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    Property profile & analytics

    3260 Cove Rd Roanoke, VA 24017

    • Commercial real estate
    • 4.20 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0914548
    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

    • Commercial real estate

    Property Details for 3260 Cove Rd

    Lot size
    4.20 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 4.2-acre commercial land parcel presents a remarkable investment opportunity in Roanoke, Virginia. Strategically located at the intersection of Cove Road and Hershberger Road, the property boasts over 500 feet of road frontage on Cove Road, featuring multiple curb cuts for convenient access. The commanding location offers unparalleled visibility overlooking the Hershberger West commercial district and the Roanoke-Blacksburg Regional Airport. Currently zoned CG (Commercial General) and R-7, this site is ideally suited for a wide range of commercial developments. Its proximity to major thoroughfares ensures high traffic counts and easy accessibility. The property is situated just 0.6 miles from I-581 via Hershberger Road, providing seamless connectivity to the wider Roanoke area. The surrounding area is anchored by established businesses such as Home Depot, Sportsman's Warehouse, Burlington, and Schewel Furniture, creating a vibrant and thriving commercial environment. This prime location, combined with its generous size and advantageous zoning, makes this property an exceptional opportunity for investors seeking high-impact commercial development in a rapidly growing market. The asking price for this exceptional property is $500,000. The zip code is 24017.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke
    State
    Virginia
    Longitude
    -79.9843754
    Latitude
    37.3027242

    Comparable in this City

    • $784,900
      3.41 Acres

      Grand Retreat Commercial Land

      Two prime Roanoke commercial parcels.
      0 Cove Rd, Roanoke, VA 24017
      View Details
    • Contact for pricing
      1.00 Acre

      Hershberger Road Commercial Land

      Prime Roanoke, VA commercial lots.
      3217 Hershberger Rd, Roanoke, VA 24017
      View Details
    • $400,000

      Roanoke City Land Parcels

      Four parcels with commercial potential and road frontage.
      3715-3731 Shenandoah Ave N, Roanoke, VA 24017
      View Details
    • $3,000,000

      16.86 Acres on Peters Creek

      16.86 acres with 629 FT of Peters Creek Road frontage.
      Peters Creek Rd NW, Roanoke, VA 24017
      View Details
    • Contact for pricing

      Retail Outparcels Near Home Depot

      Available retail outparcels near I-581 and Home Depot.
      3217 Hershberger Rd, Roanoke, VA 24017
      View Details
    • Contact for pricing
      0.26 Acres

      Residential Lots Near Downtown Roanoke

      Residential lots convenient to downtown, 581, and the airport.
      Fairland Rd NW, Roanoke, VA 24017
      View Details

    Similar Nearby for Sale

    • $784,900
      3.41 Acres

      Grand Retreat Commercial Land

      Two prime Roanoke commercial parcels.
      0 Cove Rd, Roanoke, VA 24017
      View Details
    • $400,000
      5.17 Acres

      Roanoke Residential Land - 5 Acres

      Prime Roanoke land, R-7 zoning, development potential.
      3731 Shenandoah Ave, Roanoke, VA 24017
      View Details
    • Contact for pricing

      Retail Outparcels Near Home Depot

      Available retail outparcels adjacent to Home Depot.
      3113 Hershberger Rd NW, Roanoke, VA 24017
      View Details
    • $89,000
      2.70 Acres

      Residential Land in Roanoke, VA

      Almost 3 acres of land suitable for residential development.
      2941 Cove Rd, Roanoke, VA 24017
      View Details
    • Contact for pricing
      0.95 Acres

      Buildable Lot in Roanoke, VA

      0.95 acre buildable lot suitable for multi-family residential development.
      Panorama Ave NW, Roanoke, VA 24017
      View Details
    • Contact for pricing
      0.12 Acres

      Residential Lot in Roanoke, VA

      Residential lot with shed in Roanoke, Virginia for sale.
      Melrose Ave N, Roanoke, VA 24017
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      20,978 SF

      Prime Mixed-Use Development Land

      Orange Ave. Commercial/Residential Lots
      1106 Orange Ave, Roanoke, VA 24017
      View Details
    • Contact for pricing
      8,000 SF

      Retail Space Near Major Retailers

      Available retail spaces in a shopping center, prime location.
      2911-2935 Hershberger Rd NW, Roanoke, VA 24017
      View Details
    • $1.95 SF/Yr
      7,500 SF

      Warehouse and Office Space Available

      Warehouse and office space with easy access to I-581.
      2240 Shenandoah Ave NW, Roanoke, VA 24017
      View Details
    • $13 SF/Yr
      11,025 SF

      Office Space on Peters Creek

      Small office space ideal for new business or small agency.
      1727 Peters Creek Rd NW, Roanoke, VA 24017
      View Details
    • $12 SF/Yr
      16,530 SF

      Creekside Center Retail Space

      Roanoke, VA Strip Center - 6,300 SF Available
      631 Peters Creek Rd, Roanoke, VA 24017
      View Details
    • $2,070 /Mo
      12,500 SF

      Industrial Warehouse Space Available

      Industrial warehouse space for rent, close to the airport.
      3125 Salem Tpke NW, Roanoke, VA 24017
      View Details
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    3260 Cove 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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