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

    7493 Lee Hwy Fairlawn, VA 24141

    • Commercial land
    • 1.34 lot acres
    For Sale
    View listing
    $399,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3192770
    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

    • Commercial land

    Property Details for 7493 Lee Hwy

    Lot size
    1.34 lot acres
    Zone code
    CM1
    Property type
    Commercial land
    APN
    039-001-0000-0037
    APU
    3900100000037

    Description

    This exceptional 1.34-acre commercial lot presents a prime development opportunity in Fairlawn, Virginia. Located at 7493 Lee Highway, this property boasts unparalleled visibility and high traffic counts, exceeding 26,000 vehicles daily. Its strategic position on Lee Highway offers significant exposure to a large customer base. The lot shares an entrance with a Goodwill store, further enhancing its accessibility and visibility. A major intersection with a stoplight directly in front ensures easy ingress and egress for potential businesses. The property is already graded, simplifying the development process and saving considerable time and expense. Importantly, the lot is zoned CM, opening up a wide range of development possibilities for commercial ventures. This is a rare opportunity to acquire a highly visible, well-located commercial lot in a thriving area with excellent infrastructure and high daily traffic volume. The property's size and location make it ideal for a variety of commercial uses, offering significant potential for return on investment. Don't miss this chance to secure a prime piece of commercial real estate in a high-demand location. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Fairlawn
    County
    Pulaski
    State
    Virginia
    Longitude
    -80.578
    Latitude
    37.1423
    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
    $1,730
    $233,800
    $0.00
    $233,800
    -
    $233,800
    $0.00
    $233,800

    Comparable in this City

    • Value Estimation by Request

      Radford, VA 24141

      VACANT COMMERCIAL LAND
      Radford, VA 24141
      View Details
    • Value Estimation by Request
      2.06 Acres

      Radford, VA 24141

      VACANT COMMERCIAL LAND • 2.06 Acres
      Radford, VA 24141
      View Details
    • Value Estimation by Request
      4.66 Acres

      Radford, VA 24141

      VACANT COMMERCIAL LAND • 4.66 Acres
      Radford, VA 24141
      View Details
    • Value Estimation by Request
      0.94 Acres

      7305 Peppers Fry Blvd

      VACANT COMMERCIAL LAND • 0.94 Acres
      7305 Peppers Fry Blvd, Fairlawn, VA 24141-8857
      View Details
    • Value Estimation by Request
      11.89 Acres

      6675 Viscoe Rd

      VACANT COMMERCIAL LAND • 11.89 Acres
      6675 Viscoe Rd, Radford, VA 24141-6903
      View Details
    • Value Estimation by Request
      0.65 Acres

      Radford, VA 24141

      VACANT COMMERCIAL LAND • 0.65 Acres
      Radford, VA 24141
      View Details

    Similar Nearby for Sale

    • $110,000
      0.54 Acres

      Cleared Lot Near Radford University

      Commercial land suitable for offices, storage, or apartments.
      E Main St, Radford, VA 24141
      View Details
    • $399,000
      1.34 Acres

      Fairlawn Commercial Land For Sale

      1.342 acre commercial land with high visibility and traffic count.
      7493 Lee Hwy, Fairlawn, VA 24141
      View Details
    • $69,900
      0.40 Acres

      Prime Building Lot in Radford

      Building lot for dream home with utilities in Radford, VA.
      8331 Sawgrass Way, Radford, VA 24141
      View Details
    • $298,500
      12.36 Acres

      Radford Land with Lake Frontage

      12+ acre Radford property with Claytor Lake frontage.
      Tbd Owens Rd, Radford, VA 24141
      View Details
    • $102,300
      Pending

      Waterfront Acreage on Claytor Lake

      One-acre lot with waterfront access and partially finished dock.
      Tbd Byrd Ldg Rd, Radford, VA 24141
      View Details
    • $49,900
      0.76 Acres

      Radford Land in College Park

      Building lot in Radford's desirable College Park neighborhood.
      Tbd Overlook Ln, Radford, VA 24141
      View Details

    Similar Nearby for Lease

    • 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
    • Contact for pricing
      100,000 SF

      Radford Industrial Space - 100,000 SF

      Prime Radford warehouse & cold storage. I-81 Corridor location.
      113 Corporate Dr, Radford, VA 24141
      View Details
    • $10 SF/Yr
      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
    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.
    7493 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

    Google sign-in failed. Please try again or use another login method.