Cross-Dock Distribution
For Sale
$2,611,367
1111 Commerce Road, Richmond, VA 23224
Fenced, illuminated industrial facility with dedicated office space and convenient access to I-95.
Property Size21,995 SF
Price / SF$118.73
Days on Market92
Property Features for 1111 Commerce Road
General Information
Standard status
Active
Size
21,995 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Clear Height
14 ft
Office Build-Out
1,820 SF
Loading
Cross-Dock
Listing Agency:
CBRE - Richmond
(804) 401-4005
Listed By:
Matt Hamilton
(804) 401-4005
Source:
Cbre
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 31 at 1:37PM
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 CBRE - Richmond
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.
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 = 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
$208,869
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
8.00%
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%
$4,177,380
$4.2M
Cap Rate 7%
$2,983,843
$3.0M
Cap Rate 9%
$2,320,767
$2.3M
Market Conditions
NOI Build-Up for 21,995 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
$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 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%
$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
NOI $208,869 @ 7.0% cap · market cap 8.00%
Second Best
Industrial
$1.99M
$1.74M – $2.32M
NOI $139,456 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$5.08M
$4.45M – $5.93M
NOI $355,711 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
