Listing Agency: Weber Rector Commercial Real Estate Services, Inc. c***@weber-rector.com Show Phone

Listed By: Chuck Rector · License #0225183359

Source: Crexi

Added: Sep 17, 2025 Changed: Aug 10 Last Checked: Aug 9 at 9:54AM

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Investment Insights

Based on property information with market context.

This 2.42-acre industrial property offers a versatile site with existing improvements. Zoned I-2 General Industrial, the property allows a broad range of industrial and commercial uses. The site includes a 4,000 SF building suitable for warehousing, distribution, contractor operations, automotive repair (including body work and painting), and truck or heavy equipment sales, rental, and service. Situated in Midland, Virginia, the property offers convenient access to major transportation corridors serving Fauquier County and the broader Northern Virginia region. The location provides direct connectivity to Rt. 28, Rt. 17, and other key routes linking Manassas, Warrenton, Culpeper, and I-66. The area supports a growing base of industrial and service businesses while maintaining a less congested alternative to metropolitan hubs, making the property well suited for a range of industrial users. The property is to be sold in "as-is" condition subject to existing I-2 zoning. Current I-2 zoning requires 100' setbacks, limiting outdoor storage and yard area; however, discussions with Fauquier County indicate these setbacks could be significantly reduced through rezoning to C-1.

Key Highlights

• 2.42‑acre industrial property with versatile I‑2 General Industrial zoning
• 4,000 SF building suitable for warehousing, distribution, contractor operations, and automotive repair
• Potential for significantly reduced setbacks through rezoning to C‑1, increasing outdoor storage

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$133,807

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

4.61%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$2,676,140 $2.7M

Cap Rate 7%

$1,911,529 $1.9M

Cap Rate 9%

$1,486,744 $1.5M

Market Conditions

NOI Build-Up for 4,000 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$200.2K $50.04/SF

− Vacancy

−$9.0K −$2.25/SF

EGI

$191.2K $47.79/SF

− OpEx

−$57.3K −$14.34/SF

NOI

$133.8K $33.45/SF

Area

Fauquier County, VA

Vacancy

4.50%

Lease Rate

$50.04 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$2,676,140

Cap Rate 7%

$1,911,529

Cap Rate 9%

$1,486,744

Alternative Uses

Best Use

Retail

$1.91M

$1.67M – $2.23M (±1% cap)

NOI $133,807 @ 7.0% cap · market cap 4.61%

Second Best

Warehouse

$599.3K

$524.4K – $699.2K (±1% cap)

NOI $41,949 @ 7.0% cap · market cap 1.45%

Theoretical Best

Specialty Retail

$2.22M

$1.94M – $2.59M (±1% cap)

NOI $155,520 @ 7.0% cap · market cap 5.36%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Mc Leod Inc Trucking Company Quality Freight Line, ... Freight Service

Suggested Use

Top Pick Grocery & Convenience Store Food Market

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

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 22728, VA

3,133

Population

1,223

Households

2.6

Avg Household Size

47

Median Age

25%

College-Educated

85%

High-School Grad

48.4 sq mi

ZIP Area

65

Density / Sq Mi

$107,354

Median Household Income

$46,581

Median Earnings

$883

Median Rent

$495,100

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Warehouse - 2.42-acre industrial property with 4,000 SF building for sale.

Where is this warehouse located?

The property is located at 10116 Meetze Rd Midland, VA.

What is the asking price?

The asking price for this property is $2,900,000.

What are key features of this property?

This property features: 2.42‑acre industrial property with versatile I‑2 General Industrial zoning; 4,000 SF building suitable for warehousing, distribution, contractor operations, and automotive repair; Potential for significantly reduced setbacks through rezoning to C‑1, increasing outdoor storage