M-2 Industrial
11299 Washington Highway, Ashland, VA 23005
For Sale
$1,600,000
Pending
CommercialSale, Ashland, VA
Property Size9,700 SF
Lot Size1.00 Acre
Days on Market195
Property Features for 11299 Washington Highway
General Information
Property type
Property subtype
Zoning description
Accessibility
Lot features
Directions
Subdivision
Standard status
APN
Lot size
Taxes and HOA fees
Tax Description
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Floors in Building
Roof type
Buildings
Listing Agency:
Weichert Home Run Realty
(804) 752-3503
Listed By:
Emma Lee Mitchell · License #0225150896
(804) 400-5574
Added: Apr 29
Changed: Oct 29
Last Checked: Nov 9 at 4:06AM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$52,949
Cap Rate
3.31%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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
