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    730 Church St E Martinsville, VA 24112
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    730 Church St E, Martinsville, VA 24112

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    • Shopping centers
    • 16.60 lot acres
    For Lease
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    Patrick Henry Mall Retail Space For Lease
    Contact for pricing
    213,869 SF

    Patrick Henry Mall Retail Space

    213,869 SF shopping center on 16.6 acres in Martinsville, VA.

    730 Church St E, Martinsville, VA 24112
    View Listing
    Property ID
    US87-3192102
    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

    • Reflections Day Spa / Alternative Medicine Practice / Spa & Massage Center
    • Lee Nails / Nail Salon
    • REA People Helping People Help People / Discount Store
    • Wimmer Optical / Ophthalmologist / (Bike/Boat/Book/etc) Store
    • Dollar Tree / Discount Store

    Property Details for 730 Church St E

    Year built
    1962
    Lot size
    16.60 lot acres
    Zone code
    C-N
    Property type
    Shopping centers
    Property subtype
    Shopping centers
    APN
    35 (04 )00 /X
    APU
    350400X

    Description

    This exceptional investment opportunity presents 213,869 square feet of retail, office, and restaurant space within the Patrick Henry Mall, situated on a 16.6-acre lot in Martinsville, Virginia. The property, located at 730 Church St E, boasts a prime location in the Southern Virginia submarket, with convenient access via Brookdale Street. Built in 1962 and zoned C-N (APN 000137300), the mall offers multiple tenancy options with spaces ranging from 2,300 to 84,085 contiguous square feet. Seven spaces are currently available, ideal for a variety of executive office uses. The property benefits from its established tenant mix, including a CVS Pharmacy directly adjacent, and presents significant redevelopment potential for larger suites. The property's extensive size and strategic location in Henry County, VA (zip code 24112), make it an attractive proposition for businesses seeking a prominent presence in the area. This well-maintained property offers a blend of established retail and service tenants, providing a strong foundation for future growth and profitability. The minimum divisible space is 2,300 square feet.

    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
    Martinsville
    County
    Martinsville City
    State
    Virginia
    Longitude
    -79.855
    Latitude
    36.6883
    CBSA code
    32300
    CBSA name
    MARTINSVILLE, 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
    2023
    $29,295
    $1,446,000
    $1,513,100
    $2,959,100
    -
    $1,446,000
    $1,513,100
    $2,959,100

    Comparable in this City

    • Value Estimation
      $7,545,000
      48,070 SF

      1101 Brookdale St

      SHOPPING CENTER COMMON AREA
      1101 Brookdale St, Martinsville, VA 24112-4500
      View Details
    • Value Estimation
      $720,000
      48,421 SF

      233 Commonwealth W Blvd

      SHOPPING CENTER COMMON AREA
      233 Commonwealth W Blvd, Martinsville, VA 24112-1820
      View Details
    • Value Estimation by Request
      1.06 Acres

      3230 Chatham Rd

      CHARITABLE ORGANIZATION
      3230 Chatham Rd, Martinsville, VA 24112-0548
      View Details
    • Value Estimation by Request
      0.46 Acres

      Greensboro Rd

      CHARITABLE ORGANIZATION
      Greensboro Rd, Martinsville, VA 24112
      View Details
    • Value Estimation by Request
      0.41 Acres

      Greensboro Rd

      CHARITABLE ORGANIZATION
      Greensboro Rd, Martinsville, VA 24112
      View Details
    • Value Estimation by Request

      55 Mtn Vw Rd

      CHARITABLE ORGANIZATION
      55 Mtn Vw Rd, Martinsville, VA 24112-8187
      View Details

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      Martinsville Commercial Opportunity For Sale

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    Similar Nearby for Lease

    • Contact for pricing

      Retail Center on Greensboro Road

      11,475 SF retail center on primary retail corridor.
      2801 Greensboro Rd, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Patrick Henry Mall Retail Space

      213,869 SF shopping center on 16.6 acres in Martinsville, VA.
      730 Church St E, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Former Walgreens Retail Opportunity

      Freestanding retail building available for lease in Martinsville, Virginia.
      2707 Greensboro Rd, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Prime Commercial Land for Lease

      Located in the heart of Henry County, near Martinsville.
      205 V C Dr, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Martinsville Industrial Warehouses For Rent

      Three industrial warehouses with vacant space available for lease.
      1501 Joseph Martin Hwy, Martinsville, VA 24112
      View Details
    • Contact for pricing

      Martinsville Office Space For Lease

      Office space for lease in Martinsville, Virginia.
      1780 Old Chatham Rd, Martinsville, VA 24112
      View Details
    View Listing
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    Martinsville, VA 24112
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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.

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