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    Property profile & analytics

    502 Wood E Ave Big Stone Gap, VA 24219-3018

    • Office buildings
    • 1,115 SF
    OFF-MARKET
    Last Sale
    Oct 16, 2024
    $80,000
    Value Estimations
    $80,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1479470
    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

    • Office buildings

    Property Details for 502 Wood E Ave

    Construction
    CONCRETE BLOCKS
    Property size
    1,115 SF
    Property type
    Office buildings
    APN
    R000088
    APU
    R000088

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $80,000
      ML approach
      $80,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $68,000
      Market price range: $48.3k - $105k
      AI Estimate
      $77,000
      Market price range: $46.3k - $152k

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

    Location Insight

    • Map
    • Local Demand
    City
    Big Stone Gap
    County
    Wise
    State
    Virginia
    Longitude
    -82.7738
    Latitude
    36.8676
    CBSA code
    13720
    CBSA name
    BIG STONE GAP, VA MICROPOLITAN 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
    0
    $0.00
    $22,400
    $37,700
    $60,100
    -
    $22,400
    $37,700
    $60,100

    Comparable in this City

    • Value Estimation
      $240,000
      1,728 SF

      401 5th N St

      OFFICE BUILDING • 1,728 SF
      401 5th N St, Big Stone Gap, VA 24219-2311
      View Details
    • Value Estimation
      $545,000
      27,030 SF

      1980 Holton E Ave

      OFFICE BUILDING • 27,030 SF
      1980 Holton E Ave, Big Stone Gap, VA 24219-3366
      View Details
    • Value Estimation
      $220,000
      1,600 SF

      Shawnee E Ave

      OFFICE BUILDING • 1,600 SF
      Shawnee E Ave, Big Stone Gap, VA 24219
      View Details
    • Value Estimation
      $2,000,000
      3,908 SF

      322 Cloverleaf Sq

      OFFICE BUILDING • 3,908 SF
      322 Cloverleaf Sq, Big Stone Gap, VA 24219-2700
      View Details
    • Value Estimation
      $270,000
      5,966 SF

      1303 1st E Ave

      OFFICE BUILDING • 5,966 SF
      1303 1st E Ave, Big Stone Gap, VA 24219-3163
      View Details
    • Value Estimation
      $245,000
      1,044 SF

      410 Powell E Ave

      OFFICE BUILDING • 1,044 SF
      410 Powell E Ave, Big Stone Gap, VA 24219-2344
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.51 Acres

      Residential Land Near Golf Course

      Residential lot near Lonesome Pine Country Club in Big Stone Gap.
      Wedgewood Rd, Big Stone Gap, VA 24219
      View Details
    • $395,000
      9,400 SF

      Big Stone Gap Corner Property

      Prominent corner location suitable for retail or light industrial.
      1809 2Nd Ave E, Big Stone Gap, VA 24219
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    • $42,000
      1.21 Acres

      Residential Land Near Golf Course

      1+ acre residential land near Lonesome Pine Country Club.
      2 Lots Powell Vly Rd, Big Stone Gap, VA 24219
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    • Contact for pricing
      0.10 Acres

      Residential Land in Big Stone Gap

      Building lot near downtown Big Stone Gap, Virginia.
      S Hamblen St, Big Stone Gap, VA 24219
      View Details
    • $85,000
      13.63 Acres

      13.63 Acres Near Big Stone Gap

      13.63 acres of wooded land near Big Stone Gap, VA.
      Turkey Cv N Of 58a, Big Stone Gap, VA 24219
      View Details
    • $289,300
      6,768 SF

      Versatile Commercial Building in Virginia

      Spacious commercial building in Big Stone Gap with development potential.
      510 E Woods Ave, Big Stone Gap, VA 24219
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      18,764 SF

      Big Stone Gap Retail Center

      Retail and office spaces available in Big Stone Gap, Virginia.
      1937-1957 Neeley Rd, Big Stone Gap, VA 24219
      View Details
    • Contact for pricing
      88,637 SF

      Powell Valley Shopping Center - Big Stone Gap

      Prime Retail & Office Space in Southwest Virginia
      1941 Neeley Rd, Big Stone Gap, VA 24219
      View Details
    • $259,900
      1,400 SF

      Commercial Space in Big Stone Gap

      Versatile commercial space suitable for various businesses in Big Stone Gap.
      11 N 5Th St, Big Stone Gap, VA 24219
      View Details
    • $350,000
      1,400 SF

      Commercial Property in Big Stone Gap

      Prominent corner lot suitable for retail or light industrial use.
      1809 E 2Nd Ave, Big Stone Gap, VA 24219
      View Details
    • $400,000
      2,359 SF

      Restaurant Opportunity in Big Stone Gap

      Former Dairy Queen location with drive-thru in downtown Big Stone Gap.
      516 E 5Th St N, Big Stone Gap, VA 24219
      View Details
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    502 Wood E Ave
    Big Stone Gap, VA 24219-3018
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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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