Office Building with Separate
For Sale
$335,000
Pending
200 E Nine Mile Road, Highland Springs, VA 23075
CommercialSale, Highland Springs, VA
Property Size2,600 SF
Days on Market177
Property Features for 200 E Nine Mile Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B1
Parking
13
Lot features
Level
Subdivision
42 - Henrico
Standard status
Pending
APN
823-724-2703
Taxes and HOA fees
Tax Description
HIGHLAND SPRINGS SC 1 BL J LT 1-2 11 A1 2
Legal Description
HIGHLAND SPRINGS SC 1 BL J LT 1-2 11 A1 2
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Zoned
Water source
Public
Amenities
paved and marked parking lot
exterior signage with LED lighting
public transportation
Building Details
Year built
1970
Floors in Building
1
Building materials
Brick
Roof type
Rubber, Flat
Listing Agency:
Groome Brothers Realty Co
(804) 737-7319
Listed By:
Carl Shawler · License #0225039644
(804) 690-6059
Added: Mar 10
Changed: Sep 1
Last Checked: Sep 2 at 9:06AM
MLS# 2605979
Copyright © 2026 Central Virginia Regional Multiple Listing Service. 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 2,600-square-foot office property offers a flexible layout for continued leasing or owner occupancy. The building contains three lobby areas with independent entrances, as many as nine offices, two larger corner offices, an open workspace, storage areas, and three restrooms. Three separate HVAC units support the interior, including two recently replaced units and one brand-new unit. The property also has three electric meters, a new water heater, a flat synthetic membrane roof, and brick construction dating to 1970.
A paved, marked parking lot serves the building, while exterior signage with LED lighting has been recently updated and can be modified for future business identification. The property fronts a major thoroughfare with public transportation access and is within the Commonwealth of Virginia/Henrico County Enterprise Zone, which offers financial and technical incentives for business development and job stimulation. Public water and public sewer serve the site.
A paved, marked parking lot serves the building, while exterior signage with LED lighting has been recently updated and can be modified for future business identification. The property fronts a major thoroughfare with public transportation access and is within the Commonwealth of Virginia/Henrico County Enterprise Zone, which offers financial and technical incentives for business development and job stimulation. Public water and public sewer serve the site.
Key Highlights
- 2,600‑square‑foot office building with three lobby areas and separate entrances
- Up to 9 offices, including 2 large corner offices, plus open workspace and storage
- Three restrooms, 3 electric meters, and 3 separate HVAC units
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
$28,385
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
8.47%
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%
$567,700
$567.7K
Cap Rate 7%
$405,500
$405.5K
Cap Rate 9%
$315,389
$315.4K
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
$43.1K $16.56/SF
− Vacancy
−$5.2K −$2.00/SF
EGI
$37.8K $14.56/SF
− OpEx
−$9.5K −$3.64/SF
NOI
$28.4K $10.92/SF
Area
Henrico County, VA
Vacancy
12.10%
Lease Rate
$16.56 /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%
$567,700
Cap Rate 7%
$405,500
Cap Rate 9%
$315,389
Alternative Uses
Best Use
Retail
$444.6K
$389.0K – $518.7K
NOI $31,122 @ 7.0% cap · market cap 9.29%
Second Best
Office B
$405.5K
$354.8K – $473.1K
NOI $28,385 @ 7.0% cap · market cap 8.47%
Theoretical Best
Specialty Retail
$678.2K
$593.5K – $791.3K
NOI $47,477 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - B1-zoned office property with flexible multi-tenant configuration, parking, and updated building systems.
Where is this office units located?
The property is located at 200 E Nine Mile Road Highland Springs, VA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 2,600‑square‑foot office building with three lobby areas and separate entrances; Up to 9 offices, including 2 large corner offices, plus open workspace and storage; Three restrooms, 3 electric meters, and 3 separate HVAC units
