Functional Office Condo For
For Sale
Contact for pricing
Pending
11535 Nuckols Road, Glen Allen, VA 23059
1,383 SF office condo with five private offices.
Property Size1,383 SF
Days on Market180
Property Features for 11535 Nuckols Road
General Information
Standard status
Pending
Size
1,383 SF
Property subtype
Office
Zoning
OS
Building Details
Year Built
2004
Stories
1
Units
1
Listing Agency:
The Davis Group
Listed By:
Jared Davis · License #0225210738
Source:
Crexi
Added: Feb 24
Changed: Aug 8
Last Checked: Jul 25 at 10:09AM
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 The Davis Group
Investment Insights
Based on property information with market context.
Suite D is a 1,383 square foot office condo featuring a functional layout suitable for various business operations. The space incorporates five private offices, a reception/waiting area, a kitchen, and an open work area. This layout is designed to accommodate law firms, medical or wellness practices, accounting firms, consultants, insurance agencies, and other professional services.
Key Highlights
- Functional 1,383 SF office condo suitable for various professional services.
- Includes five private offices.
- Features a reception/waiting area.
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
$15,098
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
3.77%
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%
$301,960
$302.0K
Cap Rate 7%
$215,686
$215.7K
Cap Rate 9%
$167,756
$167.8K
Market Conditions
NOI Build-Up for 1,383 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
$22.9K $16.56/SF
− Vacancy
−$2.8K −$2.00/SF
EGI
$20.1K $14.56/SF
− OpEx
−$5.0K −$3.64/SF
NOI
$15.1K $10.92/SF
Area
Henrico County, VA
Vacancy
12.10%
Lease Rate
$16.56 /SF/Yr
Expense Ratio
25.00%
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%
$301,960
Cap Rate 7%
$215,686
Cap Rate 9%
$167,756
Alternative Uses
Best Use
Office B
$215.7K
$188.7K – $251.6K
NOI $15,098 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$360.8K
$315.7K – $420.9K
NOI $25,254 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 23059, VA
40,249
Population
15,783
Households
2.6
Avg Household Size
40
Median Age
70%
College-Educated
97%
High-School Grad
45.8 sq mi
ZIP Area
879
Density / Sq Mi
$153,719
Median Household Income
$78,867
Median Earnings
$1,840
Median Rent
$573,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 1,383 SF office condo with five private offices.
Where is this office units located?
The property is located at 11535 Nuckols Road Glen Allen, VA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Functional 1,383 SF office condo suitable for various professional services.; Includes **five private offices**.; Features a reception/waiting area.
