Shoppes at Bellgrade Strip
For Sale
$2,600,000
11422 W Huguenot Rd, Midlothian, VA 23113
Established retail property with a 1996 construction date in Midlothian, Virginia.
Property Size7,452 SF
Price / SF$348.90
Days on Market150
Property Features for 11422 W Huguenot Rd
General Information
Standard status
Active
Size
7,452 SF
Property subtype
Shopping Strip
Amenities
7,452 Square Feet Retail Strip Center | Two (2) Units | NNN Leases
Outparcel to Top 10 Kroger in Richmond, VA MSA (Source: Placer Ai)
Value-Add Opportunity Pharmacy Ready to Vacate w/ 60 Day Notice
1.13 Acres | 44 Parking Spaces | New Roof Added in 2013
Great Clips: 3% Annual Escalations | Verizon Cell Tower: Additional Income
Dark Pharmacy Still Paying Rent Below Market Rent
Year 3 Stabilized Cap Rate: 8.00%
Kroger Anchor Center Draws 1.8 Million Visitors Annually (Source: Placer Ai)
Building Details
Building Size
7,452 SF
Year Built
1996
Listing Agency:
Richmond Office
(804) 802-6882
Listed By:
Harrison M. Jones · License #VA: 0225265219
(804) 802-6882
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 4:19AM
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 Richmond Office
Investment Insights
Based on property information with market context.
Shoppes at Bellgrade is a strip mall comprising 7,452 square feet of retail space. The property was constructed in 1996 and is located at 11422 W Huguenot Rd in Midlothian, Virginia 23113.
Key Highlights
- 7,452‑square‑foot strip mall
- Built in 1996
- Located at 11422 W Huguenot Rd, Midlothian, VA 23113
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
$94,452
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
3.63%
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%
$1,889,040
$1.9M
Cap Rate 7%
$1,349,314
$1.3M
Cap Rate 9%
$1,049,467
$1.0M
Market Conditions
NOI Build-Up for 7,452 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
$141.3K $18.96/SF
− Vacancy
−$6.4K −$0.85/SF
EGI
$134.9K $18.11/SF
− OpEx
−$40.5K −$5.43/SF
NOI
$94.5K $12.67/SF
Area
Chesterfield County, VA
Vacancy
4.50%
Lease Rate
$18.96 /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%
$1,889,040
Cap Rate 7%
$1,349,314
Cap Rate 9%
$1,049,467
Alternative Uses
Best Use
Retail
$1.35M
$1.18M – $1.57M
NOI $94,452 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$14.93M
$13.06M – $17.42M
NOI $1,045,134 @ 7.0% cap · market cap 40.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
163k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 50%
Dining 34%
Shops & Services 14%
Beauty & Spa 2%
Kroger
Groceries
44,946 visits/mo
0.2 miles
Publix
Groceries
30,556 visits/mo
0.3 miles
Starbucks
Dining
15,394 visits/mo
0.2 miles
Outback Steakhouse
Dining
12,345 visits/mo
0.2 miles
Firebirds Wood Fired Grill
Dining
7,634 visits/mo
0.1 miles
Demographics for 23113, VA
26,190
Population
10,317
Households
2.5
Avg Household Size
46
Median Age
70%
College-Educated
98%
High-School Grad
36.5 sq mi
ZIP Area
718
Density / Sq Mi
$150,673
Median Household Income
$75,423
Median Earnings
$1,736
Median Rent
$580,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Established retail property with a 1996 construction date in Midlothian, Virginia.
Where is this strip mall located?
The property is located at 11422 W Huguenot Rd Midlothian, VA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 7,452‑square‑foot strip mall; Built in 1996; Located at 11422 W Huguenot Rd, Midlothian, VA 23113
