2230 Electric RdCave Spring, VA 24018

Property Details for 2230 Electric Rd

Year built

1972

Lot size

0.74 AC

Property size (Sq ft)

5,700 SF

Zone code

C2

Property type

Day care centers & nurseries

APN

076.07-02-49

APU

76070249

Description

This exceptional investment opportunity presents two office buildings totaling 15,628 square feet situated on a 2.1-acre lot in desirable Southwest Roanoke County. The property, located at 2222-2230 Electric Road, Cave Spring, VA 24018, boasts a prime location along a high-traffic corridor (26,000 vehicles daily), offering excellent visibility and convenient access to I-81 (5 miles). The buildings, constructed in 1972 and 1983, are classified as Class B and feature a modified lease type across three multi-tenant units. Currently, the occupancy rate is 25%. The property is zoned C2, allowing for potential redevelopment or expansion. Individual building sales are considered, but a combined sale is preferred. The asking price is $1,650,000, translating to $105.58 per square foot. This offering presents a unique chance to acquire a well-positioned office complex in a thriving area, close to amenities and boasting strong demographics. The property includes two buildings, each two stories high, and benefits from exceptional street signage. The combined parcel numbers are 076.07-02-49.00-0000 and 076.07-02-50.00-0000. This is an owner/user investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $611,286

  6.5%

  $564,264

  7%

  $523,960

• Comparable approach

  Method

  Valuation

  Relative Method

  $832,046

  Geo Method

  $1,504,635

• Alternative Use

  Use

  Valuation

  Residential

  $715,793

  Hospitality

  $655,663

  Educational

  $545,504

  Medical

  $564,264

  Retail

  $848,561

Location Insight

City

Roanoke

County

Roanoke

State

Virginia

Latitude

37.2431

Longitude

-80.0274

CBSA code

40220

CBSA name

ROANOKE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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