Multi-Tenant Retail
New
For Sale
$2,882,000
12413 Tennessee Plz, Midlothian, VA 23112
Three occupied suites operate under NNN lease structures with annual rent increases.
Property Size7,000 SF
Price / SF$411.71
Days on Market7
Property Features for 12413 Tennessee Plz
General Information
Standard status
Active
Size
7,000 SF
Property subtype
Shopping Strip
Amenities
Walmart & Home Depot Shadow-Anchored Center 7,000 Sq Ft | 2004 Construction | 1.27 Acres
100% Occupied | Three (3) Tenants Five Guys, Bricks & Minifigs, Punky's Lair
NNN Leases | Annual Rent Increases Five Guys Occupancy Since 2005
Verizon Wireless Rooftop Lease
No. 2 Bricks & Minifigs in Virginia Source: Placer Ai, #2 of 7
Located at Signalized Intersection Hull Street Road | +/-44,000 VPD
Near Top Performing National Retailers: No. 1 BJ's, Home Depot, Ashley Homestore, Gabes Source: Placer Ai, 30-Mi Radius Chain Ranking
Additional Major Retailers Walmart, Chick-Fil-A, Aldi, IHOP, Target, Kroger, Kohl's, NAPA Auto Parts, & More
Building Details
Building Size
7,000 SF
Year Built
2004
Listing Agency:
Marcus & Millichap - Richmond
Listed By:
Harrison Jones · License #License(s): VA: 0225265219
(804) 802-6882
Source:
Marcusmillichap
Added: Sep 30
Last Checked: Oct 5 at 3:08PM
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 Marcus & Millichap - Richmond
Investment Insights
Based on property information with market context.
Built in 2004, this 7,000-square-foot retail center is fully leased to three tenants. The property’s NNN leases include annual rent increases.
Located in Midlothian, Virginia, the center is at 12413 Tennessee Plaza. Its multi-tenant configuration and occupied suites define the property’s current retail setup.
Located in Midlothian, Virginia, the center is at 12413 Tennessee Plaza. Its multi-tenant configuration and occupied suites define the property’s current retail setup.
Key Highlights
- 7,000‑square‑foot retail property
- Three tenants occupy all suites
- NNN leases provide for annual rent increases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$88,723
Cap Rate
3.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,774,460
$1.8M
Cap Rate 7%
$1,267,471
$1.3M
Cap Rate 9%
$985,811
$985.8K
Market Conditions
NOI Build-Up for 7,000 SF
Gross rent
$132.7K $18.96/SF
− Vacancy
−$6.0K −$0.85/SF
EGI
$126.7K $18.11/SF
− OpEx
−$38.0K −$5.43/SF
NOI
$88.7K $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 Rate 5%
$1,774,460
Cap Rate 7%
$1,267,471
Cap Rate 9%
$985,811
Alternative Uses
Best Use
Retail
$1.27M
$1.11M – $1.48M
NOI $88,723 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$14.02M
$12.27M – $16.36M
NOI $981,742 @ 7.0% cap · market cap 34.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
466k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 36%
Shops & Services 22%
Dining 16%
Apparel 11%
Walmart
Superstores
112,510 visits/mo
0.4 miles
BJ's Wholesale Club
Superstores
53,598 visits/mo
0.4 miles
T.J. Maxx
Apparel
49,345 visits/mo
0.5 miles
Chick-fil-A
Dining
47,487 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
45,452 visits/mo
0.3 miles
Demographics for 23112, VA
54,592
Population
21,511
Households
2.5
Avg Household Size
39
Median Age
50%
College-Educated
97%
High-School Grad
32.1 sq mi
ZIP Area
1,701
Density / Sq Mi
$117,716
Median Household Income
$57,772
Median Earnings
$1,706
Median Rent
$366,500
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 - Three occupied suites operate under NNN lease structures with annual rent increases.
Where is this strip mall located?
The property is located at 12413 Tennessee Plz Midlothian, VA.
What is the asking price?
The asking price for this property is $2,882,000.
What are key features of this property?
This property features: 7,000‑square‑foot retail property; Three tenants occupy all suites; NNN leases provide for annual rent increases
