Mixed-Use Property with Multiple
New
For Sale
$649,000
162-166 N Main St, Broadway, VA 22815
Downtown commercial building with separate retail, office, and flex areas plus existing professional-service occupancy.
Property Size7,966 SF
Price / SF$81.47
Days on Market2
Property Features for 162-166 N Main St
General Information
Standard status
Active
Size
7,966 SF
Class
B
Property subtype
Office - General Office
Additional Details
Asking Price
$649,000
Anchor Co-Tenants
active radio station
Building Details
Building Size
7,966 SF
Tenancy
Multi
Listing Agency:
Cottonwood Commercial
(540) 820-7008
Listed By:
Keith May · License #0225049582
Source:
Commercialcafe
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 6:38AM
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 Cottonwood Commercial
Investment Insights
Based on property information with market context.
Located at 162–166 N Main St in Broadway, this approximately 7,966-square-foot mixed-use property spans three contiguous deeded parcels. The building provides three independent ground-level exterior entrances, supporting distinct areas across its main, upper, and lower levels. Main-floor improvements include an open retail or assembly area, prep kitchen, private office, and multi-stall restrooms. That space is becoming vacant as the current tenant relocates.
The upper level has its own street-facing entrance and contains eight private suites with restrooms. An active radio station and professional-service occupants provide existing use and income on this level. The lower floor is a walk-out flex area with exterior access, dedicated HVAC, a private bathroom, partitioned rooms, and dedicated storage. Main Street frontage, rear access, and a boundary along the future Shenandoah Rail Trail corridor add to the property's physical connectivity.
The upper level has its own street-facing entrance and contains eight private suites with restrooms. An active radio station and professional-service occupants provide existing use and income on this level. The lower floor is a walk-out flex area with exterior access, dedicated HVAC, a private bathroom, partitioned rooms, and dedicated storage. Main Street frontage, rear access, and a boundary along the future Shenandoah Rail Trail corridor add to the property's physical connectivity.
Key Highlights
- Approximately 7,966 SF across 3 contiguous deeded parcels
- 3 independent ground‑level exterior entrances
- Main level includes open retail/event assembly space, prep kitchen, office, and multi‑stall restrooms
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
$47,927
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
7.38%
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%
$958,540
$958.5K
Cap Rate 7%
$684,671
$684.7K
Cap Rate 9%
$532,522
$532.5K
Market Conditions
NOI Build-Up for 7,966 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
$71.7K $9.00/SF
− Vacancy
−$3.2K −$0.41/SF
EGI
$68.5K $8.59/SF
− OpEx
−$20.5K −$2.58/SF
NOI
$47.9K $6.02/SF
Area
Rockingham County, VA
Vacancy
4.50%
Lease Rate
$9.00 /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%
$958,540
Cap Rate 7%
$684,671
Cap Rate 9%
$532,522
Alternative Uses
Best Use
Office B
$1.75M
$1.53M – $2.04M
NOI $122,167 @ 7.0% cap · market cap 18.82%
Second Best
Retail
$1.47M
$1.29M – $1.71M
NOI $102,807 @ 7.0% cap · market cap 15.84%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,051 @ 7.0% cap · market cap 25.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Explore this area
Business Placement
Demographics for 22815, VA
9,083
Population
3,957
Households
2.3
Avg Household Size
41
Median Age
25%
College-Educated
85%
High-School Grad
70.9 sq mi
ZIP Area
128
Density / Sq Mi
$70,598
Median Household Income
$40,829
Median Earnings
$1,005
Median Rent
$249,700
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?
Mixed-use property - Downtown commercial building with separate retail, office, and flex areas plus existing professional-service occupancy.
Where is this mixed-use property located?
The property is located at 162-166 N Main St Broadway, VA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Approximately 7,966 SF across 3 contiguous deeded parcels; 3 independent ground‑level exterior entrances; Main level includes open retail/event assembly space, prep kitchen, office, and multi‑stall restrooms
