2230 Electric RdCave Spring, VA 24018

  • Specialty properties
  • 5,700 SF
For Sale
$1,650,000 View listing

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
Specialty properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
2230 Electric Rd, Cave Spring, Virginia

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

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
2024
$6,068
$290,100
$293,400
$583,500
-
$290,100
$293,400
$583,500

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