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    Distribution and Manufacturing Facility Title is generated by Realmo AI

    221 Progress Parkway, Franklin, VA 23851

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    Large distribution/manufacturing facility with high clear heights, dock and grade-level access, and a fully climatized warehouse.

    Type:Industrial
    Property size:
    138,800 SF
    Lot size:
    14.64 Acres
    Price / SF:
    $0.00/SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 2:40 am

    Property Features for 221 Progress Parkway

    General Information

    Standard status
    Active
    Size
    138,800 SF
    Lot size
    14.64 Acres
    Property subtype
    Industrial

    Properties For Sale

    at 221 Progress Parkway Contact us

    We can help!

    Listing Contact
    David Bickford
    David Bickford

    Listing agent David Bickford

    Listing office Divaris Real Estate - Hampton Roads

    Listing date Jun 2, 2026

    Source Divaris

    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 Divaris Real Estate - Hampton Roads

    HighLights

    • 138,800 SF distribution/manufacturing facility on 14.64 acres in Franklin, VA
    • Built 1998 with an 80,000 SF addition completed in 2008
    • 26' clear ceilings to roofline (minus trusses); 50' x 50' column spacing
    • Warehouse has 2 dock doors and ESFR plus wet sprinkler system; fully climatized and fully heated warehouse
    • 6" concrete floor; 3,000‑amp 3 phase, 4 wire power with overhead bus duct distribution
    • Includes 3,800 SF two‑story office and refrigerated office (heated warehouse with cooled office)

    Overview

    This distribution/manufacturing facility offers a total of 138,800 SF on 14.64 acres, combining an original 58,000 SF building constructed in 1998 with an 80,000 SF addition completed in 2008. The warehouse space features 26' clear ceilings from ground to roofline, with truss depth excluded, and a 50' x 50' column spacing pattern. Operational access includes two dock doors and three grade-level doors, supported by an ESFR and wet sprinkler system. The property is equipped with a 6" concrete floor and approximately 3,000 amp three-phase electrical service, with power distribution via overhead bus duct.

    The site includes a 3,800 SF, two-story office, and the warehouse is described as fully climatized, with a fully heated warehouse and a cooled office. This combination can support both production and distribution needs while keeping office functions separated from warehouse operations.

    With its high clear height, substantial door count, and modern sprinkler and fire protection system, the building is well suited for tenants or owners looking for a versatile distribution or manufacturing footprint. The established building sizes and clear structural grid provide a practical platform for a range of warehouse and light industrial uses.
    Location Intelligence

    Current Use by Public Records

    Distribution centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Franklin City
    State
    Virginia
    Longitude
    -76.9426
    Latitude
    36.6905

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    FAQs

    What type of property is this?
    Distribution center - Large distribution/manufacturing facility with high clear heights, dock and grade-level access, and a fully climatized warehouse.
    Where is this distribution center located?
    The property is located at 221 Progress Parkway Franklin, VA.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: 138,800 SF distribution/manufacturing facility on 14.64 acres in Franklin, VA; Built 1998 with an 80,000 SF addition completed in 2008; 26' clear ceilings to roofline (minus trusses); 50' x 50' column spacing
    (757) 873-4700
    We can help!
    Listing Contact
    David Bickford
    David Bickford
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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