181 Liberty StHarrisonburg, VA 22801
- Office properties
- 7,200 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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