Retail Property with Two
For Sale
$550,000
10370 10375 10379 Chamberlayne Rd, Mechanicsville, VA 23116
Two-building commercial property with B3 zoning, highway frontage, and a detached garage.
Property Size2,588 SF
Lot Size1.65 Acres
Price / SF$212.52
Days on Market13
Property Features for 10370 10375 10379 Chamberlayne Rd
General Information
Standard status
Active
Size
2,588 SF
Lot size
1.65 Acres
Zoning
B3
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1932
Buildings
3
Tenancy
Multi
Listing Agency:
Weichert Home Run Realty
(804) 400-5574
Listed By:
Emma Lee Mitchell · License #0225150896
Source:
Riverfoxrealty
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 11:57AM
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 Weichert Home Run Realty
Investment Insights
Based on property information with market context.
This retail property includes two separate buildings and a detached garage on 1.65 acres. The 1,940-square-foot red building has a heat pump replaced in 2014 and a roof replaced in 2019. The 648-square-foot white building includes a wall heat unit, a roof replaced in 2016, and a hot water heater replaced in 2022. The property was built in 1932 and is zoned B3.
Located at 10370, 10375, 10379 Chamberlayne Rd, the site has frontage on Chamberlayne Road and Rt 301. It is approximately 4 miles from 295 and near Hanover Courthouse and the Rutland Area. Two septic drainfields and one well serve the property.
Located at 10370, 10375, 10379 Chamberlayne Rd, the site has frontage on Chamberlayne Road and Rt 301. It is approximately 4 miles from 295 and near Hanover Courthouse and the Rutland Area. Two septic drainfields and one well serve the property.
Key Highlights
- Two buildings totaling 2,588 square feet on 1.65 acres
- Frontage on Chamberlayne Road and Rt 301
- B3 zoning with a detached garage
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
$26,631
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
4.84%
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%
$532,620
$532.6K
Cap Rate 7%
$380,443
$380.4K
Cap Rate 9%
$295,900
$295.9K
Market Conditions
NOI Build-Up for 2,588 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
$38.8K $15.00/SF
− Vacancy
−$776 −$0.30/SF
EGI
$38.0K $14.70/SF
− OpEx
−$11.4K −$4.41/SF
NOI
$26.6K $10.29/SF
Area
Hanover County, VA
Vacancy
2.00%
Lease Rate
$15.00 /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%
$532,620
Cap Rate 7%
$380,443
Cap Rate 9%
$295,900
Alternative Uses
Best Use
Retail
$380.4K
$332.9K – $443.9K
NOI $26,631 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$779.3K
$681.9K – $909.1K
NOI $54,548 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
4,574 visits/mo
0.0 miles
Demographics for 23116, VA
32,410
Population
12,246
Households
2.6
Avg Household Size
42
Median Age
53%
College-Educated
96%
High-School Grad
55.0 sq mi
ZIP Area
589
Density / Sq Mi
$139,029
Median Household Income
$61,386
Median Earnings
$1,983
Median Rent
$405,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Two-building commercial property with B3 zoning, highway frontage, and a detached garage.
Where is this retail space located?
The property is located at 10370 10375 10379 Chamberlayne Rd Mechanicsville, VA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two buildings totaling 2,588 square feet on 1.65 acres; Frontage on Chamberlayne Road and Rt 301; B3 zoning with a detached garage
