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    Property profile & analytics

    3362 S Amherst Hwy Monroe, VA 24574

    • Retail space
    • 2,772 SF
    • 1.65 lot acres
    For Sale
    View listing
    $125,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3056509
    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 3362 S Amherst Hwy

    Year built
    1949
    Construction
    MIXED
    Lot size
    1.65 lot acres
    Property size
    2,772 SF
    Zone code
    B2
    Property type
    Retail space
    APN
    137 1 6
    APU
    13716

    Description

    This exceptional commercial property, located at 3362 S Amherst Hwy in Monroe, VA, presents a unique investment opportunity. Situated on a prominent 1.6-acre corner lot, the property boasts high visibility due to its location adjacent to the Monroe Post Office and frontage on both Hwy 29 South and Woodrow Avenue. The existing 2,772 square foot building, a vintage home, has been most recently utilized as an antique store, offering versatile potential for a variety of commercial uses. The property is serviced by public water, simplifying utility connections. The substantial lot size provides ample space for expansion, parking, or outdoor display areas, catering to a wide range of business needs. Its strategic location in a busy area ensures high traffic volume and excellent exposure for any commercial enterprise. This property is ideal for entrepreneurs seeking a well-established location with significant potential for growth and success. The combination of prime location, generous lot size, and existing building makes this an attractive proposition for investors and business owners alike. The property is offered at $199,900. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $206,000
      Market price range: $109k - $364k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $315,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Monroe
    County
    Amherst
    State
    Virginia
    Longitude
    -79.1251
    Latitude
    37.491
    CBSA code
    31340
    CBSA name
    LYNCHBURG, 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
    $1,031
    $108,000
    $61,000
    $169,000
    -
    $108,000
    $61,000
    $169,000

    Comparable in this City

    • Value Estimation
      $265,000
      1,903 SF

      6249 Elon Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,903 SF
      6249 Elon Rd, Monroe, VA 24574-3013
      View Details
    • Value Estimation
      $275,000
      16,000 SF

      3106 Amherst Hwy

      RETAIL STORES (PERSONAL SERVICES) • 16,000 SF
      3106 Amherst Hwy, Monroe, VA 24574-2822
      View Details
    • Value Estimation
      $255,000
      720 SF

      3459 Amherst Hwy

      RETAIL STORES (PERSONAL SERVICES) • 720 SF
      3459 Amherst Hwy, Monroe, VA 24574-2012
      View Details
    • Value Estimation
      $290,000
      1,082 SF

      6252 Elon Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,082 SF
      6252 Elon Rd, Monroe, VA 24574-3012
      View Details
    • Value Estimation
      $100,000
      3,444 SF

      377 5th Frks Rd

      CONVENIENCE STORE • 3,444 SF
      377 5th Frks Rd, Monroe, VA 24574-2746
      View Details
    • Value Estimation
      $240,000
      4,948 SF

      3266 Amherst Hwy

      AUTO REPAIR, GARAGE • 4,948 SF
      3266 Amherst Hwy, Monroe, VA 24574-2823
      View Details

    Similar Nearby for Sale

    • $125,000
      1.60 Acres

      Commercial Property in Monroe, Virginia

      Commercial B2 property in a highly visible location.
      3362 S Amherst Hwy, Monroe, VA 24574
      View Details
    • $45,000
      5.00 Acres

      Amherst County 5-Acre Land Parcel

      Five acre parcel in Amherst County suitable for residential development.
      7 Crane Dr, Monroe, VA 24574
      View Details
    • $118,500
      17.00 Acres

      17 Acres of Recreational Land

      Two tracts of land with road frontage near Blue Ridge Parkway.
      Love Lady Creek Rd, Monroe, VA 24574
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    • $45,000
      5.00 Acres

      Amherst County 5-Acre Land Parcel

      5-acre parcel in Amherst County, ideal for building a home.
      17 Crane Dr, Monroe, VA 24574
      View Details
    • $45,000
      5.00 Acres

      Amherst County 5-Acre Land Parcel

      5-acre parcel in Amherst County, ideal for building a home.
      8 Crane Dr, Monroe, VA 24574
      View Details
    • $199,900
      2,772 SF

      Prime Monroe Commercial Property

      High-visibility corner lot, 2772 sq ft.
      3362 Amherst Hwy, Monroe, VA 24574
      View Details
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    Monroe, VA 24574
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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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