Building Details

Buildings 2

Listing Agency: Gentry Commercial Real Estate Inc Show Phone

Listed By: Chris Gentry · License #0225033997

Source: Exprealty

Added: Apr 13 Changed: Oct 14 Last Checked: Oct 16 at 3:07PM

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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 Gentry Commercial Real Estate Inc

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Investment Insights

Based on property information with market context.

This flex property includes a 50' x 60' main building with full heating and cooling, an open showroom, substantial warehouse space, one office, and one restroom. A double delivery door supports loading access. The detached 35' x 32' building adds two drive-in doors for separate vehicle access.

Both buildings have 200A electrical service and separate electric metering. The property also features paved parking, a pole sign, and building signage at its corner location. The main building is identified at 3,000 square feet, with the detached structure providing additional commercial space.

Key Highlights

• 50' x 60' main building with open showroom and warehouse space
• Detached 35' x 32' building with two drive‑in doors
• Main building includes one office and one restroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,398

Cap Rate

5.66%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$367,960 $368.0K

Cap Rate 7%

$262,829 $262.8K

Cap Rate 9%

$204,422 $204.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

Gross rent

$23.4K $7.80/SF

− Vacancy

−$1.8K −$0.59/SF

EGI

$21.6K $7.22/SF

− OpEx

−$3.2K −$1.08/SF

NOI

$18.4K $6.13/SF

Area

Lynchburg County, VA

Vacancy

7.50%

Lease Rate

$7.80 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$367,960

Cap Rate 7%

$262,829

Cap Rate 9%

$204,422

Alternative Uses

Best Use

Retail

$520.0K

$455.0K – $606.7K (±1% cap)

NOI $36,401 @ 7.0% cap · market cap 11.20%

Second Best

Warehouse

$262.8K

$230.0K – $306.6K (±1% cap)

NOI $18,398 @ 7.0% cap · market cap 5.66%

Theoretical Best

Office A

$888.7K

$777.6K – $1.04M (±1% cap)

NOI $62,208 @ 7.0% cap · market cap 19.14%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Central Virginia Office ... Furniture & Home Goods

Suggested Use

Top Pick Parking Lot & Garage Electrical Service Garden Center Real Estate Agency Storage Facility Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Drive-in doors

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

887

Businesses Nearby

Under-served

Demand for This Use

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

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Heated and cooled commercial space includes showroom, warehouse, office, restroom, and separate drive-in access.

Where is this flex space located?

The property is located at 198 Oakley Avenue Lynchburg, VA.

What is the asking price?

The asking price for this property is $325,000.

What are key features of this property?

This property features: 50' x 60' main building with open showroom and warehouse space; Detached 35' x 32' building with two drive‑in doors; Main building includes one office and one restroom