Richmond Warehouse and Office
For Sale
Contact for pricing
1901 Westwood Ave, Richmond, VA
58,000 SF Richmond property with office and warehouse space.
Property Size58,000 SF
Lot Size2.71 Acres
Price / SF$94.83
Days on Market497
Property Features for 1901 Westwood Ave
General Information
Standard status
Active
Size
58,000 SF
Lot size
2.71 Acres
Property subtype
INDUSTRIAL
Listing Agency:
One South Commercial
(804) 353-0009
Listed By:
Chris Corrada · License #0225066800
(804) 833-7909
Source:
Moodyscre
Added: May 3, 2025
Changed: Sep 2
Last Checked: Sep 11 at 4:58AM
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 One South Commercial
Investment Insights
Based on property information with market context.
This 58,000 square foot property in Richmond, Virginia, features 13,500 square feet of office space and 44,500 square feet of warehouse space. Located in the Scott’s Addition 2.0 area, the property is suitable for multi-family, mixed-use, or industrial purposes. Opportunity Zone (OZ) and Enterprise Zone (EZ) incentives may be available.
Key Highlights
- OZ & EZ incentives available
- Substantial 44,500 SF warehouse space
- Includes a 13,500 SF office area
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
$367,740
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
6.69%
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%
$7,354,800
$7.4M
Cap Rate 7%
$5,253,429
$5.3M
Cap Rate 9%
$4,086,000
$4.1M
Market Conditions
NOI Build-Up for 58,000 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
$577.7K $9.96/SF
− Vacancy
−$52.3K −$0.90/SF
EGI
$525.3K $9.06/SF
− OpEx
−$157.6K −$2.72/SF
NOI
$367.7K $6.34/SF
Area
Richmond, VA
Vacancy
9.06%
Lease Rate
$9.96 /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%
$7,354,800
Cap Rate 7%
$5,253,429
Cap Rate 9%
$4,086,000
Alternative Uses
Best Use
Warehouse
$7.87M
$6.88M – $9.18M
NOI $550,780 @ 7.0% cap · market cap 10.01%
Second Best
Industrial
$5.25M
$4.60M – $6.13M
NOI $367,740 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$13.40M
$11.72M – $15.63M
NOI $937,996 @ 7.0% cap · market cap 17.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
995
Businesses Nearby
Well-served
Demand for This Use
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Richmond, VA
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Frequently Asked Questions
What type of property is this?
Warehouse - 58,000 SF Richmond property with office and warehouse space.
Where is this warehouse located?
The property is located at 1901 Westwood Ave Richmond, VA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: OZ & EZ incentives available; Substantial 44,500 SF warehouse space; Includes a 13,500 SF office area
