M-2 Industrial
For Sale
$1,600,000
Pending
11299 Washington Highway, Ashland, VA 23005
CommercialSale, Ashland, VA
Property Size9,700 SF
Lot Size1.00 Acre
Days on Market116
Property Features for 11299 Washington Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
M-2
Accessibility
Accessible Approach with Ramp
Lot features
Level
Directions
I-95 Lewistown Exit to Rt 1: Rt 1 North: Property on Left
Subdivision
36 - Hanover
Standard status
Pending
APN
7788-15-2802
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
11200 BLK WASHINGTON HIGHWAY
Legal Description
11200 BLK WASHINGTON HIGHWAY
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating), Zoned
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
1
Roof type
Asphalt
Listing Agency:
Weichert Home Run Realty
(804) 752-3503
Listed By:
Emma Lee Mitchell · License #0225150896
(804) 400-5574
Added: Apr 29
Changed: Aug 19
Last Checked: Aug 22 at 6:06PM
MLS# 2611014
Copyright © 2026 Central Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property includes a 9,700-square-foot industrial building on a one-acre parcel. The structure has central air conditioning, heat-pump heating with zoned controls, an asphalt roof, and an accessible approach with a ramp. Public water serves the property, and the land-use designation is M-2.
Located at 11299 Washington Highway in Ashland, the building has frontage along Route 1. The property is in Hanover County and carries a 23005 ZIP code. The building and site provide a defined industrial asset with established utility service and direct highway exposure.
Located at 11299 Washington Highway in Ashland, the building has frontage along Route 1. The property is in Hanover County and carries a 23005 ZIP code. The building and site provide a defined industrial asset with established utility service and direct highway exposure.
Key Highlights
- 9,700‑square‑foot industrial building on 1 acre
- M‑2 zoning supports industrial property use
- Route 1 frontage along Washington Highway
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
$52,949
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
3.31%
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%
$1,058,980
$1.1M
Cap Rate 7%
$756,414
$756.4K
Cap Rate 9%
$588,322
$588.3K
Market Conditions
NOI Build-Up for 9,700 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
$79.0K $8.14/SF
− Vacancy
−$3.3K −$0.34/SF
EGI
$75.6K $7.80/SF
− OpEx
−$22.7K −$2.34/SF
NOI
$52.9K $5.46/SF
Area
Hanover County, VA
Vacancy
4.20%
Lease Rate
$8.14 /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%
$1,058,980
Cap Rate 7%
$756,414
Cap Rate 9%
$588,322
Alternative Uses
Best Use
Industrial
$756.4K
$661.9K – $882.5K
NOI $52,949 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.92M
$2.56M – $3.41M
NOI $204,449 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
Explore this area
Business Placement
Demographics for 23005, VA
17,818
Population
7,639
Households
2.3
Avg Household Size
41
Median Age
41%
College-Educated
93%
High-School Grad
69.3 sq mi
ZIP Area
257
Density / Sq Mi
$90,049
Median Household Income
$43,623
Median Earnings
$1,236
Median Rent
$376,400
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Industrial property - M-2-zoned industrial property with Route 1 frontage, public water, and central air conditioning.
Where is this industrial property located?
The property is located at 11299 Washington Highway Ashland, VA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 9,700‑square‑foot industrial building on 1 acre; M‑2 zoning supports industrial property use; Route 1 frontage along Washington Highway
