40 Main StBoones Mill, VA 24065

Property Details for 40 Main St

Year built

1920

Lot size

0.31 AC

Property size (Sq ft)

4,554 SF

Zone code

NZ

Property type

Retail properties

Property subtype

Banks

APN

302 00-012 00

APU

3020001200

Description

This exceptional 9,750 square foot commercial building, situated on 0.33 acres in Boones Mill, VA, presents a unique investment opportunity. Built in 1925 and extensively renovated in 2022, this Class A property boasts a single-tenant layout with 5,000 square feet currently vacant. The building features a 14-foot ceiling height, 35 total parking spaces, and is conveniently located on Main Street, near the intersection of Boone Street, with high visibility due to its proximity to Route 220. The property's zoning allows for commercial or residential use, offering flexibility for a variety of businesses or adaptive reuse. The building includes a central air conditioning and heating system, and offers various sized spaces for lease, including a large retail space (approximately 5,000 sq ft), multiple office spaces ranging from small to large, and even a former drive-through. Amenities include a kitchen, two bathrooms, a utility room, and storage space. The property's location in the City of Roanoke submarket, near Rocky Mount, ensures high traffic volume and excellent accessibility. Property taxes are $0.50 per square foot. The building's former use as a BB&T bank adds to its unique character and potential. This is an ideal opportunity for a business seeking a prominent location with ample space and parking. The property is available for lease or purchase.

• CAP approach

  CAP return

  Valuation

  6%

  $734,452

  6.5%

  $677,956

  7%

  $629,530

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,456,693

  Geo Method

  $2,634,220

• Alternative Use

  Use

  Valuation

  Residential

  $571,881

  Hospitality

  $523,840

  Educational

  $435,829

  Medical

  $450,818

  Retail

  $677,956

Location Insight

City

Boones Mill

County

Franklin

State

Virginia

Latitude

37.1149

Longitude

-79.9536

CBSA code

40220

CBSA name

ROANOKE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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