23 Toni StHarrisonburg, VA 22802

Property Details for 23 Toni St

Year built

1977

Lot size

0.46 AC

Property size (Sq ft)

6,210 SF

Zone code

GENERAL BUSINESS

Property type

Other commercial real estate

Property subtype

Showrooms

APN

078 A 3

APU

078A3

Description

This exceptional 6,210-square-foot storefront property at 23 Toni Street in Harrisonburg, Virginia, presents a compelling owner-user investment opportunity. Built in 1977, this single-story building sits on a 0.46-acre lot and boasts a prime location just off Route 33, benefiting from high visibility and daily traffic counts averaging 50,000 vehicles. The property's B2 zoning allows for a variety of uses. The space includes retail and showroom areas, private offices, a breakroom, and three restrooms. A significant asset is the 20' x 50' warehouse with 14'5" ceilings and one dock door. The property also features a private parking lot for added convenience. Currently generating $550 per month in income from a Verizon antenna lease (which uses no building utilities), this property offers a strong return on investment. Its proximity to Spotswood Valley Square Shopping Center and less than a half-mile distance to I-81 further enhances its desirability. The asking price is $1,195,000, with an occupancy date of October 1, 2024. This is an ideal opportunity for businesses seeking high visibility and convenient access to major transportation routes in a thriving retail area.

• CAP approach

  CAP return

  Valuation

  6%

  $2,172,724

  6.5%

  $2,005,592

  7%

  $1,862,335

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,128,901

  Geo Method

  $3,128,901

• Alternative Use

  Use

  Valuation

  Residential

  $1,691,792

  Hospitality

  $1,549,672

  Educational

  $1,289,309

  Medical

  $1,333,650

  Retail

  $2,005,592

Location Insight

City

Harrisonburg

County

Harrisonburg City

State

Virginia

Latitude

38.4331

Longitude

-78.8427

CBSA code

25500

CBSA name

HARRISONBURG, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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