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

    Progress Dr Lot Martinsville, VA 24112

    • Commercial land
    • 4.24 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3215351
    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 Progress Dr Lot

    Lot size
    4.24 lot acres
    Zone code
    ED-G
    Property type
    Commercial land
    APN
    14 (03 )00 /04
    APU
    14030004

    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
    Martinsville
    County
    Martinsville City
    State
    Virginia
    Longitude
    -79.8643
    Latitude
    36.7059
    CBSA code
    32300
    CBSA name
    MARTINSVILLE, VA MICROPOLITAN 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
    2023
    $0.00
    $53,600
    $0.00
    $53,600
    -
    $53,600
    $0.00
    $53,600

    Comparable in this City

    • Value Estimation by Request
      0.11 Acres

      311 Fayette St

      VACANT COMMERCIAL LAND • 0.11 Acres
      311 Fayette St, Martinsville, VA 24112-2623
      View Details
    • Value Estimation by Request
      1.58 Acres

      Progress Dr Lot

      VACANT COMMERCIAL LAND • 1.58 Acres
      Progress Dr Lot, Martinsville, VA 24112
      View Details
    • Value Estimation by Request
      0.04 Acres

      Broad St Lot

      VACANT COMMERCIAL LAND • 0.04 Acres
      Broad St Lot, Martinsville, VA 24112
      View Details
    • Value Estimation by Request
      0.06 Acres

      Broad St Lot

      VACANT COMMERCIAL LAND • 0.06 Acres
      Broad St Lot, Martinsville, VA 24112
      View Details
    • Value Estimation by Request
      0.04 Acres

      521 Church St Lot Lot

      VACANT COMMERCIAL LAND • 0.04 Acres
      521 Church St Lot Lot, Martinsville, VA 24112-2510
      View Details
    • Value Estimation by Request
      0.80 Acres

      249 Commonwealth W Blvd

      VACANT COMMERCIAL LAND • 0.80 Acres
      249 Commonwealth W Blvd, Martinsville, VA 24112-1820
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.24 Acres

      Martinsville, VA Building Lot

      Building lot with utilities available in Martinsville, Virginia.
      Blankenship Rd, Martinsville, VA 24112
      View Details
    • $700,000
      1.27 Acres

      Pad-Ready Commercial Lot For Sale

      High-traffic commercial lot with utilities and access road.
      384 W Commonwealth Blvd, Martinsville, VA 24112
      View Details
    • $79,900
      1.40 Acres

      Martinsville, VA Commercial Land

      Large flat 1.4 acre lot suitable for commercial development.
      Al Philpott Hwy, Martinsville, VA 24112
      View Details
    • $700,000
      1.27 Acres

      Pad-Ready Commercial Lot Opportunity

      High-traffic commercial lot, prepped for utilities, ideal for business.
      384 W Commonwealth Blvd, Martinsville, VA 24112
      View Details
    • Contact for pricing
      1.00 Acre

      One Acre Lot in Spencer

      One-acre lot with visibility and accessibility in Henry County, VA.
      Al Philpott Hwy, Spencer, VA 24112
      View Details
    • Contact for pricing
      0.70 Acres

      Corner Lot for New Business

      Corner lot suitable for establishing a new business in Martinsville.
      1018 E Church St, Martinsville, VA 24112
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,352,240 SF

      54-Acre Commercial/Residential Tract

      Prime 54-acre land, dual zoning.
      0 Melody Ln, Martinsville, VA 24112
      View Details
    • Contact for pricing
      69,696 SF

      Uptown Martinsville Commercial Land

      1.6-acre lot, prime commercial zoning.
      0 Bridge St, Martinsville, VA 24112
      View Details
    • Contact for pricing
      3,920,400 SF

      90-Acre Martinsville Commercial Land

      Prime 90-acre tract; commercial & residential potential.
      1673 Roundabout Rd, Martinsville, VA 24112
      View Details
    • Contact for pricing
      17,424 SF

      Uptown Martinsville Commercial Lot

      Prime 0.4-acre lot, ideal for business.
      0 Fayette St And Moss St, Martinsville, VA 24112
      View Details
    • Contact for pricing
      43,560 SF

      Prime Henry County Commercial Land

      1 Acre Lot, Build-to-Suit Available
      205 V C Dr, Martinsville, VA 24112
      View Details
    • Contact for pricing
      1,742,400 SF

      Prime 40-Acre Virginia Farm

      Versatile land, ideal for multiple uses.
      285 Club House Rd, Martinsville, VA 24112
      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.
    Progress Dr Lot
    Martinsville, VA 24112
    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.