Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    7429 Lee Hwy Fairlawn, VA 24141
    Back to Search
    Property profile & analytics

    7429 Lee Hwy, Fairlawn, VA 24141

    View on Map
    • Commercial real estate
    • 0.43 lot acres
    For Sale
    $595,000
    View Listing →
    Stand Alone Retail Space Available For Sale
    $595,000
    6,000 SF

    Stand Alone Retail Space Available

    6,000 SF retail space in high-traffic area.

    7429 Lee Hwy, Fairlawn, VA
    View Listing
    Property ID
    US87-2450215
    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

    • Commercial real estate

    Property Details for 7429 Lee Hwy

    Lot size
    0.43 lot acres
    Zone code
    CM1
    Property type
    Commercial real estate
    APN
    039-006-0001-007A
    APU
    0390060001007A

    Description

    This exceptional 6,000-square-foot standalone retail building presents a unique opportunity in Fairlawn, Virginia. Located at 7429 Lee Hwy, at the intersection of US Route 11 and Prices Fork Road, this Class A property boasts high visibility and traffic counts. Situated on a 0.44-acre lot, the building offers a single-tenant occupancy with ample space for a variety of retail businesses. Constructed in 1990 and extensively renovated in 2021, the property is in excellent condition and ready for immediate occupancy. The building features one story and is zoned CM - Commercial. The previous tenant's expansion to a larger nearby location speaks volumes about the property's desirability and potential. Benefit from the high-traffic location, surrounded by established businesses including Lowe's, Walmart, Kroger, Starbucks, Sheetz, Rural King, and various fast-food restaurants. This is an ideal location to establish or expand your retail presence in a thriving commercial area. The property's recent renovation ensures a modern and functional space, minimizing upfront capital expenditures. Don't miss this chance to secure a prime retail location in a high-demand area.

    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
    Fairlawn
    County
    Pulaski
    State
    Virginia
    Longitude
    -80.5811
    Latitude
    37.1439
    CBSA code
    13980
    CBSA name
    BLACKSBURG-CHRISTIANSBURG-RADFORD, 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
    $3,883
    $189,800
    $334,900
    $524,700
    -
    $189,800
    $334,900
    $524,700

    Comparable in this City

    • Value Estimation by Request
      0.25 Acres

      6468 New Riv Rd

      COMMERCIAL (GENERAL)
      6468 New Riv Rd, Radford, VA 24141
      View Details
    • Value Estimation by Request
      1,824 SF

      2930 Peppers Fry Rd

      COMMERCIAL (GENERAL)
      2930 Peppers Fry Rd, Radford, VA 24141-5600
      View Details
    • Value Estimation by Request
      0.66 Acres

      6528 Hickman Cemetery Rd

      COMMERCIAL (GENERAL)
      6528 Hickman Cemetery Rd, Radford, VA 24141
      View Details
    • Value Estimation by Request

      7484 Lee Hwy

      COMMERCIAL (GENERAL)
      7484 Lee Hwy, Fairlawn, VA 24141-8591
      View Details
    • Value Estimation by Request

      7378 Peppers Fry Blvd

      COMMERCIAL (GENERAL)
      7378 Peppers Fry Blvd, Fairlawn, VA 24141-8856
      View Details
    • Value Estimation by Request

      7305 Peppers Fry Blvd

      COMMERCIAL (GENERAL)
      7305 Peppers Fry Blvd, Fairlawn, VA 24141-8857
      View Details

    Similar Nearby for Sale

    • $299,750
      1.34 Acres

      Lee Highway Commercial Lot

      High-traffic, 1.34-acre development site.
      7493 Lee Hwy, Fairlawn, VA 24141
      View Details
    • $279,500
      12.36 Acres

      Radford Land with Lake Frontage

      12+ acre Radford property with Claytor Lake frontage.
      Tbd Owens Rd, Radford, VA 24141
      View Details
    • Contact for pricing

      Turnkey Restaurant Opportunity in Radford

      Former Applebee's restaurant with high visibility and traffic.
      33 West Main St, Radford, VA 24141
      View Details
    • $214,900
      Pending

      Radford Triplex with Updated Unit

      Triplex with two separate utility metered units plus a recently refreshed two-bedroom apartment ready for occupancy.
      1201 4Th St, Radford, VA 24141
      View Details
    • $589,000
      5.00 Acres

      5 Acres in Heron's Landing

      5-acre property suitable for apartment or townhome development.
      Tbd Riv Crse Dr, Radford, VA 24141
      View Details
    • Contact for pricing
      7,588 SF

      Updated Church Property in Radford

      Church property with updated sanctuary, classrooms, and parking.
      301 Bolling St, Radford, VA 24141
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr

      Radford Retail or Office Space

      Retail or office leasing opportunity near Radford University and Main Street.
      116 3Rd Ave, Radford, VA 24141
      View Details
    • Contact for pricing

      Radford Warehouse Space for Lease

      Radford warehouse with fulfillment services, storage, and trailer parking.
      113 Corporate Dr, Radford, VA 24141
      View Details
    • Contact for pricing
      2,036 SF

      Radford Office Space For Rent

      Office space for rent near Radford University and Main Street.
      116 3Rd Ave, Radford, VA 24141
      View Details
    • Contact for pricing
      8,320 SF

      Freestanding Retail Space Near University

      Freestanding retail space in main corridor, near Radford University.
      800 W Main St, Radford, VA 24141
      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.
    7429 Lee Hwy
    Fairlawn, VA 24141
    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

    Thank You for Inquiry
    7429 Lee Hwy, Fairlawn, VA, 24141
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!