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

    940 Commonwealth Ave Bristol, VA 24201-3326

    • Commercial real estate
    • 16,766 SF
    • 1.05 lot acres
    OFF-MARKET
    Value Estimations
    $1,145,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1634577
    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

    • Econo Lodge Near Motor Speedway / Hotel

    Property Details for 940 Commonwealth Ave

    Year built
    1972
    Lot size
    1.05 lot acres
    Property size
    16,766 SF
    Property type
    Commercial real estate
    APN
    15 5 1
    APU
    1551

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,209,000
      Market price range: $554k - $2.28M
      AI Estimate
      $1,083,000
      Market price range: $545k - $2.16M

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

    Location Insight

    • Map
    • Local Demand
    City
    Bristol
    County
    Bristol
    State
    Virginia
    Longitude
    -82.1936
    Latitude
    36.6063
    CBSA code
    28700
    CBSA name
    KINGSPORT-BRISTOL-BRISTOL, TN-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
    $6,720
    $159,800
    $440,200
    $600,000
    -
    $159,800
    $440,200
    $600,000

    Comparable in this City

    • Value Estimation by Request
      5.69 Acres

      Amy St

      Land • 5.69 Acres
      0 Amy St, Bristol, VA 24201
      View Details
    • Value Estimation by Request
      0.14 Acres

      1116 Mcneil St

      COMMERCIAL (GENERAL) • 0.14 Acres
      1116 Mcneil St, Bristol, VA 24201-3704
      View Details
    • Value Estimation by Request
      0.07 Acres

      1141 State St

      COMMERCIAL (GENERAL) • 0.07 Acres
      1141 State St, Bristol, VA 24201-3715
      View Details
    • Value Estimation by Request
      648 SF

      1875 Long Cres Dr

      COMMERCIAL (GENERAL) • 648 SF
      1875 Long Cres Dr, Bristol, VA 24201-1551
      View Details
    • Value Estimation by Request
      6,080 SF

      130 Peters St

      COMMERCIAL (GENERAL) • 6,080 SF
      130 Peters St, Bristol, VA 24201-3638
      View Details
    • Value Estimation
      $530,000
      16,226 SF

      415 Scott St

      COMMERCIAL (GENERAL) • 16,226 SF
      415 Scott St, Bristol, VA 24201-4301
      View Details

    Similar Nearby for Sale

    • $4,129,113
      1 SF

      Established Bristol Business & Building

      Profitable Retail Business, VA
      1087 Sycamore St, Bristol, VA 24201
      View Details
    • $349,999
      5.69 Acres

      Bristol Multifamily Land Investment

      5.7 Acres, R3 Zoned, Prime Location
      0 Amy St, Bristol, VA 24201
      View Details
    • $2,750,000
      3,321 SF

      Bristol Commercial Property - High-Yield Investment

      Prime Bristol location, high-traffic, turnkey operation.
      245 Gate City Hwy, Bristol, VA 24201
      View Details
    • $569,900
      866 SF

      Bristol Commercial Gem Near Casino

      High-potential Airbnb, B3 zoning, prime location.
      285 Gate City Hwy, Bristol, VA 24201
      View Details
    • $90,000
      0.34 Acres

      Bristol, VA Commercial Lot - $90K

      Prime 0.34-acre lot, B1 zoning, ideal for development.
      60 Peters St, Bristol, VA 24201
      View Details
    • $5,000,000
      3.35 Acres

      Hard Rock Casino Gateway Land

      Prime 3.35-acre commercial lot.
      603 Gate City Hwy, Bristol, VA 24201
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      11,960 SF

      Bristol Office Space for Lease

      Prime Medical/Executive Office Space Available
      1126 Little Creek Xing, Bristol, VA 24201
      View Details
    • $1,050,000
      9,670 SF

      Bristol Commercial Property with Flexible Layout

      Versatile commercial space with showroom, warehouse, and office areas.
      W State St, Bristol, VA 24201
      View Details
    • $36,502
      62,574 SF

      Former Coca-Cola Distribution Center

      High-traffic location near Hard Rock Cafe Casino and I-81.
      1913 W State St, Bristol, VA 24201
      View Details
    • $5,100,000
      62,574 SF

      Former Coca-Cola Distribution Center

      High-traffic location suitable for various commercial and industrial uses.
      1913 W State St, Bristol, VA 24201
      View Details
    • $2,400,000
      43,000 SF

      Versatile Commercial Space in Bristol, VA

      Adaptable commercial property near downtown Bristol, suitable for diverse uses.
      250 Commonwealth Ave, Bristol, VA 24201
      View Details
    • $1,700 /Mo
      1,750 SF

      Retail Space Near Hard Rock Casino

      Flexible retail space located near the Hard Rock Hotel & Casino.
      2205 Euclid Avenue Ext, Bristol, VA 24201
      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.
    940 Commonwealth Ave
    Bristol, VA 24201-3326
    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.