2484 Virginia AveCollinsville, VA 24078

Property Details for 2484 Virginia Ave

Year built

1982

Lot size

0.90 AC

Zone code

B1

Property type

Commercial real estate

APN

159630008

APU

159630008

Description

This exceptional commercial property, located at 2484 Virginia Ave, Collinsville, VA 24078, presents a unique investment opportunity. The 3,366 square foot building sits on a sizable 0.9-acre corner lot, boasting 260 feet of frontage on Virginia Avenue and 220 feet on Sunset Road, ensuring excellent visibility and accessibility. The property's B-class classification reflects its solid structure and potential for various uses. Built in 1982, the two-story building offers 2,432 square feet on the main floor and an additional 934 square feet on the second floor. The property features a convenient drive-thru window, a significant asset for many businesses. Ample parking is available, exceeding the standard at 5.94 spaces per 1,000 square feet. Currently vacant, this single-tenant space is zoned B1 and offers significant potential for a variety of commercial enterprises. Utilities are provided by Appalachian Power. The property's strategic location within Collinsville's commercial corridor places it amongst established businesses including retail stores, restaurants, banks, and hotels. The property's parcel number is 159630008. This is a rare opportunity to acquire a well-positioned, versatile commercial property in a thriving area. No elevators are present.

• CAP approach

  CAP return

  Valuation

  6%

  $4,874,620

  6.5%

  $4,499,650

  7%

  $4,178,250

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,976,280

  Geo Method

  $8,998,890

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $10,040,600

  Retail / Commercial

  $4,917,410

  Mixed-Use / Specialty

  $4,717,570

  Hospitality / Lodging

  $3,223,770

  Office

  $4,499,650

  Institutional / Educational

  $4,839,210

  Residential Income

  $5,661,880

  Multifamily

  $7,801,240

  Automotive / Energy

  $4,147,900

  Parking / Income-Based Land

  $1,611,510

  Restaurant / Food Service

  $2,064,560

  Healthcare / Senior Housing

  $5,024,730

Location Insight

City

Collinsville

County

Henry

State

Virginia

Latitude

36.7142

Longitude

-79.9085

CBSA code

32300

CBSA name

MARTINSVILLE, VA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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