181 Liberty StHarrisonburg, VA 22801

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 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.

• 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

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