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    Retail Strip Mall Near Walmart Title is generated by Realmo AI

    3600 S CRATER Road, Petersburg, VA 23805

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    Claim this Listing
    For Lease
    $3,000 /Mo

    CommercialLease - PETERSBURG, VA

    Type:Retail
    Added:
    Dec 11, 2025
    Days on Market:
    152
    Last Refresh:
    May 12 at 5:06 am

    Property Features for 3600 S CRATER Road

    General Information

    Property type
    Other
    Property subtype
    Retail
    Parking
    31
    Parking features
    Parking Lot
    Standard status
    Active

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    2017
    Building materials
    Brick Front, Mixed

    We can help!

    Listing Contact
    Mike Jamil Allah
    Mike Jamil Allah

    Listing agent Mike Jamil Allah

    Listing office Smart Realty, LLC 1700 ELTON Road unit: 201, Silver Spring, VA

    Listing date Dec 11, 2025

    MLS# VAPC2000164

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑traffic location next to Walmart on S. Crater Road with shared entrance
    • 8,400 SF of contiguous space available across four units
    • Located near I‑95 and just two blocks from Southern Regional Medical Center
    • Southern unit offers potential for drive‑thru
    • Lease incentives: First 2 months free (3‑year lease), 3 months free (5‑year lease)
    • Freestanding 6‑unit strip mall built in 2017

    Overview

    This 12,400 square foot retail strip mall contains six units and is located next to Walmart on South Crater Road in Petersburg, Virginia. The property is situated just two blocks west of Southern Regional Medical Center and offers convenient access to I-95. The entrance to the strip mall is easily accessible through shared usage of the southern entrance into Walmart. Currently, four contiguous units are available for lease, totaling 8,400 square feet. The center benefits from a nearby traffic count of 9,230 cars per day. The southern unit of the building has potential for drive-thru uses. The lease rate is $9.00 per square foot NNN, which includes CAM, RET, and Insurance. As an incentive, the first two months are free with a three-year lease, and three months are free with a five-year lease.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Executive Cuts and Styles(at ... Barber Shop Petersburg Tobacco & Vape, ... (Bike/Boat/Book/etc) Store Bicycle Shop (Bike/Boat/Book/etc) Store Tobacco & vape & CBD ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Petersburg
    County
    Petersburg
    State
    Virginia
    Longitude
    -77.36431
    Latitude
    37.17876

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    FAQs

    What type of property is this?
    Strip mall - Retail space available in Petersburg, near Walmart and I-95.
    Where is this strip mall located?
    The property is located at 3600 S CRATER Road Petersburg, VA.
    What is the lease rate?
    The lease rate is $3,000 /Mo.
    What are key features of this property?
    This property features: High‑traffic location next to Walmart on S. Crater Road with shared entrance; **8,400 SF of contiguous space** available across four units; Located near I‑95 and just two blocks from Southern Regional Medical Center
    (571) 758-9561
    We can help!
    Listing Contact
    Mike Jamil Allah
    Mike Jamil Allah
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    3600 S CRATER Road, PETERSBURG, VA 23805
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