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    Property profile & analytics

    502 Independence Ave Independence, VA 24348-5031

    • Residential income homes
    • 3,616 SF
    • 2.38 lot acres
    OFF-MARKET
    Value Estimation
    $405,000
    Location Intelligence
    Property ID
    US87-2904317
    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

    • Residential income homes

    Property Details for 502 Independence Ave

    Year built
    1970
    Lot size
    2.38 lot acres
    Property size
    3,616 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    73A1- A- - 12
    APU
    73A1A12

    Value Estimation

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Independence
    County
    Grayson
    State
    Virginia
    Longitude
    -81.1584
    Latitude
    36.6271

    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
    2023
    $2,051
    $41,700
    $338,100
    $379,800
    -
    $41,700
    $338,100
    $379,800

    Comparable in this City

    • Value Estimation by Request
      750 SF

      196 Cloverdale Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 750 SF
      196 Cloverdale Rd, Independence, VA 24348-4584
      View Details
    • Value Estimation by Request
      3,181 SF

      1165 Independence Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,181 SF
      1165 Independence Ave, Independence, VA 24348-5056
      View Details
    • Value Estimation
      $290,000
      10,504 SF

      Independence, VA 24348

      APARTMENT HOUSE (UNDER 5 UNITS) • 10,504 SF
      Independence, VA 24348
      View Details
    • Value Estimation
      $360,000
      4,480 SF

      119 Bedwell St

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,480 SF
      119 Bedwell St, Independence, VA 24348-9511
      View Details
    • Value Estimation
      $385,000
      4,800 SF

      226 Nichols Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 4,800 SF
      226 Nichols Dr, Independence, VA 24348-3888
      View Details
    • Value Estimation by Request

      Independence, VA 24348

      VACANT COMMERCIAL LAND
      Independence, VA 24348
      View Details

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    502 Independence Ave
    Independence, VA 24348-5031
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    Realmo Value Estimation

    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.

    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.

    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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