Office-Retail Building with Multiple
For Sale
$400,000
200 E Nine Mile Road, Henrico, VA 23075
Commercial B1 building offers multiple lobby entrances, up to nine offices, open space, storage, three restrooms, and three HVAC units.
Property Size2,600 SF
Price / SF$153.85
Days on Market210
Property Features for 200 E Nine Mile Road
General Information
Standard status
Active
Size
2,600 SF
Property subtype
General Commercial
Zoning
B1
Additional Details
Road Access
Yes
Amenities
3 lobby spaces
separate entrances
large open area
storage areas
paved and marked parking lot
public transportation
Heat Pump, A/C - Zone
3
13 Parking Spaces.
95 x 125
Community Maintenance.
Building Details
Year Built
1970
Listing Agency:
Groome Brothers Realty Co
(804) 690-6059
Listed By:
Carl Shawler
(804) 690-6059
Source:
Xome
Added: Jan 25
Changed: Aug 23
Last Checked: Aug 23 at 5:10AM
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 Groome Brothers Realty Co
Investment Insights
Based on property information with market context.
This commercial B1 building totals 2,600 square feet and is configured for office and retail use. The space includes three lobby areas with separate entrances, up to nine separate offices, two large corner offices, and additional large open area. There are areas designated for storage, three restrooms, three separate HVAC units, and three electric meters.
The property includes a paved and marked parking lot and is located on a major thoroughfare with public transportation between Sandston and Richmond City. Bike and walk scores indicate a more car-dependent setting.
A portion of the building is currently leased with upcoming renewal options, providing defined in-place occupancy while the remaining space can be positioned for future use.
The property includes a paved and marked parking lot and is located on a major thoroughfare with public transportation between Sandston and Richmond City. Bike and walk scores indicate a more car-dependent setting.
A portion of the building is currently leased with upcoming renewal options, providing defined in-place occupancy while the remaining space can be positioned for future use.
Key Highlights
- 2600 SF commercial building zoned B1
- Multiple customer/office entries: 3 lobby spaces with separate entrances
- Flexible layout with up to 9 separate offices plus large corner offices and additional open 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
$14,935
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
3.73%
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%
$298,700
$298.7K
Cap Rate 7%
$213,357
$213.4K
Cap Rate 9%
$165,944
$165.9K
Market Conditions
NOI Build-Up for 2,600 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
$21.5K $8.28/SF
− Vacancy
−$1.6K −$0.62/SF
EGI
$19.9K $7.66/SF
− OpEx
−$5.0K −$1.91/SF
NOI
$14.9K $5.74/SF
Area
Richmond City County, VA
Vacancy
7.50%
Lease Rate
$8.28 /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%
$298,700
Cap Rate 7%
$213,357
Cap Rate 9%
$165,944
Alternative Uses
Best Use
Office B
$213.4K
$186.7K – $248.9K
NOI $14,935 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$451.3K
$394.9K – $526.5K
NOI $31,590 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
261
Businesses Nearby
Explore this area
Business Placement
Demographics for 23075, VA
10,236
Population
3,796
Households
2.7
Avg Household Size
38
Median Age
22%
College-Educated
89%
High-School Grad
4.6 sq mi
ZIP Area
2,225
Density / Sq Mi
$50,947
Median Household Income
$34,407
Median Earnings
$1,252
Median Rent
$198,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Commercial B1 building offers multiple lobby entrances, up to nine offices, open space, storage, three restrooms, and three HVAC units.
Where is this office units located?
The property is located at 200 E Nine Mile Road Henrico, VA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2600 SF commercial building zoned B1; Multiple customer/office entries: 3 lobby spaces with separate entrances; Flexible layout with up to 9 separate offices plus large corner offices and additional open area
