Shopping Center with Dollar General
New
For Sale
$4,500,000
1140 Wilkinson Rd, Richmond, VA 23227
A fully occupied, multi-tenant retail property includes a cell tower and recent building and parking improvements.
Property Size34,500 SF
Lot Size6.75 Acres
Price / SF$130.43
Days on Market2
Property Features for 1140 Wilkinson Rd
General Information
Standard status
Active
Size
34,500 SF
Lot size
6.75 Acres
Property subtype
Shopping Strip
Occupancy
100%
Additional Details
Cap Rate
7.4%
Anchor Co-Tenants
Dollar General
Tenant in Place
Yes
Amenities
Multi-Tenant Neighborhood Retail Center | 34,500 Sq Ft | 6.75 Acres | 2-Parcels
100% Occupied | Dollar General Anchor | 12-Units | Crown Cell Tower | Avg Suite Size: 2,230 Sq Ft
Immediate Value-Add Strategies | Outparcel Potential | 1.0 Ac Parking Pad with Future Income Potential + 12,000 SF Pad Site
Mark to Market Leasing Potential | 28% of GLA Expires by 2028 (5-Leases) | 70% of GLA Has No Renewal Options
Gross Lease Conversions to NNN | Below Market Rents | 5-Year CAGR: 6+ Percent
Recent Capital Improvements | 2024: Parking Lot Paint/Seal, Multiple HVAC Replacements | New Roof | Significant Replacements Since 2020
Located 1.5 Miles From Interstate 95-Exit/On Ramp | 10-Minutes to Downtown Richmond
1-Mile from $2.2 B Mixed Use Redevelopment | Best Products: 320 Acres: Sports Arena + 135,000 Sq Ft Retail + More Than 2,000 Residential Units + Office Space + Hotels
Building Details
Building Size
34,500 SF
Year Built
1964
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Richmond
Listed By:
Harrison Jones · License #License(s): VA: 0225265219
(804) 802-6882
Source:
Marcusmillichap
Added: Oct 23
Last Checked: Oct 23 at 5:44PM
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 Marcus & Millichap - Richmond
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Investment Insights
Based on property information with market context.
This 34,500-square-foot neighborhood shopping center occupies 6.75 acres across two parcels and contains 12 tenant spaces. Dollar General anchors the property, and a Crown cell tower provides an additional income source. Occupancy is 100%. Capital work completed since 2020 includes a new roof, parking lot sealing and striping, and several HVAC replacements.
The center is 1.5 miles from I-95 and about 10 minutes from Downtown Richmond. More than 65,669 daytime residents live within three miles. The property is also near the planned Best Products mixed-use redevelopment, a 320-acre project with a sports arena, 135,000 square feet of retail, more than 2,000 residential units, offices, and hotels.
Lease details include 28% of GLA expiring by 2028 and 70% of GLA without renewal options. The site also includes a 1.0-acre parking outparcel and a 12,000-square-foot pad site.
The center is 1.5 miles from I-95 and about 10 minutes from Downtown Richmond. More than 65,669 daytime residents live within three miles. The property is also near the planned Best Products mixed-use redevelopment, a 320-acre project with a sports arena, 135,000 square feet of retail, more than 2,000 residential units, offices, and hotels.
Lease details include 28% of GLA expiring by 2028 and 70% of GLA without renewal options. The site also includes a 1.0-acre parking outparcel and a 12,000-square-foot pad site.
Key Highlights
- 34,500‑square‑foot center on 6.75 acres across two parcels
- 12 tenant spaces; 100% occupied, with Dollar General as anchor
- Crown cell tower provides an additional income source
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$376,537
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,530,740
$7.5M
Cap Rate 7%
$5,379,100
$5.4M
Cap Rate 9%
$4,183,744
$4.2M
Market Conditions
NOI Build-Up for 34,500 SF
Gross rent
$587.9K $17.04/SF
− Vacancy
−$50.0K −$1.45/SF
EGI
$537.9K $15.59/SF
− OpEx
−$161.4K −$4.68/SF
NOI
$376.5K $10.91/SF
Area
Richmond, VA
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,530,740
Cap Rate 7%
$5,379,100
Cap Rate 9%
$4,183,744
Alternative Uses
Best Use
Retail
$5.38M
$4.71M – $6.28M
NOI $376,537 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.97M
$6.97M – $9.30M
NOI $557,946 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23227, VA
25,283
Population
13,351
Households
1.9
Avg Household Size
45
Median Age
47%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
2,199
Density / Sq Mi
$70,537
Median Household Income
$45,315
Median Earnings
$1,306
Median Rent
$329,700
Median Home Value
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Market
Vacancy Rate% for Retail in Richmond, VA
Similar Off Market Nearby
- Chamberlayne Farms Shopping Center — 1140-1164 Wilkinson Rd, Richmond, VA 23227
Frequently Asked Questions
What type of property is this?
Shopping center - A fully occupied, multi-tenant retail property includes a cell tower and recent building and parking improvements.
Where is this shopping center located?
The property is located at 1140 Wilkinson Rd Richmond, VA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 34,500‑square‑foot center on 6.75 acres across two parcels; 12 tenant spaces; 100% occupied, with Dollar General as anchor; Crown cell tower provides an additional income source
