Multi-Tenant Retail Strip
For Sale
$1,693,585
158 New Market Rd, Timberville, VA 22853
Built in 2017, the property is fully occupied by Verizon and Virginia ABC.
Property Size4,000 SF
Price / SF$423.40
Days on Market150
Property Features for 158 New Market Rd
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Shopping Strip
Occupancy
100%
Additional Details
Cap Rate
6.5%
Amenities
Multi-Tenant Walmart Shadow | 4,000 SF Outparcel | 2017 Construction
Two (2) Tenants | 100% Occupied | Virginia ABC Store | Verizon
NNN Leases | TICAM Reimbursements | Minimal Landlord Obligations
Passive Investment | WALT: 6.26 Years | Annual Rent Increases | Both Tenants
Nearby New Developments: Walmart Fuel Station & Roxbury Subdivision (84-Units)
Verizon Recently Exercised 10 Years
Shenandoah Valley | 381,700+ Population | Tourism: 1.7 Million Visitors Annually
Harrisonburg, VA MSA | Rockingham County, VA | #1 Agricultural County in State
Building Details
Building Size
4,000 SF
Year Built
2017
Tenancy
Multi
Listing Agency:
Richmond Office
(804) 802-6882
Listed By:
Harrison M. Jones · License #VA: 0225265219
(804) 802-6882
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 4:42AM
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 Richmond Office
Investment Insights
Based on property information with market context.
This 4,000-square-foot retail strip center contains multiple tenant spaces and was completed in 2017. The property is 100% occupied by Verizon and Virginia ABC, providing an established tenant roster within the existing improvements.
Positioned at 158 New Market Rd in Timberville, Virginia, the center is identified as a Walmart-shadow retail property. The offering also reflects a 6.50% cap rate for investors evaluating the asset’s current occupancy and tenancy.
Positioned at 158 New Market Rd in Timberville, Virginia, the center is identified as a Walmart-shadow retail property. The offering also reflects a 6.50% cap rate for investors evaluating the asset’s current occupancy and tenancy.
Key Highlights
- 4,000‑square‑foot retail strip center
- 100% occupied by Verizon and Virginia ABC
- Built in 2017
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
$51,623
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
3.05%
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%
$1,032,460
$1.0M
Cap Rate 7%
$737,471
$737.5K
Cap Rate 9%
$573,589
$573.6K
Market Conditions
NOI Build-Up for 4,000 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
$80.2K $20.04/SF
− Vacancy
−$6.4K −$1.60/SF
EGI
$73.7K $18.44/SF
− OpEx
−$22.1K −$5.53/SF
NOI
$51.6K $12.91/SF
Area
Rockingham County, VA
Vacancy
8.00%
Lease Rate
$20.04 /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%
$1,032,460
Cap Rate 7%
$737,471
Cap Rate 9%
$573,589
Alternative Uses
Best Use
Retail
$737.5K
$645.3K – $860.4K
NOI $51,623 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.05M – $1.41M
NOI $84,384 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
201
Businesses Nearby
95k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 44%
Shops & Services 24%
Groceries 21%
Dining 10%
Walmart
Superstores
41,280 visits/mo
0.2 miles
Food Lion Grocery Store
Groceries
15,818 visits/mo
0.3 miles
Hardee's
Dining
9,461 visits/mo
0.3 miles
Dollar Tree
Shops & Services
9,307 visits/mo
0.3 miles
Virginia ABC
Groceries
4,103 visits/mo
0.1 miles
Demographics for 22853, VA
4,608
Population
1,839
Households
2.5
Avg Household Size
42
Median Age
13%
College-Educated
83%
High-School Grad
39.0 sq mi
ZIP Area
118
Density / Sq Mi
$61,415
Median Household Income
$36,539
Median Earnings
$961
Median Rent
$207,100
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?
Strip mall - Built in 2017, the property is fully occupied by Verizon and Virginia ABC.
Where is this strip mall located?
The property is located at 158 New Market Rd Timberville, VA.
What is the asking price?
The asking price for this property is $1,693,585.
What are key features of this property?
This property features: 4,000‑square‑foot retail strip center; 100% occupied by Verizon and Virginia ABC; Built in 2017
