Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    508 Park Ave Norton, VA 24273
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    508 Park Ave Norton, VA 24273

    View on Map
    • Specialty properties
    • 7,248 SF
    For Sale
    $165,000
    View Listing →
    Spacious Commercial Building For Sale For Sale
    $165,000
    7,248 SF

    Spacious Commercial Building For Sale

    Large commercial building with parking and updated infrastructure for sale.

    508 Park Avenue, Norton, VA 24273
    View Listing
    Property ID
    US87-2669666
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Signs / Electronics & Wireless Store
    • D Ziner Signs / Department Store

    Property Details for 508 Park Ave

    Property size
    7,248 SF
    Property type
    Specialty properties
    Property subtype
    Commercial real estate

    Description

    What an opportunity! Plenty of square footage to design and finish to suit your needs!!! Enormous parking both on and off street. New rood and electrical service to get you started. Make your appointment for a private showing today!!! Buyers and buyers agents to verify all information in this listin ... g. Subject to errors and omissions

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Norton
    County
    Norton
    State
    Virginia
    Longitude
    -82.6258169
    Latitude
    36.9352524

    Comparable in this City

    • $99,000
      1,100 SF

      Norton, VA Church Opportunity

      Historic church building available in Norton, Virginia.
      313 SW Kentucky Ave, Norton, VA 24273
      View Details
    • Contact for pricing

      Norton Commercial Development Site

      4.644 acre commercial development site in Norton, Virginia.
      Lot 1 Hwy 58, Norton, VA 24273
      View Details
    • New
      $325,000
      3,756 SF

      Storage Facility Investment Opportunity

      Income-producing storage facility with expansion potential in Norton, VA.
      600 SW Kentucky Ave, Norton, VA 24273
      View Details
    • Contact for pricing
      33,700 SF

      Mixed-Use Property on Main Thoroughfare

      Mixed-use property with retail and office/apartment space.
      904 Park Ave NW, Norton, VA 24273
      View Details
    • $420,000
      19,345 SF

      Former Bank Building in Norton

      Downtown Norton former bank building with redevelopment potential.
      702 Park Ave, Norton, VA 24273
      View Details
    • Contact for pricing

      Norton Commercial Development Opportunity

      5.799-acre commercial development site with high traffic exposure.
      Lot 2 Hwy 58, Norton, VA 24273
      View Details

    Similar Nearby for Sale

    • $99,000
      1,100 SF

      Norton, VA Church Opportunity

      Historic church building available in Norton, Virginia.
      313 SW Kentucky Ave, Norton, VA 24273
      View Details
    • Contact for pricing

      Norton Commercial Development Site

      4.644 acre commercial development site in Norton, Virginia.
      Lot 1 Hwy 58, Norton, VA 24273
      View Details
    • New
      $325,000
      3,756 SF

      Storage Facility Investment Opportunity

      Income-producing storage facility with expansion potential in Norton, VA.
      600 SW Kentucky Ave, Norton, VA 24273
      View Details
    • Contact for pricing
      33,700 SF

      Mixed-Use Property on Main Thoroughfare

      Mixed-use property with retail and office/apartment space.
      904 Park Ave NW, Norton, VA 24273
      View Details
    • $420,000
      19,345 SF

      Former Bank Building in Norton

      Downtown Norton former bank building with redevelopment potential.
      702 Park Ave, Norton, VA 24273
      View Details
    • Contact for pricing

      Norton Commercial Development Opportunity

      5.799-acre commercial development site with high traffic exposure.
      Lot 2 Hwy 58, Norton, VA 24273
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Regional Shopping Center Space Available

      23,145 SF retail space in Norton, Virginia.
      608 Trent St SE, Norton, VA 24273
      View Details
    • Contact for pricing
      4,003 SF

      Norton Commons Retail Space Available

      Retail space for lease in a Walmart shadow-anchored center.
      708-780 Commonwealth Dr, Norton, VA 24273
      View Details
    • Contact for pricing

      Mixed-Use Investment Property in Norton

      Income property with apartments, home, and commercial space.
      1523 Kentucky Ave SE, Norton, VA 24273
      View Details
    View Listing
    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.
    508 Park Ave
    Norton, VA 24273
    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.
    Sign Up Successful!
    You now have access to more from Realmo!