Warehouse Building with Route 1
For Sale
$1,600,000
Pending
11299 Washington Hwy, Ashland, VA 23005
Warehouse building on one acre with Route 1 frontage, zoned M-2, with water and sewer.
Property Size9,700 SF
Lot Size4.70 Acres
Days on Market130
Property Features for 11299 Washington Hwy
General Information
Standard status
Pending
Size
9,700 SF
Lot size
4.70 Acres
Zoning
M-2
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Listing Agency:
Weichert Home Run Realty
(804) 752-3503
Listed By:
Emma Lee Mitchell · License #0225150896
(804) 400-5574
Source:
Exprealty
Added: Apr 29
Changed: Aug 22
Last Checked: Sep 4 at 2:08PM
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 Weichert Home Run Realty
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.
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 = 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
$64,295
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
4.02%
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%
$1,285,900
$1.3M
Cap Rate 7%
$918,500
$918.5K
Cap Rate 9%
$714,389
$714.4K
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
−$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 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%
$1,285,900
Cap Rate 7%
$918,500
Cap Rate 9%
$714,389
Alternative Uses
Best Use
Warehouse
$918.5K
$803.7K – $1.07M
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
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
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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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
