Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    351 Old Wright Shop Rd Madison Heights, VA 24572-3673

    • Retail space
    • 6,300 SF
    • 0.58 lot acres
    OFF-MARKET
    Last Sale
    Jul 07, 2022
    $168,000
    Value Estimations
    $185,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2695594
    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 351 Old Wright Shop Rd

    Year built
    1959
    Construction
    MIXED
    Lot size
    0.58 lot acres
    Property size
    6,300 SF
    Zone code
    V1
    Property type
    Retail space
    APN
    156B 6 B 1
    APU
    156B6B1

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $165,000
      ML approach
      $155,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $248,000
      Market price range: $248k - $499k
      AI Estimate
      $187,000
      Market price range: $188k - $886k

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

    Location Insight

    • Map
    • Local Demand
    City
    Madison Heights
    County
    Amherst
    State
    Virginia
    Longitude
    -79.0975
    Latitude
    37.4321
    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
    $836
    $50,000
    $87,100
    $137,100
    -
    $50,000
    $87,100
    $137,100

    Comparable in this City

    • Value Estimation
      $1,120,000
      134,387 SF

      150 Riv James Shopping Ctr

      RETAIL STORES (PERSONAL SERVICES) • 134,387 SF
      150 Riv James Shopping Ctr, Madison Heights, VA 24572-2336
      View Details
    • Value Estimation
      $210,000
      1,925 SF

      4650 Amherst Hwy

      RETAIL STORES (PERSONAL SERVICES) • 1,925 SF
      4650 Amherst Hwy, Madison Heights, VA 24572-5386
      View Details
    • Value Estimation
      $475,000
      20,820 SF

      4133 Amherst Hwy

      RETAIL STORES (PERSONAL SERVICES) • 20,820 SF
      4133 Amherst Hwy, Madison Heights, VA 24572-5967
      View Details
    • Value Estimation
      $190,000
      2,240 SF

      3659 Amherst Hwy

      RETAIL STORES (PERSONAL SERVICES) • 2,240 SF
      3659 Amherst Hwy, Madison Heights, VA 24572-5958
      View Details
    • Value Estimation
      $190,000
      3,270 SF

      2501 Elon Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,270 SF
      2501 Elon Rd, Madison Heights, VA 24572
      View Details
    • Value Estimation
      $255,000
      5,400 SF

      120 Great Oaks Dr

      RETAIL STORES (PERSONAL SERVICES) • 5,400 SF
      120 Great Oaks Dr, Madison Heights, VA 24572-5000
      View Details

    Similar Nearby for Sale

    • $110,000
      1,200 SF

      Office Condo Near Downtown Lynchburg

      1,200 SF office condo minutes from Downtown Lynchburg.
      5066 S Amherst Hwy, Madison Heights, VA 24572
      View Details
    • Contact for pricing
      0.84 Acres

      Residential Land in Madison Heights

      Unimproved lot suitable for building a future home or spec house.
      0-0 Monticello Ln, Madison Heights, VA 24572
      View Details
    • $1,200,000
      2.13 Acres

      Prime Commercial Land on Route 29

      2.129 acres of commercial/industrial land with high visibility on Route 29.
      4512 South Amherst Hwy, Madison Heights, VA 24572
      View Details
    • Contact for pricing
      1.00 Acre

      Buildable Lot Near Route 130

      One-acre buildable lot near Madison Heights and Route 130.
      115 Morgan Rd, Madison Heights, VA 24572
      View Details
    • $1,348,500
      0.25 Acres

      Madison Heights Residential Land

      0.25-acre lot, prime location. Build your dream home.
      0 Stratford Pl, Madison Heights, VA 24572
      View Details
    • Contact for pricing
      3.02 Acres

      Madison Heights Commercial Land Parcel

      Prime 3.02-Acre Commercial Lot
      150 Riv James Rd Madison Hts, Madison Heights, VA 24572
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,700 SF

      Retail Space in Madison Heights

      Retail space available within established shopping center.
      161-179 Madison Heights Sq, Madison Heights, VA 24572
      View Details
    • $7 SF/Yr
      9,600 SF

      Madison Heights Commercial Building

      9,600 SF Flex/Warehouse, 1.34 Acres
      138 Amelon Expy, Madison Heights, VA 24572
      View Details
    • Contact for pricing
      5,950 SF

      Blockbuster Heights Shopping Center

      Madison Heights Retail Spaces Available
      4842 Amherst Hwy, Madison Heights, VA 24572
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    351 Old Wright Shop Rd
    Madison Heights, VA 24572-3673
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.