Listing Agency: CBRE | Richmond

Listed By: Matt Hamilton Show Phone

Source: Cbre

Added: Jun 2 Changed: Oct 12 Last Checked: Oct 16 at 7:40AM

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Investment Insights

Based on property information with market context.

This 21,995 SF distribution facility is configured as a cross-dock operation with 14’ clear ceilings and 1,820 SF of office area. The property is fully fenced and fully illuminated, with ample parking supporting warehouse and logistics functions.

Located at 1111 Commerce Road in Richmond, Virginia, the site is approximately 0.75 miles from I-95, providing direct access to a major regional transportation corridor. Its layout and physical features support distribution, storage, and related industrial operations.

Key Highlights

• 21,995 SF cross‑dock distribution facility
• 14’ clear ceiling height
• 1,820 SF of office space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$208,869

Cap Rate

8.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,177,380 $4.2M

Cap Rate 7%

$2,983,843 $3.0M

Cap Rate 9%

$2,320,767 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 21,995 SF

Gross rent

$258.7K $11.76/SF

− Vacancy

−$12.9K −$0.59/SF

EGI

$245.7K $11.17/SF

− OpEx

−$36.9K −$1.68/SF

NOI

$208.9K $9.50/SF

Area

Richmond, VA

Vacancy

5.00%

Lease Rate

$11.76 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,177,380

Cap Rate 7%

$2,983,843

Cap Rate 9%

$2,320,767

Alternative Uses

Best Use

Warehouse

$2.98M

$2.61M – $3.48M (±1% cap)

NOI $208,869 @ 7.0% cap · market cap 8.00%

Second Best

Industrial

$1.99M

$1.74M – $2.32M (±1% cap)

NOI $139,456 @ 7.0% cap · market cap 5.34%

Theoretical Best

Office A

$5.08M

$4.45M – $5.93M (±1% cap)

NOI $355,711 @ 7.0% cap · market cap 13.62%

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

Property Analytics

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Current Use

Ward Trucking Corporation Trucking Company Extreme Fasteners Furniture & Home Goods

Suggested Use

Top Pick Dental Office Kitchen & Bath Showroom Storage Facility Accounting Firm Garden Center Skin Care Clinic

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

14 ft

Clear height

Yes

Fenced yard

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

456

Businesses Nearby

Explore this area Business Placement

Demographics for 23224, VA

39,468

Population

18,201

Households

2.2

Avg Household Size

33

Median Age

19%

College-Educated

80%

High-School Grad

11.6 sq mi

ZIP Area

3,402

Density / Sq Mi

$49,263

Median Household Income

$36,275

Median Earnings

$1,268

Median Rent

$189,200

Median Home Value

Market

Vacancy Rate% for Industrial in Richmond, VA

2.9% 2019

3.7% 2020

2.5% 2021

2.8% 2022

3.1% 2023

3.7% 2024

3.9% 2025

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Frequently Asked Questions

What type of property is this?

Distribution center - Fenced, illuminated industrial facility with dedicated office space and convenient access to I-95.

Where is this distribution center located?

The property is located at 1111 Commerce Road Richmond, VA.

What is the asking price?

The asking price for this property is $2,611,367.

What are key features of this property?

This property features: 21,995 SF cross‑dock distribution facility; 14’ clear ceiling height; 1,820 SF of office space