181 Liberty StHarrisonburg, VA 22801

  • Office properties
  • 7,200 SF
For Sale
$4,200,000 View listing

Property Details for 181 Liberty St

Lot size
0.72 AC
Property size (Sq ft)
7,200 SF
Zone code
CENTRAL BUSINESS
Property type
Office properties
Property subtype
Office buildings
APN
025 C 2 3
APU
025C23

Description

This exceptional investment opportunity presents a 15,896 square foot, two-story traditional office building located at 181 S Liberty St, Harrisonburg, VA 22801. Currently 100% occupied by a leading AI company in the education software industry under a net lease agreement extending until February 2027, with a built-in 1-5 year renewal option and 2.25% annual rent increases. The property boasts a strong 5.38% cap rate and benefits from a tenant responsible for taxes, insurance, and exterior maintenance through CAM charges. The landlord's responsibilities are limited to roof, structure, asphalt, and exterior walls. The building, originally a police station, underwent renovations in 2016 to accommodate the current tenant. Situated on a 1.81-acre lot zoned B1, this property offers significant development potential. The existing parking area presents an opportunity to construct a multi-story, zero lot line building, leveraging the permitted commercial or mixed-use zoning. The property's convenient location provides easy access to a two-story public parking garage across Liberty Street, benefiting tenants, employees, and customers alike. Asking price is $4,200,000.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,713,674
    6.5%
    $1,581,853
    7%
    $1,468,863
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,439,568
    Geo Method
    $1,439,568
  • Alternative Use

    Use
    Valuation
    Residential
    $1,961,497
    Hospitality
    $1,796,721
    Educational
    $1,494,851
    Medical
    $1,546,261
    Retail
    $2,325,324
181 Liberty St, Harrisonburg, Virginia

Location Insight

City
Harrisonburg
County
Harrisonburg City
State
Virginia
Latitude
38.4482
Longitude
-78.8713
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
$17,818
$378,400
$1,601,400
$1,979,800
-
$378,400
$1,601,400
$1,979,800

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