Flex Space with Drive-Through
New
For Sale
Contact for pricing
2007-2009 Chamberlayne Ave, Richmond, VA 23222
Commercial flex space with multiple access bays and an unfinished upper level for offices or storage.
Property Size6,379 SF
Price / SF$77.60
Days on Market7
Property Features for 2007-2009 Chamberlayne Ave
General Information
Standard status
Active
Size
6,379 SF
Property subtype
INDUSTRIAL
Listing Agency:
S.L. Nusbaum Realty Co - Corporate
(804) 759-5970
Listed By:
Andrew Brodie · License #0225018992
(804) 759-5970
Source:
Moodyscre
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 3:38PM
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 S.L. Nusbaum Realty Co - Corporate
Investment Insights
Based on property information with market context.
This 6,379-square-foot flex property includes one bathroom, a drive-through bay, and three additional bays configured for one-way access. The second floor is unfinished and provides space for future offices or storage improvements.
The property is located at 2007-2009 Chamberlayne Ave in Richmond, Virginia 23222.
The property is located at 2007-2009 Chamberlayne Ave in Richmond, Virginia 23222.
Key Highlights
- 6,379 square feet of flex space
- One drive‑through bay plus three additional one‑way access bays
- Second floor available for office or storage build‑out
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
$40,445
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
8.17%
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%
$808,900
$808.9K
Cap Rate 7%
$577,786
$577.8K
Cap Rate 9%
$449,389
$449.4K
Market Conditions
NOI Build-Up for 6,379 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
$63.5K $9.96/SF
− Vacancy
−$5.8K −$0.90/SF
EGI
$57.8K $9.06/SF
− OpEx
−$17.3K −$2.72/SF
NOI
$40.4K $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%
$808,900
Cap Rate 7%
$577,786
Cap Rate 9%
$449,389
Alternative Uses
Best Use
Flex RnD
$686.6K
$600.8K – $801.1K
NOI $48,064 @ 7.0% cap · market cap 9.71%
Second Best
Industrial
$577.8K
$505.6K – $674.1K
NOI $40,445 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,163 @ 7.0% cap · market cap 20.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
732
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 23222, VA
24,337
Population
11,762
Households
2.1
Avg Household Size
37
Median Age
32%
College-Educated
90%
High-School Grad
8.2 sq mi
ZIP Area
2,968
Density / Sq Mi
$58,105
Median Household Income
$37,137
Median Earnings
$1,181
Median Rent
$252,000
Median Home Value
Market
Vacancy Rate% for Industrial in Richmond, VA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Good Eats — 711 N Lombardy St, Richmond, VA 23222
- Four Brothers Mobile — 711 N Lombardy St, Richmond, VA 23220
- Rose City Catering — 1070 School St, Richmond, VA 47374
- N2Q Solutions, LLC — 508 Fourqurean Ln, Richmond, VA 23222
Frequently Asked Questions
What type of property is this?
Flex space - Commercial flex space with multiple access bays and an unfinished upper level for offices or storage.
Where is this flex space located?
The property is located at 2007-2009 Chamberlayne Ave Richmond, VA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 6,379 square feet of flex space; One drive‑through bay plus three additional one‑way access bays; Second floor available for office or storage build‑out
