Flex Space with Retail
For Sale
$550,000
Pending
1850 Palmer Street, Christiansburg, VA 24073
Commercial, Christiansburg, VA
Property Size5,000 SF
Lot Size0.66 Acres
Days on Market93
Property Features for 1850 Palmer Street
General Information
Property type
Commercial Sale
Property subtype
Other
Elementary school
Christiansburg
Middle school
Christiansburg
High school
Christiansburg
Elementary school district
Montgomery County
Middle school district
Montgomery County
High school district
Montgomery County
Directions
From downtown Christiansburg, take N. Franklin Street (460 West), turn left at Sheets. Palmer Street is on the left of Sheets. Follow Palmer to top of hill see sign
Subdivision
Christiansburg (In Town Limits)
Standard status
Pending
Lot size
0.66 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Apple Acres PT LOT 1
Tax Annual Amount
2355
Legal Description
Apple Acres PT LOT 1
Utilities
Heating system
Ductless (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1990
Flooring type
Concrete
Building materials
Pre-Eng Steel/Skin
Listing Agency:
RE/MAX 8 - Blacksburg · RE/MAX International
(540) 552-8855
Listed By:
Amy Hudson · License #0225037894
(540) 320-5498
Added: Jun 3
Changed: Aug 19
Last Checked: Sep 3 at 12:06AM
MLS# 427594
Copyright © 2026 New River Valley Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property combines a finished front-of-house area with heated warehouse space. Approximately 1,750 SF is finished, heated, and air-conditioned for sales, office, parts, and restroom functions. The front showroom uses pre-engineered metal construction with a partial brick facade, while concrete flooring serves the building. Central air and ductless heating are in place, and the property was built in 1990.
Positioned on Palmer Street in Christiansburg, the property records an approximate traffic count of 23,000 vehicles per day. Industrial I-2 zoning is in place, and the site measures 0.66 acres with public water. The location provides access to Blacksburg, Christiansburg, Salem, and Radford. The property is currently leased.
Positioned on Palmer Street in Christiansburg, the property records an approximate traffic count of 23,000 vehicles per day. Industrial I-2 zoning is in place, and the site measures 0.66 acres with public water. The location provides access to Blacksburg, Christiansburg, Salem, and Radford. The property is currently leased.
Key Highlights
- Industrial I‑2 zoning
- Approximate traffic count of 23,000 vehicles per day
- Approximately 1,750 SF of finished, heated, air‑conditioned space
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
$46,988
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
8.54%
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%
$939,760
$939.8K
Cap Rate 7%
$671,257
$671.3K
Cap Rate 9%
$522,089
$522.1K
Market Conditions
NOI Build-Up for 5,000 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
$75.0K $15.00/SF
− Vacancy
−$7.9K −$1.58/SF
EGI
$67.1K $13.43/SF
− OpEx
−$20.1K −$4.03/SF
NOI
$47.0K $9.40/SF
Area
Montgomery County, VA
Vacancy
10.50%
Lease Rate
$15.00 /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%
$939,760
Cap Rate 7%
$671,257
Cap Rate 9%
$522,089
Alternative Uses
Best Use
Flex RnD
$1.18M
$1.04M – $1.38M
NOI $82,828 @ 7.0% cap · market cap 15.06%
Second Best
Warehouse
$815.1K
$713.2K – $950.9K
NOI $57,056 @ 7.0% cap · market cap 10.37%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
467
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 24073, VA
32,093
Population
14,248
Households
2.3
Avg Household Size
39
Median Age
42%
College-Educated
94%
High-School Grad
89.6 sq mi
ZIP Area
358
Density / Sq Mi
$75,103
Median Household Income
$46,396
Median Earnings
$1,150
Median Rent
$247,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial I-2 zoning supports a combined customer-facing and warehouse layout.
Where is this flex space located?
The property is located at 1850 Palmer Street Christiansburg, VA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Industrial I‑2 zoning; Approximate traffic count of 23,000 vehicles per day; Approximately 1,750 SF of finished, heated, air‑conditioned space
