Hobby Lobby Retail
11684 LAKERIDGE PKWY, Ashland, VA 23005
For Sale
Contact for pricing
The store is leased through 2038, with scheduled rent increases and three renewal options.
Property Size55,000 SF
Lot Size5.00 Acres
Price / SF$125
Days on Market8
Property Features for 11684 LAKERIDGE PKWY
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Anchor Co-Tenants
Traffic Count
Tenancy & Operations
Currently Operating
Tenant in Place
Building Details
Year Built
Buildings
Tenancy
Listing Agency:
The Boulder Group
Listed By:
Jimmy Goodman · License #IL 471007006
(847) 562-8500
Source:
Crexi
Added: Nov 2
Changed: Nov 8
Last Checked: Nov 8 at 5:41PM
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 Boulder Group
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Investment Insights
Based on property information with market context.
Completed in 2023 as a build-to-suit for Hobby Lobby, this 55,000-square-foot retail property occupies a 5-acre parcel. The tenant’s lease runs through August 2038 and includes rent escalations every five years during the primary term, plus three 5-year renewal options.
The property is an anchor at Winding Brook, a 185-acre mixed-use development with Bass Pro Shops, Starbucks, Boot Barn and Wendy’s. It fronts Interstate 95, which carries approximately 127,000 vehicles per day. Nearby traffic drivers include Harley-Davidson, TA Travel Center, Camping World, Ford and Hanover County Municipal Airport. Ryan Homes at Winding Brook Townes, an 85-townhome community, is adjacent to the property.
More than 54,000 people live within five miles, and average household income within a three-mile radius is $162,000.
The property is an anchor at Winding Brook, a 185-acre mixed-use development with Bass Pro Shops, Starbucks, Boot Barn and Wendy’s. It fronts Interstate 95, which carries approximately 127,000 vehicles per day. Nearby traffic drivers include Harley-Davidson, TA Travel Center, Camping World, Ford and Hanover County Municipal Airport. Ryan Homes at Winding Brook Townes, an 85-townhome community, is adjacent to the property.
More than 54,000 people live within five miles, and average household income within a three-mile radius is $162,000.
Key Highlights
- 55,000‑square‑foot retail building completed in 2023
- Occupies a 5‑acre parcel
- Hobby Lobby lease runs through August 2038, with three 5‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$565,950
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,319,000
$11.3M
Cap Rate 7%
$8,085,000
$8.1M
Cap Rate 9%
$6,288,333
$6.3M
Market Conditions
NOI Build-Up for 55,000 SF
Gross rent
$825.0K $15.00/SF
− Vacancy
−$16.5K −$0.30/SF
EGI
$808.5K $14.70/SF
− OpEx
−$242.6K −$4.41/SF
NOI
$566.0K $10.29/SF
Area
Hanover County, VA
Vacancy
2.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,319,000
Cap Rate 7%
$8,085,000
Cap Rate 9%
$6,288,333
Alternative Uses
Best Use
Retail
$8.08M
$7.07M – $9.43M
NOI $565,950 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.56M
$14.49M – $19.32M
NOI $1,159,245 @ 7.0% cap · market cap 16.86%
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
127,000 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
7k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Sheehy Ford of Ashland
Shops & Services
4,688 visits/mo
0.3 miles
Whitten Brothers Chrysler Jeep Dodge Ram of Ashland
Shops & Services
2,124 visits/mo
0.5 miles
Fisher Auto Parts
Shops & Services
269 visits/mo
0.5 miles
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Retail space - The store is leased through 2038, with scheduled rent increases and three renewal options.
Where is this retail space located?
The property is located at 11684 LAKERIDGE PKWY Ashland, VA.
What is the asking price?
The asking price for this property is $6,875,000.
What are key features of this property?
This property features: 55,000‑square‑foot retail building completed in 2023; Occupies a 5‑acre parcel; Hobby Lobby lease runs through August 2038, with three 5‑year renewal options
