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

    328 Royal Ave Front Royal, VA 22630-3228

    • Retail space
    • 2,264 SF
    • 0.28 lot acres
    OFF-MARKET
    Last Sale
    May 20, 2025
    $450,000
    Value Estimations
    $525,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1991332
    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

    • Retail space

    Property Details for 328 Royal Ave

    Lot size
    0.28 lot acres
    Property size
    2,264 SF
    Zone code
    C1
    Property type
    Retail space
    APN
    20A7 6 5A
    APU
    20A765A

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $525,000
      ML approach
      $485,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $325,000
      Current use
      WAREHOUSE, STORAGE
      $470,000
      Change: +45% Conversion: Difficult
      OFFICE BUILDING
      $450,000
      Change: +38% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Front Royal
    County
    Warren
    State
    Virginia
    Longitude
    -78.1937
    Latitude
    38.9135
    CBSA code
    47900
    CBSA name
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 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
    $1,358
    $119,800
    $157,300
    $277,100
    -
    $119,800
    $157,300
    $277,100

    Comparable in this City

    • Value Estimation
      $665,000
      1,120 SF

      7892 Stonewall Jackson Hwy

      RETAIL STORES (PERSONAL SERVICES) • 1,120 SF
      7892 Stonewall Jackson Hwy, Front Royal, VA 22630-4939
      View Details
    • Value Estimation
      $295,000
      2,800 SF

      John Marshall Hwy

      RETAIL STORES (PERSONAL SERVICES) • 2,800 SF
      John Marshall Hwy, Front Royal, VA 22630
      View Details
    • Value Estimation
      $300,000
      1,824 SF

      215 Ss St

      RETAIL STORES (PERSONAL SERVICES) • 1,824 SF
      215 Ss St, Front Royal, VA 22630-2132
      View Details
    • Value Estimation
      $285,000
      1,426 SF

      10 Chester St

      RETAIL STORES (PERSONAL SERVICES) • 1,426 SF
      10 Chester St, Front Royal, VA 22630-3321
      View Details
    • Value Estimation
      $1,565,000
      6,626 SF

      28 Commerce Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,626 SF
      28 Commerce Ave, Front Royal, VA 22630
      View Details
    • Value Estimation
      $550,000
      4,088 SF

      113 Main St

      RETAIL STORES (PERSONAL SERVICES) • 4,088 SF
      113 Main St, Front Royal, VA 22630-3373
      View Details

    Similar Nearby for Sale

    • $375,000

      Retail Property with Apartment and Garage

      Retail space with apartment and garage, investment opportunity.
      327 N Royal Ave, Front Royal, VA 22630
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    • $575,000

      Commercial Property with Redevelopment Potential

      Commercial property in high-traffic area with redevelopment opportunities.
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    • $299,000

      Updated Office/Retail Space in Front Royal

      Updated office/retail space in historic Front Royal, Virginia.
      28 E Jackson St, Front Royal, VA 22630
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    • $825,000
      3,143 SF

      Downtown Front Royal Commercial Property

      Versatile commercial building with high visibility and income potential.
      508 N Commerce Ave, Front Royal, VA 22630
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    • $499,900

      Mixed-Use Property with Retail Space

      Commercial property featuring retail space and two apartment suites.
      656 W 11Th St, Front Royal, VA 22630
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    • $925,000

      Historic Downtown Front Royal Property

      Historic 8,325+- sf marquee property for sale in Front Royal.
      305-307 Main St E, Front Royal, VA 22630
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    Similar Nearby for Lease

    • Contact for pricing
      1,275 SF

      Anchored Shopping Center Retail Space

      Retail space available in Front Royal's main shopping center.
      419-477 South St, Front Royal, VA 22630
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space Near Walmart, Lowes

      Retail space with excellent visibility near major traffic routes.
      50 Riverton Commons Dr, Front Royal, VA 22630
      View Details
    • $33 SF/Yr
      2,699 SF

      Retail/Office/Restaurant Building For Lease

      2,699 SF retail/office/restaurant building on 1 acre for lease.
      W 14Th St, Front Royal, VA 22630
      View Details
    • $1,300 /Mo

      Retail Space in Cedarville Corners

      Retail space for lease in growing commercial area.
      8506 Front Royal Pike, Front Royal, VA 22630
      View Details
    • $5,999 /Mo

      Retail/Office/Restaurant Building For Lease

      2,699+-sf retail/office/restaurant building on 1 acre for lease.
      22 W 14Th St, Front Royal, VA 22630
      View Details
    • Contact for pricing
      80,000 SF

      Retail Space Near Major Anchors

      Retail suites and restaurant space available near I-66 and I-81.
      10-40 Riverton Commons Dr, Front Royal, VA 22630
      View Details
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    328 Royal Ave
    Front Royal, VA 22630-3228
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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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