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    3243 Electric Rd Roanoke, VA 24018
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    3243 Electric Rd Roanoke, VA 24018

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    • Office properties & Spaces
    • 4,352 SF
    • 1.00 lot acres
    For Lease
    $12 SF/Yr
    View Listing →
    Professional Office Space For Lease For Lease
    $12 SF/Yr
    957 SF

    Professional Office Space For Lease

    Customizable office suites in affluent Roanoke neighborhood, recently renovated.

    3243 Electric Rd, Roanoke, VA
    View Listing
    Property ID
    US87-0519545
    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

    • Martin Tim / Tutoring Service
    • Dr. James M. Vascik, MD / Physician

    Property Details for 3243 Electric Rd

    Year built
    1987
    Lot size
    1.00 lot acres
    Property size
    4,352 SF
    Zone code
    C1
    Property type
    Office properties & Spaces
    APN
    077.17-05-07
    APU
    77170507

    Description

    This exceptional 5,739 square foot, three-story office building at 3243 Electric Road in Cave Spring, VA, offers multiple tenancy options in a highly desirable SW County location. Built in 1989 and extensively renovated in 2023, the property boasts 8-foot ceilings and is zoned C1. Individual suites range from a minimum of 796 square feet to a maximum contiguous space of 1,921 square feet, with the potential for customization to meet specific tenant needs. The building features an ADA-compliant entry ramp, making it accessible to all. Situated near the intersection of Brambleton Avenue and Route 419, this property benefits from high traffic counts. Recent exterior renovations provide a modern and professional aesthetic, ideal for a variety of businesses, including medical practices, legal offices, and other professional services. The location within one of Roanoke's most affluent neighborhoods ensures a strong client base. This is a rare opportunity to secure ready-to-use office space in a prime location, offering both convenience and a prestigious address. The zip code is 24018.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $827,000
      Market price range: $461k - $1.06M
      AI Estimate
      $600,000
      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 estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -80.0075
    Latitude
    37.2285
    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
    $6,067
    $122,900
    $460,500
    $583,400
    -
    $122,900
    $460,500
    $583,400

    Comparable in this City

    • Value Estimation by Request
      835 SF

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      CONDOMINIUM OFFICES • 835 SF
      4913 Brambleton Ave, Roanoke, VA 24018-4149
      View Details
    • Value Estimation
      $4,010,000
      19,543 SF

      3090 Electric Rd

      OFFICE (GENERAL) • 19,543 SF
      3090 Electric Rd, Roanoke, VA 24018-3531
      View Details
    • Value Estimation by Request
      1,547 SF

      5145 Starkey Rd

      OFFICE (GENERAL) • 1,547 SF
      5145 Starkey Rd, Roanoke, VA 24018-9356
      View Details
    • Value Estimation
      $1,440,000
      13,112 SF

      4633 Brambleton Ave, Unit 100

      OFFICE (GENERAL) • 13,112 SF
      4633 Brambleton Ave, Roanoke, VA 24018-3410
      View Details
    • Value Estimation
      $2,695,000
      16,504 SF

      5324 Fallowater Ln

      OFFICE (GENERAL) • 16,504 SF
      5324 Fallowater Ln, Roanoke, VA 24018-0951
      View Details
    • Value Estimation by Request
      2,576 SF

      4520 Old Cave Spg Rd, Unit 4522

      OFFICE (GENERAL) • 2,576 SF
      4520 Old Cave Spg Rd, Roanoke, VA 24018-3423
      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.
      3783 Peters Creek 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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      Electric Road Office Investment Opportunity

      Office suites in Roanoke's affluent neighborhood with high traffic counts.
      3247 Electric Rd, Roanoke, VA 24018
      View Details
    • Contact for pricing
      6,600 SF

      Office Building in Prime Location

      Office building in a highly desirable, affluent Roanoke neighborhood.
      3247 Electric Rd, Cave Spring, VA 24018
      View Details
    • Contact for pricing
      29,000 SF

      Roanoke County Office Building

      Well-maintained office building with ample parking in Southwest Roanoke County.
      3433 Brambleton Ave, Roanoke, VA 24018
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      Office Building Near Publix

      Office building in high-visibility commercial corridor, near upcoming Publix.
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    Similar Nearby for Lease

    • Contact for pricing

      Southwest Roanoke County Office Building

      Office suites available for lease in Roanoke County.
      2727 Electric Rd, Cave Spring, VA 24018
      View Details
    • Contact for pricing
      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
    • $12 SF/Yr

      Retail/Office Space on Brambleton Ave

      Well-maintained retail/office space with excellent road visibility.
      3212 Brambleton Ave, Roanoke, VA 24018
      View Details
    • $22 SF/Yr

      Brambleton Avenue Commercial Space Available

      1,700 SF space suitable for medical, office, or retail.
      5002 Brambleton Ave, Roanoke, VA 24018
      View Details
    • Contact for pricing
      1,809 SF

      Brambleton Avenue Office Space

      Office space available for rent on Brambleton Avenue.
      4334 Brambleton Ave, Roanoke, 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
    View Listing
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    3243 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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