Former Veterinary Clinic
For Sale
$329,000
1705 Memorial Ave, Lynchburg, VA 24501
Former veterinary clinic with remodeled HVAC, electrical upgrades, and an enclosed kennel area suited for storage or expansion.
Property Size1,876 SF
Price / SF$175.37
Days on Market75
Property Features for 1705 Memorial Ave
General Information
Standard status
Active
Size
1,876 SF
Additional Details
Road Access
Yes
Building Details
Year Renovated
2013
Construction
dristack and drivit exterior
Listing Agency:
NKM Appraisal Management Inc
(434) 455-2308
Listed By:
Kristy Milton
(434) 660-1587
Source:
Exprealty
Added: Jul 1
Changed: Sep 8
Last Checked: Sep 12 at 2:49PM
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 NKM Appraisal Management Inc
Investment Insights
Based on property information with market context.
This property is a former veterinary clinic that was extensively remodeled in 2013. Improvements include a new two-zone HVAC system, a new hot water heater, and an updated electrical system with two 200-amp breakers. Additional updates include a 50-year composition roof with gutters and downspouts, updated windows and doors, and exterior work with drystack and driv-it materials.
The building includes an enclosed kennel area that can be used for storage or potentially expanded. A rear lot totaling 0.325 acres is accessible from Miller Dr. and is taxed separately from the improved parcel.
The property has been described as suitable for a range of business uses, including grooming and boarding, hair salon, massage, and office, with room to support additional income-producing activity on site.
The building includes an enclosed kennel area that can be used for storage or potentially expanded. A rear lot totaling 0.325 acres is accessible from Miller Dr. and is taxed separately from the improved parcel.
The property has been described as suitable for a range of business uses, including grooming and boarding, hair salon, massage, and office, with room to support additional income-producing activity on site.
Key Highlights
- Former veterinary clinic extensively remodeled in 2013
- 2‑zone HVAC, hot water heater, and 2‑200 amp breaker electrical system
- 50‑year composition roof plus gutters and downspouts
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
$28,365
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
8.62%
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%
$567,300
$567.3K
Cap Rate 7%
$405,214
$405.2K
Cap Rate 9%
$315,167
$315.2K
Market Conditions
NOI Build-Up for 1,876 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
$39.4K $21.00/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$37.8K $20.16/SF
− OpEx
−$9.5K −$5.04/SF
NOI
$28.4K $15.12/SF
Area
Lynchburg County, VA
Vacancy
4.00%
Lease Rate
$21.00 /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%
$567,300
Cap Rate 7%
$405,214
Cap Rate 9%
$315,167
Alternative Uses
Best Use
Office B
$405.2K
$354.6K – $472.8K
NOI $28,365 @ 7.0% cap · market cap 8.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$555.7K
$486.3K – $648.4K
NOI $38,901 @ 7.0% cap · market cap 11.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,040
Businesses Nearby
Explore this area
Business Placement
Demographics for 24501, VA
27,160
Population
12,157
Households
2.2
Avg Household Size
33
Median Age
25%
College-Educated
87%
High-School Grad
36.3 sq mi
ZIP Area
748
Density / Sq Mi
$45,305
Median Household Income
$28,790
Median Earnings
$936
Median Rent
$155,800
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Former veterinary clinic with remodeled HVAC, electrical upgrades, and an enclosed kennel area suited for storage or expansion.
Where is this office building located?
The property is located at 1705 Memorial Ave Lynchburg, VA.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Former veterinary clinic extensively remodeled in 2013; 2‑zone HVAC, hot water heater, and 2‑200 amp breaker electrical system; 50‑year composition roof plus gutters and downspouts
