Listing Agency: Weichert Home Run Realty c***@homerunrealtyva.com Show Phone

Listed By: Emma Lee Mitchell · License #0225150896 Show Phone

Source: Exprealty

Added: Apr 29 Changed: Oct 9 Last Checked: Oct 20 at 9:06PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This for-sale warehouse building is situated on one acre and includes water and sewer service. The property is zoned M-2 and is positioned with Route 1 frontage.

In addition to the main parcel, there are two adjacent lots available for sale with a building: a 1.5-acre lot with Route 1 frontage and a separate 2.2-acre lot behind the main building with access by Central Drive.

The offering includes the primary warehouse structure plus options to expand through the adjacent parcels.

Key Highlights

• 9,700 SF warehouse building on 1 acre
• Route 1 frontage
• Zoned M‑2

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$64,295

Cap Rate

4.02%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,285,900 $1.3M

Cap Rate 7%

$918,500 $918.5K

Cap Rate 9%

$714,389 $714.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,700 SF

Gross rent

$79.0K $8.14/SF

− Vacancy

−$3.3K −$0.34/SF

EGI

$75.6K $7.80/SF

− OpEx

−$11.3K −$1.17/SF

NOI

$64.3K $6.63/SF

Area

Hanover County, VA

Vacancy

4.20%

Lease Rate

$8.14 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,285,900

Cap Rate 7%

$918,500

Cap Rate 9%

$714,389

Alternative Uses

Best Use

Warehouse

$918.5K

$803.7K – $1.07M (±1% cap)

NOI $64,295 @ 7.0% cap · market cap 4.02%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.92M

$2.56M – $3.41M (±1% cap)

NOI $204,449 @ 7.0% cap · market cap 12.78%

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

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Ashland Moose Lodge ... Volunteer Organization

Suggested Use

Top Pick Real Estate Agency Dental Office Electrical Service Law Firm Grocery & Convenience Store Nail Salon

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

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

150

Businesses Nearby

Well-served

Demand for This Use

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

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - Warehouse building on one acre with Route 1 frontage, zoned M-2, with water and sewer.

Where is this warehouse located?

The property is located at 11299 Washington Hwy 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 SF warehouse building on 1 acre; Route 1 frontage; Zoned M‑2