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    Property profile & analytics

    88 Carlton St Harrisonburg, VA 22801-4325

    • Drive through restaurants
    • 1,792 SF
    • 0.37 lot acres
    OFF-MARKET
    Last Sale
    Apr 01, 2020
    $153,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2460245
    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

    • Subway / Take-out & Catering

    Property Details for 88 Carlton St

    Lot size
    0.37 lot acres
    Property size
    1,792 SF
    Zone code
    GENERAL BUSINESS
    Property type
    Drive through restaurants
    APN
    027 N 5
    APU
    027N5

    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
    Harrisonburg
    County
    Harrisonburg City
    State
    Virginia
    Longitude
    -78.8573
    Latitude
    38.4432
    CBSA code
    25500
    CBSA name
    HARRISONBURG, 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
    2021
    $3,479
    $192,000
    $194,600
    $386,600
    -
    $192,000
    $194,600
    $386,600

    Comparable in this City

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      $510,000
      4,410 SF

      1880 Market St

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,410 SF
      1880 Market St, Harrisonburg, VA 22801-5102
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    • Value Estimation by Request
      3,468 SF

      785 Martin Luther King Jr Way

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,468 SF
      785 Martin Luther King Jr Way, Harrisonburg, VA 22801-3257
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    • Value Estimation by Request
      1,280 SF

      45 Burgess Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,280 SF
      45 Burgess Rd, Harrisonburg, VA 22801-9731
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    • Value Estimation by Request
      1,200 SF

      31 Miller Cir

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,200 SF
      31 Miller Cir, Harrisonburg, VA 22801-2978
      View Details
    • Value Estimation
      $505,000
      4,367 SF

      1691 Market St

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,367 SF
      1691 Market St, Harrisonburg, VA 22801-5117
      View Details
    • Value Estimation by Request
      3,534 SF

      1688 Market St

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,534 SF
      1688 Market St, Harrisonburg, VA 22801-5106
      View Details

    Similar Nearby for Sale

    • $1,700,000
      3,227 SF

      Established KFC Restaurant For Sale

      Long-term NNN lease KFC restaurant near James Madison University.
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      View Details
    • Contact for pricing
      7,276 SF

      Harrisonburg Restaurant Investment Opportunity

      Restaurant property with a new long-term lease and annual rent increases.
      101 Burgess Rd, Harrisonburg, VA 22801
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    • $3,750,000
      7,110 SF

      Restaurant Building Near James Madison University

      Restaurant building near university with high capacity kitchen and parking.
      350 University Blvd, Harrisonburg, VA 22801
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    • Contact for pricing
      0.91 Acres

      High-Traffic Commercial Land Available

      0.91 acre commercial land for ground lease or build-to-suit.
      3269 S Main St, Harrisonburg, VA 22801
      View Details
    • $1,895,000

      Prime Commercial Land on Market

      5.44 acres of commercial land, ideal for restaurant/business.
      726 E Market St, Harrisonburg, VA 22801
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    Similar Nearby for Lease

    • $1.00 SF/Yr

      Harrisonburg Drive-Through Restaurant Opportunity

      Drive-through restaurant space available in high-traffic Harrisonburg location.
      785 Martin Luther King Jr Way, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr
      43,560 SF

      Harrisonburg Restaurant with Drive-Thru Potential

      Restaurant opportunity on a 1-acre lot in Harrisonburg, VA.
      2335 E Market St, Harrisonburg, VA 22801
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    • $1.00 SF/Yr

      Downtown Harrisonburg Building For Lease

      3,718 SF of flexible space in the heart of Downtown.
      22 S Main St, Harrisonburg, VA 22801
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    • $1.00 SF/Yr

      Restaurant Space Near James Madison

      Former Island Wing location near James Madison University.
      350 University Blvd, Harrisonburg, VA 22801
      View Details
    • Contact for pricing
      1,202 SF

      Retail Space in Garber's Crossing

      Retail space available in busy shopping center.
      2184-2204 John Wayland Hwy, Harrisonburg, VA 22801
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    • $3,975 /Mo
      1,653 SF

      Downtown Harrisonburg Retail Space Available

      Renovated retail space with dedicated parking in downtown Harrisonburg.
      219 E Market St, Harrisonburg, VA 22801
      View Details
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    88 Carlton St
    Harrisonburg, VA 22801-4325
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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.

    More about this property
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