Second-Floor Office Condominium
For Sale
$505,000
1173 Jefferson Green Circle, Midlothian, VA 23113
Second-floor office suite with six private offices, a large multipurpose room, and client and staff restrooms.
Property Size2,191 SF
Price / SF$230.49
Days on Market136
Property Features for 1173 Jefferson Green Circle
General Information
Standard status
Active
Size
2,191 SF
Listing Agency:
ICON Realty Group
(804) 775-2000
Listed By:
Colby Kay
(804) 293-2621
Source:
Exprealty
Added: Apr 23
Changed: Aug 25
Last Checked: Sep 5 at 9:37AM
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 ICON Realty Group
Investment Insights
Based on property information with market context.
This second-floor office condominium suite offers an efficient, flexible layout for professional use. Suite 3A includes six private offices and a large multipurpose room that can function as a conference or collaborative space, with the ability to be converted into two additional offices. The suite also features two client restrooms and a private staff restroom with a shower.
The property is located at 1173 Jefferson Green Circle in Midlothian, VA, within a well-established commercial corridor setting. The exterior is described as brick, with well-maintained interiors.
The space is presented as a polished, adaptable office option for an owner-user or investor, with the configuration supporting both private work areas and shared meeting or project space.
The property is located at 1173 Jefferson Green Circle in Midlothian, VA, within a well-established commercial corridor setting. The exterior is described as brick, with well-maintained interiors.
The space is presented as a polished, adaptable office option for an owner-user or investor, with the configuration supporting both private work areas and shared meeting or project space.
Key Highlights
- 2,191 SF second‑floor office condominium suite in 2007‑built property
- Layout includes 6 private offices plus a large multipurpose room for meetings or flexible office use
- Two client restrooms and a private staff restroom with shower
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
$24,053
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
4.76%
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%
$481,060
$481.1K
Cap Rate 7%
$343,614
$343.6K
Cap Rate 9%
$267,256
$267.3K
Market Conditions
NOI Build-Up for 2,191 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
$37.3K $17.04/SF
− Vacancy
−$5.3K −$2.40/SF
EGI
$32.1K $14.64/SF
− OpEx
−$8.0K −$3.66/SF
NOI
$24.1K $10.98/SF
Area
Chesterfield County, VA
Vacancy
14.10%
Lease Rate
$17.04 /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%
$481,060
Cap Rate 7%
$343,614
Cap Rate 9%
$267,256
Alternative Uses
Best Use
Office B
$343.6K
$300.7K – $400.9K
NOI $24,053 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$4.39M
$3.84M – $5.12M
NOI $307,285 @ 7.0% cap · market cap 60.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Second-floor office suite with six private offices, a large multipurpose room, and client and staff restrooms.
Where is this office units located?
The property is located at 1173 Jefferson Green Circle Midlothian, VA.
What is the asking price?
The asking price for this property is $505,000.
What are key features of this property?
This property features: 2,191 SF second‑floor office condominium suite in 2007‑built property; Layout includes 6 private offices plus a large multipurpose room for meetings or flexible office use; Two client restrooms and a private staff restroom with shower
