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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    973 Reservoir St Harrisonburg, VA 22801

    • Commercial real estate
    • 3.66 lot acres
    For Sale
    View listing
    $795,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2762394
    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 real estate

    Property Details for 973 Reservoir St

    Lot size
    3.66 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 3.66-acre parcel in Harrisonburg, Virginia, presents a compelling redevelopment opportunity. Located at 973 Reservoir Street, zip code 22801, this property boasts R3C zoning, allowing for a variety of uses, including multifamily residential and commercial development. Its strategic location offers easy access to essential utilities, including water and sewer. The land is ideally situated amidst a blend of residential and commercial establishments, benefiting from existing infrastructure and a thriving community. The City of Harrisonburg's comprehensive plan designates this area for "Light Commercial" development, further enhancing its potential. Convenient access to both Reservoir Street and Martin Luther King Jr. Way provides excellent connectivity. The property's proximity to James Madison University, Downtown Harrisonburg, and I-81 Exit 247 ensures high visibility and accessibility, making it an attractive investment for developers seeking a prime location with significant growth potential. The asking price is $795,000. This is a rare chance to acquire a substantial land holding in a rapidly developing area.

    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
    -78.85982378
    Latitude
    38.44162301

    Comparable in this City

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    • $314,900
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    Similar Nearby for Sale

    • $900,000
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      Prime Harrisonburg Development Land

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      235 Boyers Rd, Harrisonburg, VA 22801
      View Details
    • $250,000
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      Prime 2.2-Acre Commercial Lot

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    • $5,000,000
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      West Plaza Retail Center

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    • $825,000
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      Harrisonburg Residential Land

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      1255 Greendale Rd, Harrisonburg, VA 22801
      View Details
    • $314,900
      1,536 SF

      Duplex with Oversized Garage

      Duplex featuring a garage and large lot in Meadow Pointe.
      555 Pointe Dr, Harrisonburg, VA 22801
      View Details
    • $358,900
      1,563 SF

      Greenport Drive Duplex on Corner

      Well-maintained duplex with accessible features, fenced yard, and garage.
      2516 Greenport Dr, Harrisonburg, VA 22801
      View Details

    Similar Nearby for Lease

    • Contact for pricing

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      Land For Rent Harrisonburg

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    • New
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    • $14 SF/Yr
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      Office Space Ready for Design

      Office space available for rent, design to suit needs.
      871 Martin Luther King Jr Way, Harrisonburg, VA 22801
      View Details
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    973 Reservoir St
    Harrisonburg, VA 22801
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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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