Cape Cod Office
For Sale
$425,000
Pending
605 E Nine Mile Road, Highland Springs, VA 23075
B3-zoned office property with flexible interior rooms, paved parking, and a two-car carport.
Property Size1,485 SF
Lot Size0.30 Acres
Days on Market522
Property Features for 605 E Nine Mile Road
General Information
Standard status
Pending
Size
1,485 SF
Total Parking Spaces
2
Lot size
0.30 Acres
Property subtype
Commercial/Industrial
Zoning
B3
Additional Details
Highway Access
Yes
Office Units
4
Amenities
conference room
waiting room
full kitchen
bath
hardwood floors
washer/dryer
rear exit
side porch
dual zone central air
Building Details
Year Built
1947
Buildings
1
Building Size
1,485 SF
Construction
cape cod
Listing Agency:
EXP Realty LLC
(240) 507-3362
Listed By:
Ana Nuckols · License #0225249764
(240) 507-3362
Source:
Exitrealty
Added: Mar 28, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:45AM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This 1,485-square-foot office building dates to 1947 and presents a Cape Cod-style exterior with hardwood floors, four private office rooms, and two larger areas suited to conferences or reception. Interior amenities include a full kitchen, bathroom, washer and dryer, rear exit, side porch, and dual-zone central air. Much of the approximately 0.3-acre parcel is paved, with a two-car carport providing additional covered parking.
The property is positioned near E. Nine Mile Road and Oak Avenue in Henrico, Virginia, with access to I-64 and I-295. Highland Springs High School, White Oak Village, Eastgate Town Center, and Richmond International Airport are located nearby. Commercial B3 zoning supports the current office configuration and the other uses identified for the property, including a law office, day care, or used car lot.
The property is positioned near E. Nine Mile Road and Oak Avenue in Henrico, Virginia, with access to I-64 and I-295. Highland Springs High School, White Oak Village, Eastgate Town Center, and Richmond International Airport are located nearby. Commercial B3 zoning supports the current office configuration and the other uses identified for the property, including a law office, day care, or used car lot.
Key Highlights
- 1,485‑square‑foot office building constructed in 1947
- Commercial B3 zoning
- Four office rooms plus two larger conference or waiting areas
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
$16,212
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
3.81%
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%
$324,240
$324.2K
Cap Rate 7%
$231,600
$231.6K
Cap Rate 9%
$180,133
$180.1K
Market Conditions
NOI Build-Up for 1,485 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
$24.6K $16.56/SF
− Vacancy
−$3.0K −$2.00/SF
EGI
$21.6K $14.56/SF
− OpEx
−$5.4K −$3.64/SF
NOI
$16.2K $10.92/SF
Area
Henrico County, VA
Vacancy
12.10%
Lease Rate
$16.56 /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%
$324,240
Cap Rate 7%
$231,600
Cap Rate 9%
$180,133
Alternative Uses
Best Use
Office B
$231.6K
$202.7K – $270.2K
NOI $16,212 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$387.4K
$339.0K – $452.0K
NOI $27,117 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
Explore this area
Business Placement
Demographics for 23075, VA
10,236
Population
3,796
Households
2.7
Avg Household Size
38
Median Age
22%
College-Educated
89%
High-School Grad
4.6 sq mi
ZIP Area
2,225
Density / Sq Mi
$50,947
Median Household Income
$34,407
Median Earnings
$1,252
Median Rent
$198,900
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 - B3-zoned office property with flexible interior rooms, paved parking, and a two-car carport.
Where is this office building located?
The property is located at 605 E Nine Mile Road Highland Springs, VA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1,485‑square‑foot office building constructed in 1947; Commercial B3 zoning; Four office rooms plus two larger conference or waiting areas
