Refrigerated Cold Storage
For Sale
$650,000
1505 Brook Road, Richmond, VA 23220
One-story masonry warehouse with refrigeration, freezer areas, dock-high and grade-level loading, and dedicated office space.
Property Size6,410 SF
Price / SF$101.40
Days on Market395
Property Features for 1505 Brook Road
General Information
Standard status
Active
Size
6,410 SF
Property subtype
General Commercial
Amenities
Electric
3
Level
City Road, Level.
Building Details
Year Built
1900
Listing Agency:
Long & Foster REALTORS
(804) 432-3408
Listed By:
James Strum
(804) 432-3408
Source:
Xome
Added: Aug 1, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:41AM
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 Long & Foster REALTORS
Investment Insights
Based on property information with market context.
This 6,410-square-foot, one-story masonry warehouse is configured for refrigerated storage and distribution. The facility includes multiple walk-in refrigeration and freezer areas, industrial pellet ice machines, a dedicated office area, grade-level and dock-high loading, an internal forklift ramp, and an industrial elevator connecting the loading dock with the main level. Public water and sewer are available, with gas and electric service on site.
Located at 1505 Brook Road in Richmond’s Chamberlayne Industrial Center, the property is just over a mile north of Downtown and the Virginia State Capitol, with access to I-95. The site is zoned M-1 and has a current City use as Storage/Warehouse with an office component. It is also within Enterprise Zone III and the Lombardy/Chamberlayne CARE Area.
The property is currently operating as a wholesale seafood distribution company and supports cold storage, food distribution, commissary, catering, brewery production, ice manufacturing, and light industrial uses identified in the property information.
Located at 1505 Brook Road in Richmond’s Chamberlayne Industrial Center, the property is just over a mile north of Downtown and the Virginia State Capitol, with access to I-95. The site is zoned M-1 and has a current City use as Storage/Warehouse with an office component. It is also within Enterprise Zone III and the Lombardy/Chamberlayne CARE Area.
The property is currently operating as a wholesale seafood distribution company and supports cold storage, food distribution, commissary, catering, brewery production, ice manufacturing, and light industrial uses identified in the property information.
Key Highlights
- 6,410 SF one‑story masonry warehouse
- Multiple walk‑in refrigeration and freezer spaces
- Industrial pellet ice machines included
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
$40,642
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
6.25%
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%
$812,840
$812.8K
Cap Rate 7%
$580,600
$580.6K
Cap Rate 9%
$451,578
$451.6K
Market Conditions
NOI Build-Up for 6,410 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
$63.8K $9.96/SF
− Vacancy
−$5.8K −$0.90/SF
EGI
$58.1K $9.06/SF
− OpEx
−$17.4K −$2.72/SF
NOI
$40.6K $6.34/SF
Area
Richmond, VA
Vacancy
9.06%
Lease Rate
$9.96 /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%
$812,840
Cap Rate 7%
$580,600
Cap Rate 9%
$451,578
Alternative Uses
Best Use
Warehouse
$869.6K
$760.9K – $1.01M
NOI $60,871 @ 7.0% cap · market cap 9.36%
Second Best
Industrial
$580.6K
$508.0K – $677.4K
NOI $40,642 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,665 @ 7.0% cap · market cap 15.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,236
Businesses Nearby
Explore this area
Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
Median Home Value
Market
Vacancy Rate% for Industrial in Richmond, VA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - One-story masonry warehouse with refrigeration, freezer areas, dock-high and grade-level loading, and dedicated office space.
Where is this refrigerated & cold storage located?
The property is located at 1505 Brook Road Richmond, VA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 6,410 SF one‑story masonry warehouse; Multiple walk‑in refrigeration and freezer spaces; Industrial pellet ice machines included
