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 Market120
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: Oct 26
Last Checked: Oct 26 at 4:53PM
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
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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 / Yr
$28,365
Cap Rate
8.62%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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
