Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Hanover Industrial Park Flex Space Title is generated by Realmo AI

    11139-11159 Air Park Road, Ashland, VA 23005

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Office/warehouse units for lease in Hanover County's Air Park.

    Type:Industrial
    Property size:
    25,500 SF
    Lot size:
    3.09 Acres
    Added:
    Jan 26, 2026
    Days on Market:
    119
    Last Refresh:
    Nov 30 at 8:25 pm

    Property Features for 11139-11159 Air Park Road

    General Information

    Standard status
    Active
    Size
    25,500 SF
    Lot size
    3.09 Acres
    Property subtype
    Industrial

    Spaces For Lease

    at 11139-11159 Air Park Road Contact us

    We can help!

    Listing Contact
    Wilson M. Flohr

    Listing agent Wilson M. Flohr

    Listing office

    Listing date Jan 26, 2026

    Source Corfac

    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 Wilson M. Flohr

    HighLights

    • Convenient location in Hanover Industrial Air Park
    • Drive‑in loading for easy operations
    • Zoned M‑3 Heavy Industrial, offering versatile usage
    • Easily accessible and highly visible
    • 2,125 SF units
    • Located in Hanover County

    Overview

    Office and warehouse units are available for lease within a 3.09-acre site located in Hanover County. The property is zoned M-3 Heavy Industrial and features drive-in loading. The location offers convenient access and high visibility within the Hanover Industrial Air Park. Each unit provides 2,125 square feet of space. The lease rate is $9.00 per square foot on a modified gross basis.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ashland
    County
    Hanover
    State
    Virginia
    Longitude
    -77.495
    Latitude
    37.7534

    Nearby Similar for Lease

    • Contact for pricing
      26,717 SF

      Premier Office Building in Hanover

      Three-story office building with open floor plan and ample parking.
      10492 Lakeridge Parkway, Ashland, VA 23005
      View Details
    • Contact for pricing
      7,596 SF

      Premier Office Building in Hanover

      Three-story office building with modern design and ample parking.
      10492 Lakeridge Parkway, Ashland, VA 23005
      View Details
    • Contact for pricing
      12,925 SF

      Retail Spaces Near Randolph Macon

      Retail spaces available in a dominant, anchored shopping center.
      251 North Washington Highway, Ashland, VA 23005
      View Details
    • Contact for pricing
      22,400 SF

      Industrial Warehouse in Lakeridge Park

      22,849 sq ft warehouse with excellent logistics capabilities.
      11049 Lakeridge Pkwy, Ashland, VA, 23005
      View Details
    • Contact for pricing
      75,000 SF

      Ashland Industrial Building II Available

      Industrial building with 75,000-315,900 SF available for lease.
      11115 Johnson Rd, Ashland, VA 23005
      View Details
    • $13 SF/Yr
      19,294 SF

      Flex Building in Lakeridge Park

      Single-story flex building with rear loading and dock access.
      10470 Wilden Drive, Ashland, VA 23005
      View Details
    • $15 SF/Yr
      5,500 SF

      Ashland Flex Condo For Rent

      Flex condo available for lease in Ashland, Virginia.
      11263 Air Park Road, Unit A, Ashland, VA 23005
      View Details
    • Contact for pricing
      44,136 SF

      Northlake Commerce Center Industrial Space

      Industrial space available for lease in Northlake Commerce Center.
      12015 N Lakeridge Pkwy, Ashland, VA 23005
      View Details
    • Contact for pricing
      381,200 SF

      Hanover County Warehouse For Lease

      187,138 SF warehouse with 3,586 SF office space for lease.
      14174 North Washington Hwy, Ashland, VA 23005-7237
      View Details
    • $15 SF/Yr
      6,751 SF

      Ashland Warehouse Space Available

      6,751 square foot warehouse space for lease in Ashland.
      11256 Air Park Rd, Ashland, VA
      View Details
    • Contact for pricing
      124,750 SF

      Ashland Warehouse Space Available

      Available warehouse space in Ashland, Virginia, with 31 dock doors.
      10383 Lakeridge Pkwy, Ashland, VA
      View Details

    FAQs

    What type of property is this?
    Flex space - Office/warehouse units for lease in Hanover County's Air Park.
    Where is this flex space located?
    The property is located at 11139-11159 Air Park Road Ashland, VA.
    What are key features of this property?
    This property features: Convenient location in Hanover Industrial Air Park; Drive‑in loading for easy operations; Zoned M‑3 Heavy Industrial, offering versatile usage
    (804) 241-2908
    We can help!
    Listing Contact
    Wilson M. Flohr
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    11139-11159 Air Park Road , Ashland, VA 23005
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!