Listing Agency: Coldwell Banker Commercial Read & Company Show Phone

Listed By: Ricky Read · License #0226023041 Show Phone

Source: Exprealty

Added: Jul 24 Changed: Oct 25 Last Checked: Oct 28 at 12:49PM

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Investment Insights

Based on property information with market context.

This newly renovated office/warehouse condominium unit includes approximately 2,340 SF of fully conditioned space. The interior features LVP flooring and exposed ceilings throughout, with an open work space designed to support both office and warehouse functions.

The unit offers drive-in access to the clear span warehouse space. A mezzanine office area overlooks the showroom/front area of the unit, creating an elevated workspace adjacent to the primary customer or work area.

Situated as a corner unit along McConville Road, the property provides convenient access and strong street-level visibility for tenants or businesses looking for a combined office and warehouse setup within McConville Park. The property is also available for lease.

Key Highlights

• Approximately 2,340 SF fully conditioned office/warehouse space
• Recently renovated interior with LVP flooring and exposed ceilings
• Drive‑in access to the clear span warehouse area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,381

Cap Rate

9.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$707,620 $707.6K

Cap Rate 7%

$505,443 $505.4K

Cap Rate 9%

$393,122 $393.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,340 SF

Gross rent

$49.1K $21.00/SF

− Vacancy

−$2.0K −$0.84/SF

EGI

$47.2K $20.16/SF

− OpEx

−$11.8K −$5.04/SF

NOI

$35.4K $15.12/SF

Area

Lynchburg County, VA

Vacancy

4.00%

Lease Rate

$21.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$707,620

Cap Rate 7%

$505,443

Cap Rate 9%

$393,122

Alternative Uses

Best Use

Office B

$505.4K

$442.3K – $589.7K (±1% cap)

NOI $35,381 @ 7.0% cap · market cap 9.19%

Second Best

Warehouse

$205.0K

$179.4K – $239.2K (±1% cap)

NOI $14,351 @ 7.0% cap · market cap 3.73%

Theoretical Best

Office A

$693.2K

$606.5K – $808.7K (±1% cap)

NOI $48,522 @ 7.0% cap · market cap 12.60%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Law Firm Building Supply Big Box & Wholesale Store Grocery & Convenience Store Bakery (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

302

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 24502, VA

41,058

Population

18,576

Households

2.2

Avg Household Size

36

Median Age

39%

College-Educated

92%

High-School Grad

29.9 sq mi

ZIP Area

1,373

Density / Sq Mi

$66,027

Median Household Income

$35,923

Median Earnings

$1,166

Median Rent

$214,300

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Newly renovated office/warehouse condo with drive-in access, a mezzanine office, and exposed ceilings on McConville Road.

Where is this flex space located?

The property is located at 1-1030 Mcconville Rd Lynchburg, VA.

What is the asking price?

The asking price for this property is $385,000.

What are key features of this property?

This property features: Approximately 2,340 SF fully conditioned office/warehouse space; Recently renovated interior with LVP flooring and exposed ceilings; Drive‑in access to the clear span warehouse area