      View Details
    • Value Estimation
      $16,300,000
      159,727 SF

      1819 Electric Rd

      OFFICE (GENERAL) • 159,727 SF
      1819 Electric Rd, Roanoke, VA 24018-1604
      View Details
    • Value Estimation
      $2,800,000
      27,348 SF

      5372 Fallowater Ln

      OFFICE (GENERAL) • 27,348 SF
      5372 Fallowater Ln, Roanoke, VA 24018-0907
      View Details
    • Value Estimation
      $575,000
      1,514 SF

      4183 Electric Rd

      OFFICE (GENERAL) • 1,514 SF
      4183 Electric Rd, Roanoke, VA 24018-8443
      View Details
    • Value Estimation
      $1,005,000
      6,552 SF

      3801 Electric Rd

      OFFICE (GENERAL) • 6,552 SF
      3801 Electric Rd, Roanoke, VA 24018-4510
      View Details

    Similar Nearby for Sale

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      14,600 SF

      Peters Creek Road Commercial Property

      Commercial property with visibility and access on 1.27 acres.
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      Office building in a highly desirable, affluent Roanoke neighborhood.
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      Roanoke County Office Building

      Well-maintained office building with ample parking in Southwest Roanoke County.
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      Electric Road Office Investment Opportunity

      Office suites in Roanoke's affluent neighborhood with high traffic counts.
      3247 Electric Rd, Roanoke, VA 24018
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      5,678 SF

      Medical/Office Building in Roanoke County

      5,678 SF medical/office building on 1.15 acre site.
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      3,391 SF

      Medical Office Building For Rent

      Southwest County medical office building with two suites available.
      5100-5104 Bernard Dr, Roanoke, VA 24018
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Two-Story Office Building For Rent

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

      Office Suites in Roanoke County

      Two office suites available for lease in Roanoke County.
      5604 Starkey Rd, Cave Spring, VA 24018
      View Details
    • Contact for pricing

      Flex/Office Space Available

      6,000 SF flex/office space with dock height delivery.
      5205 Starkey Rd, Roanoke, VA 24018
      View Details
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      1,386 SF

      Office Space in Starkey Location

      Professional office space with on-site parking in a convenient location.
      5604 Starkey Rd, Roanoke, VA 24018
      View Details
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      Office Space in F + W Office Park

      Two-story office building with easy access to major routes.
      2847 Penn Forest Blvd, Roanoke, VA 24018
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      1,290 SF

      Office Building on Electric Road

      Office building for lease on Electric Road with ample parking.
      2727 Electric Rd, Roanoke, VA 24018
      View Details
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    3241 Electric Rd
    Roanoke, 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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