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

    602 Norfolk SW Ave Roanoke, VA 24016

    • Industrial properties
    • 6,706 SF
    • 0.15 lot acres
    OFF-MARKET
    Last Sale
    Apr 19, 2024
    $713,242
    Value Estimations
    $715,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0383876
    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

    • Industrial properties

    Property Details for 602 Norfolk SW Ave

    Year built
    1953
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.15 lot acres
    Property size
    6,706 SF
    Zone code
    I-2
    Property type
    Industrial properties
    Property subtype
    Industrial live-work properties
    APN
    111-1207
    APU
    1111207

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $715,000
      ML approach
      $715,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $710,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Roanoke
    County
    Roanoke City
    State
    Virginia
    Longitude
    -79.9522
    Latitude
    37.2733
    CBSA code
    40220
    CBSA name
    ROANOKE, 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
    $2,241
    $12,200
    $154,200
    $166,400
    -
    $12,200
    $154,200
    $166,400

    Comparable in this City

    • Value Estimation by Request
      0.13 Acres

      Jefferson SW St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 0.13 Acres
      Jefferson SW St, Roanoke, VA 24016
      View Details
    • Value Estimation by Request
      0.12 Acres

      Orange NW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 0.12 Acres
      Orange NW Ave, Roanoke, VA 24016
      View Details
    • Value Estimation by Request
      1,818 SF

      1520 Cleveland SW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 1,818 SF
      1520 Cleveland SW Ave, Roanoke, VA 24016-3235
      View Details
    • Value Estimation by Request
      794 SF

      1602 Cleveland SW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 794 SF
      1602 Cleveland SW Ave, Roanoke, VA 24016
      View Details
    • Value Estimation by Request
      1,080 SF

      1727 Cleveland SW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 1,080 SF
      1727 Cleveland SW Ave, Roanoke, VA 24016-3133
      View Details
    • Value Estimation by Request
      3,000 SF

      730 Norfolk SW Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 3,000 SF
      730 Norfolk SW Ave, Roanoke, VA 24016-3018
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,000 SF

      Warehouse Flex Space For Sale

      Warehouse flex space with office near Downtown Roanoke.
      1415 Cleveland Ave SW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      9,815 SF

      Roanoke Warehouse For Sale

      9,815 SF warehouse available for purchase in Roanoke, VA.
      2314 Patterson Ave SW, Roanoke, VA 24016
      View Details
    • $3,495,000
      30,635 SF

      Modern Office Warehouse For Sale

      Class A office warehouse building with excellent location and condition.
      442 Rutherford Ave NE | Roanoke, Roanoke, VA 24016
      View Details
    • Contact for pricing
      0.14 Acres

      Buildable Lot in Roanoke, VA

      Residential lot with water and sewer access in Roanoke.
      721 Moorman Ave NW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      0.08 Acres

      Roanoke City Lot For Sale

      Located in Roanoke City, close to downtown and Interstate access.
      Fairfax Ave NW, Roanoke, VA 24016
      View Details
    • New
      $650,000
      0.30 Acres

      Roanoke Office/Retail Building For Sale

      Office building with subdivision potential and ample parking.
      356 Campbell Ave SW, Roanoke, VA 24016
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      9,600 SF

      Versatile Industrial Units for Lease

      Flexible industrial units ranging from 924 to 9,600 square feet.
      2104 Salem Ave SW, Roanoke, VA 24016
      View Details
    • $9 SF/Yr
      4,453 SF

      Office/Industrial Space in Roanoke

      Affordable 4,453 SF office/warehouse space available for lease.
      306 6Th St SW, Roanoke, VA 24016
      View Details
    • Contact for pricing
      2,601 SF

      Industrial Shop with Laydown Yard

      Industrial shop and laydown yard suitable for various industrial uses.
      802 Shenandoah Ave NW, Roanoke, VA 24016
      View Details
    • $13 SF/Yr
      30,635 SF

      Class A Office/Warehouse Roanoke

      Modern Office & Warehouse Space
      442 Rutherford Ave, Roanoke, VA 24016
      View Details
    • Contact for pricing
      9,270 SF

      Versatile Commercial/Industrial Space For Lease

      9,270 SF flex/industrial space with convenient access to major roadways.
      1930 Salem Ave SW, Roanoke, VA 24016
      View Details
    • $9 SF/Yr
      4,453 SF

      Office/Industrial Space Near Downtown

      Well-maintained, affordable office/industrial space with warehouse component near downtown.
      306 6Th St SW, Roanoke, VA 24016
      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.
    602 Norfolk SW Ave
    Roanoke, VA 24016
    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.