Office Building with
For Sale
Contact for pricing
2206 S Main St, Blacksburg, VA 24060
Office building with 20,023 sf plus a 2,000 sf garage and about 300 feet of frontage on South Main Street.
Property Size20,023 SF
Lot Size2.79 Acres
Price / SF$174.80
Days on Market1279
Property Features for 2206 S Main St
General Information
Standard status
Active
Size
20,023 SF
Lot size
2.79 Acres
Property subtype
OFFICE
Zoning
office
Financials
Business Included
No
Opportunity Zone
Yes
Site & Location
Traffic Count
25,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Listing Agency:
Cushman & Wakefield | Thalhimer - Roanoke
(540) 797-5435
Listed By:
Price Gutshall · License #0225214051
(540) 797-5435
Source:
Moodyscre
Added: Feb 8, 2023
Changed: Jul 28
Last Checked: Jul 28 at 5:40PM
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 Cushman & Wakefield | Thalhimer - Roanoke
Investment Insights
Based on property information with market context.
This for-sale office property includes a 20,023 sf building and an additional 2,000 sf garage on 2.79 acres. The site has approximately 300 feet of frontage along South Main Street.
The property is positioned immediately off Route 460 and about five minutes from the Virginia Tech Corporate Research Center. Public remarks note approximately 200 new construction apartment units across the street.
The site is currently zoned for office and is in process to be rezoned to GC. The listing also states the property is located in an opportunity zone, with seller consideration for owner financing.
The property is positioned immediately off Route 460 and about five minutes from the Virginia Tech Corporate Research Center. Public remarks note approximately 200 new construction apartment units across the street.
The site is currently zoned for office and is in process to be rezoned to GC. The listing also states the property is located in an opportunity zone, with seller consideration for owner financing.
Key Highlights
- 2.79 acres with about 300 ft of frontage on South Main Street in Blacksburg
- Includes a 20,023 SF office building plus a 2,000 SF garage
- Located immediately off Route 460 with about 25,000 vehicles per day
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
$244,707
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
6.99%
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%
$4,894,140
$4.9M
Cap Rate 7%
$3,495,814
$3.5M
Cap Rate 9%
$2,718,967
$2.7M
Market Conditions
NOI Build-Up for 20,023 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
$394.1K $19.68/SF
− Vacancy
−$67.8K −$3.38/SF
EGI
$326.3K $16.30/SF
− OpEx
−$81.6K −$4.07/SF
NOI
$244.7K $12.22/SF
Area
Montgomery County, VA
Vacancy
17.20%
Lease Rate
$19.68 /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%
$4,894,140
Cap Rate 7%
$3,495,814
Cap Rate 9%
$2,718,967
Alternative Uses
Best Use
Office B
$3.50M
$3.06M – $4.08M
NOI $244,707 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$4.74M
$4.15M – $5.53M
NOI $331,694 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Explore this area
Business Placement
Demographics for 24060, VA
46,755
Population
22,797
Households
2.1
Avg Household Size
28
Median Age
63%
College-Educated
98%
High-School Grad
130.8 sq mi
ZIP Area
357
Density / Sq Mi
$63,496
Median Household Income
$31,827
Median Earnings
$1,266
Median Rent
$412,300
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 building - Office building with 20,023 sf plus a 2,000 sf garage and about 300 feet of frontage on South Main Street.
Where is this office building located?
The property is located at 2206 S Main St Blacksburg, VA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 2.79 acres with about 300 ft of frontage on South Main Street in Blacksburg; Includes a 20,023 SF office building plus a 2,000 SF garage; Located immediately off Route 460 with about 25,000 vehicles per day
