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Property profile & analytics
FOR LEASE
Turn key restaurants
350 University Blvd Harrisonburg, VA 22801
Entity Owned
15-yr Hold
Free & Clear
Property ID
US87-3100461
For Lease
1 / 40
$575,000
350 University Blvd, Harrisonburg, VA 22801
View Listing →
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
2012
Total area
8,010 SF
Lot
2.09 ac (91,040 SF)
Zoning code
GENERAL BUSINESS
APN
079 B 1
UPID
US87-3100461
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Island Wing Company Grill & Bar - Harrisonburg Bar & Pub Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$575k
Owner & transaction history
University O S & L LLC · 15 yrs held
University O S & L LLC
since 2011
1 recorded transaction
Zoning & alternative use
GENERAL BUSINESS · Harrisonburg, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$910,000
+14.6%
Retail stores
$855,000
+8.0%
Auto repair, garage
$820,000
+3.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Harrisonburg submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Harrisonburg submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$795,000
Current use
COMMERCIAL (GENERAL)
$910,000
Change: +15% · Conversion: Easy
RETAIL STORES
$855,000
Change: +8% · Conversion: Easy
AUTO REPAIR, GARAGE
$820,000
Change: +3% · Conversion: Difficult
WAREHOUSE, STORAGE
$760,000
Change: -4% · Conversion: Difficult
Blend value · Realmo final
$575k
Range $518k – $633k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$72 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2021Property tax & assessments
Tax year 2021
Tax billed
$23,143
Tax year 2021
Assessed value
$2,571,400
Assessed 2021
Previous assessed
$2,571,400
+0.0% YoY
Effective rate
0.90%
On assessed value
Assessed land
$1,092,500
Assessed improvement
$1,478,900
Land market value
$1,092,500
Improvement market value
$1,478,900
Total market value
$2,571,400
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Turn key restaurants
Use group
RESTAURANT
Status
For Lease
Year built
2012
Stories
1
Total area
8,010 SF
Lot
2.09 ac (91,040 SF)
Zoning code
GENERAL BUSINESS
APN
079 B 1
UPID
US87-3100461
Jurisdiction
HARRISONBURG CITY
Zoning & alternative use
GENERAL BUSINESS · Harrisonburg, VA
Zoning GENERAL BUSINESS · permitted uses
GENERAL BUSINESS · Harrisonburg, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Harrisonburg. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$795,000
COMMERCIAL (GENERAL)
Est. value
$910,000
RETAIL STORES
Est. value
$855,000
AUTO REPAIR, GARAGE
Est. value
$820,000
WAREHOUSE, STORAGE
Est. value
$760,000
RESTAURANT Current
COMMERCIAL (GENERAL)
RETAIL STORES
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2012
Stories
1
Lot
2.09 ac
Current owner
From public records · entity-resolved
University O S & L LLC
Entity
Free & Clear · 15 yrs held
Mailing address
1024 PLEASANT VLY RD, ROCKINGHAM, VA 22801-9790
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 12, 2011
$725,500
University O S & L LLC
Simple Pleasures Properties LLC
Bargain And Sale Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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