Adaptable Mixed-Use Development
700 University City Boulevard Blacksburg Blacksburg, VA 24060
700 University City Boulevard Blacksburg, Blacksburg, VA, 24060
$7,850,000
For Sale
$7,850,000
2.56-acre parcel near Virginia Tech suitable for mixed-use redevelopment.
Property Size56,044 SF
Price / SF$140.07
Days on Market297
Property Features for 700 University City Boulevard Blacksburg
General Information
- Standard status
- Active
- Size
- 56,044 SF
- Property subtype
- Office
Building Details
- Year Built
- 1985
Listing Agency
(540) 520-3085
Listed by
Stephen Pendergrass, SIOR, CCIM
(540) 520-3085
Source
Tcnworldwide
Added: Sep 25, 2025 Checked: Jul 17 at 4:22 am
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 Stephen Pendergrass, SIOR, CCIM
Investment Insights
Based on property information with market context.
This 2.56-acre parcel features a well-maintained two-story office building and is strategically located adjacent to Virginia Tech, presenting an exceptional opportunity for redevelopment into a premium mixed-use property. The location is highly sought after, with proximity to the university ensuring a steady flow of traffic, making it ideal for a blend of residential, retail, and commercial spaces. The existing structure offers modern architectural features, abundant natural light, and flexible interior layouts that make it adaptable for various uses. The property includes a 20,044 square foot addition. The flat parcel provides room for expansion and new development, offering the potential to incorporate residential, retail, and commercial spaces in a mixed-use development. The property is further enhanced with 90 on-site parking spaces and is near the Blacksburg Transit bus stop. The two-level office building has large floor plates that allow for transition to multiple types of new uses. It is conveniently located just off of Prices Fork Road on University City Boulevard, within short walking distance to the Virginia Tech campus and downtown Blacksburg. A potential short-term lease-back opportunity allows a future owner to generate revenue immediately.
Key Highlights
- Prime location adjacent to Virginia Tech, ensuring high traffic and visibility.
- Exceptional redevelopment opportunity for a premium mixed‑use property.
- Large 2.56 acre parcel offering room for expansion and new development.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.10M | $19.68 |
| − Vacancy | −$189.7k | −$3.38 |
| EGI | $913.2k | $16.30 |
| − OpEx | −$228.3k | −$4.07 |
| NOI | $684.9k | $12.22 |
56,044 SF · lease $19.68/SF/yr · vacancy 17.20% · expense 25.00%
Alternative Uses
Best Use
Mixed Use
$10.57M
$9.25M – $12.33M
NOI $739,781 @ 7.0% cap · market cap 9.42%
Second Best
Office B
$9.78M
$8.56M – $11.42M
NOI $684,929 @ 7.0% cap · market cap 8.73%
Theoretical Best
Flex RnD
$13.26M
$11.61M – $15.47M
NOI $928,405 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Jerusalem Walker
Physician
Lauren Watts
Foster Care Service
Graham Richard G
Counselor
Lance R. Nielson, ...
Marriage Or Relationship Counselor
Lora Covey
Pharmacy
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FAQs
What type of property is this?
Office building - 2.56-acre parcel near Virginia Tech suitable for mixed-use redevelopment.
Where is this office building located?
The property is located at 700 University City Boulevard Blacksburg Blacksburg, VA.
What is the asking price?
The asking price for this property is $7,850,000.
What are key features of this property?
This property features: Prime location adjacent to Virginia Tech, ensuring high traffic and visibility.; Exceptional redevelopment opportunity for a premium mixed‑use property.; Large 2.56 acre parcel offering room for expansion and new development.
