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124 Newman Ave
Harrisonburg, VA 22801
PROFESSIONAL OFFICE CENTER IN DOWNTOWN · Office Property For Sale
Executive Summary
Secure a premium footprint in downtown Harrisonburg at a compelling price-per-square-foot that sits well below current market averages. This professional office center is anchored by three established professional tenants, providing immediate stability. With over $100,000 in recent capital improvements and over and above service plans—including a partial new roof and two new HVAC units—the asset is in excellent, low-maintenance condition. The real value, however, lies in the significant rental upside; with all current leases at under $12.50/SF gross, this offers a prime opportunity to mark-to-market upon renewal and recapture expenses. Properties with parking in downtown do not come up often.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
14,922 SF
Building Class
B
Year Built
1900
Price
$1,950,000
Price Per SF
$130.68
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
4,974 SF
Building FAR
1.04
Lot Size
0.33 AC
Zoning
B1
Property Taxes
| Parcel Number | 026-C-7-8 | Improvements Assessment | $1,373,700 |
| Land Assessment | $201,300 | Total Assessment | $1,575,000 |
Property Taxes
Parcel Number
026-C-7-8
Land Assessment
$201,300
Improvements Assessment
$1,373,700
Total Assessment
$1,575,000
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