First-Floor Office Condo
For Sale
Contact for pricing
10310 Memory Lane, Chesterfield, VA 23832
Two separately deeded first-floor office suites can combine into contiguous space with shared parking and exterior access.
Property Size2,773 SF
Price / SF$244.86
Days on Market56
Property Features for 10310 Memory Lane
General Information
Standard status
Active
Size
2,773 SF
Class
B
Total Parking Spaces
65
Property subtype
Office
Zoning
O2
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Office Units
2
Building Details
Year Built
2005
Year Renovated
2005
Buildings
1
Stories
2
Units
2
Listing Agency:
The Gaulden Group
Listed By:
David Gaulden · License #VA 0225242380
Source:
Crexi
Added: Jun 18
Changed: Aug 11
Last Checked: Aug 11 at 7:55PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Gaulden Group
Investment Insights
Based on property information with market context.
Two first-floor office condominium suites are offered within the Memory Lane Office Condominiums in Chesterfield County. Suites 1C and 1D are currently configured as separate offices, but they may be combined to create approximately 2,773 square feet of contiguous space. The interior layout includes two reception areas, six private offices, a conference room, a kitchen, and additional flex space that could support storage, a break room, or field operations.
The suites are located in an elevator-served building and benefit from ample shared parking for tenants and guests. Suite 1D includes direct exterior access, which can be convenient for employee and visitor entry. The property is positioned just off Centralia Road with access to Iron Bridge Road (Route 10), Route 288, and Interstate 95, along with proximity to the Chesterfield County Courthouse and a mix of commercial, residential, and healthcare developments.
This offering is well suited to owner-users looking for a long-term, established office condominium setting with the option to occupy both suites together or separately. It also fits professionals in office-oriented industries such as medical, legal, accounting, engineering, and consulting, based on the existing office configuration and meeting space. Because the suites are separately deeded, ownership has indicated the possibility of separate sale subject to required utility and electrical modifications and mutually agreeable terms, providing added flexibility for different ownership and occupancy strategies.
The suites are located in an elevator-served building and benefit from ample shared parking for tenants and guests. Suite 1D includes direct exterior access, which can be convenient for employee and visitor entry. The property is positioned just off Centralia Road with access to Iron Bridge Road (Route 10), Route 288, and Interstate 95, along with proximity to the Chesterfield County Courthouse and a mix of commercial, residential, and healthcare developments.
This offering is well suited to owner-users looking for a long-term, established office condominium setting with the option to occupy both suites together or separately. It also fits professionals in office-oriented industries such as medical, legal, accounting, engineering, and consulting, based on the existing office configuration and meeting space. Because the suites are separately deeded, ownership has indicated the possibility of separate sale subject to required utility and electrical modifications and mutually agreeable terms, providing added flexibility for different ownership and occupancy strategies.
Key Highlights
- Two separately deeded first‑floor office condo suites in the Memory Lane Office Condominiums, built in 2005
- Suites 1C (~570 SF) and 1D (~1,203 SF) can combine for approximately 2,773 contiguous SF
- Current layout includes two reception areas, six private offices, a conference room, kitchen, and additional flex space
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
$30,442
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
4.48%
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%
$608,840
$608.8K
Cap Rate 7%
$434,886
$434.9K
Cap Rate 9%
$338,244
$338.2K
Market Conditions
NOI Build-Up for 2,773 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
$47.3K $17.04/SF
− Vacancy
−$6.7K −$2.40/SF
EGI
$40.6K $14.64/SF
− OpEx
−$10.1K −$3.66/SF
NOI
$30.4K $10.98/SF
Area
Chesterfield County, VA
Vacancy
14.10%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$608,840
Cap Rate 7%
$434,886
Cap Rate 9%
$338,244
Alternative Uses
Best Use
Office B
$434.9K
$380.5K – $507.4K
NOI $30,442 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$5.56M
$4.86M – $6.48M
NOI $388,910 @ 7.0% cap · market cap 57.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
696
Businesses Nearby
Explore this area
Business Placement
Demographics for 23832, VA
39,640
Population
14,292
Households
2.8
Avg Household Size
39
Median Age
40%
College-Educated
94%
High-School Grad
41.5 sq mi
ZIP Area
955
Density / Sq Mi
$103,742
Median Household Income
$49,945
Median Earnings
$1,851
Median Rent
$334,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two separately deeded first-floor office suites can combine into contiguous space with shared parking and exterior access.
Where is this office units located?
The property is located at 10310 Memory Lane Chesterfield, VA.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Two separately deeded first‑floor office condo suites in the Memory Lane Office Condominiums, built in 2005; Suites 1C (~570 SF) and 1D (~1,203 SF) can combine for approximately 2,773 contiguous SF; Current layout includes two reception areas, six private offices, a conference room, kitchen, and additional flex space
