Retail Building with
For Sale
$1,695,000
Pending
3100 Old Forest Rd, Lynchburg, VA 24501
Corner retail building with drive-thru configuration, paved parking, and public water and sewer.
Property Size10,113 SF
Lot Size1.11 Acres
Days on Market969
Property Features for 3100 Old Forest Rd
General Information
Standard status
Pending
Size
10,113 SF
Total Parking Spaces
53
Lot size
1.11 Acres
Site & Location
Traffic Count
21,000 vehicles/day
Utilities to Site
Yes
Amenities
drive-thru
pylon sign
Listing Agency:
Gentry Commercial Real Estate Inc
(434) 485-8900
Listed By:
Chris Gentry
Source:
Exprealty
Added: Jan 10, 2024
Changed: Aug 25
Last Checked: Sep 4 at 1:39PM
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 Gentry Commercial Real Estate Inc
Investment Insights
Based on property information with market context.
This +/- 10,113 SF retail building sits on a +/- 1.106-acre site and was originally built as a pharmacy with a drive-thru. The existing layout includes a drive-thru configuration and 53 paved parking spaces. A large pylon sign supports retail and service visibility, and the building is served by public water and sewer.
The property is located on a corner at a signalized intersection, providing strong access and visibility. Public remarks indicate traffic count of over 21,000 VPD.
While the building was built for pharmacy use, the structure can be repurposed for other retail, multitenant, and medical uses, or the site can be redeveloped for other uses.
The property is located on a corner at a signalized intersection, providing strong access and visibility. Public remarks indicate traffic count of over 21,000 VPD.
While the building was built for pharmacy use, the structure can be repurposed for other retail, multitenant, and medical uses, or the site can be redeveloped for other uses.
Key Highlights
- ±10,113 SF corner retail building on ±1.106‑acre site at a signalized intersection
- Built in 1998 and originally designed as a pharmacy with drive‑thru configuration
- 53 paved parking spaces, including a drive‑thru parking layout
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
$122,709
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
7.24%
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%
$2,454,180
$2.5M
Cap Rate 7%
$1,752,986
$1.8M
Cap Rate 9%
$1,363,433
$1.4M
Market Conditions
NOI Build-Up for 10,113 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
$182.0K $18.00/SF
− Vacancy
−$6.7K −$0.67/SF
EGI
$175.3K $17.33/SF
− OpEx
−$52.6K −$5.20/SF
NOI
$122.7K $12.13/SF
Area
Lynchburg County, VA
Vacancy
3.70%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,454,180
Cap Rate 7%
$1,752,986
Cap Rate 9%
$1,363,433
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.05M
NOI $122,709 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.00M
$2.62M – $3.50M
NOI $209,703 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21,000 VPD
Traffic count
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
Explore this area
Business Placement
Demographics for 24501, VA
27,160
Population
12,157
Households
2.2
Avg Household Size
33
Median Age
25%
College-Educated
87%
High-School Grad
36.3 sq mi
ZIP Area
748
Density / Sq Mi
$45,305
Median Household Income
$28,790
Median Earnings
$936
Median Rent
$155,800
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?
Retail space - Corner retail building with drive-thru configuration, paved parking, and public water and sewer.
Where is this retail space located?
The property is located at 3100 Old Forest Rd Lynchburg, VA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: ±10,113 SF corner retail building on ±1.106‑acre site at a signalized intersection; Built in 1998 and originally designed as a pharmacy with drive‑thru configuration; 53 paved parking spaces, including a drive‑thru parking layout
