Historic Office
For Sale
$585,000
2239 SIXTH STREET, Middletown, VA 22645
Commercially zoned property with a flexible floor plan, historic architectural details, and room for professional or mixed-use applications.
Property Size2,944 SF
Lot Size1.00 Acre
Price / SF$198.71
Days on Market25
Property Features for 2239 SIXTH STREET
General Information
Standard status
Active
Size
2,944 SF
Lot size
1.00 Acre
Property subtype
Mixed Use
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,209
Amenities
Window Air Conditioning
3
Metal
Driveway.
Landscaped. Other.
Building Details
Year Built
1872
Listing Agency:
Keller Williams Realty
(540) 974-1542
Listed By:
Lori Bales · License #0225229904
(540) 974-1542
Source:
Xome
Added: Aug 2
Changed: Aug 25
Last Checked: Aug 26 at 6:48AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 1872, this office property occupies a 1-acre lot and offers a flexible two-level layout for professional, retail, office, or mixed-use applications. Multiple large rooms can support private offices, conference areas, client meeting rooms, or collaborative workspaces. The main level includes a half bath, while the upper floor adds additional rooms and two full bathrooms. Hardwood floors, substantial moldings, custom built-ins, decorative fireplaces, a grand foyer, and a spiral staircase give the interior a distinctive historic character.
The property is located on a one-way street just off Main Street in Middletown and is minutes from I-81. Commercial zoning and the adaptable interior provide a broad framework for business occupancy or expanded office use. BikeScore is 28, described as Somewhat Bikeable, while WalkScore is 4, described as Car-Dependent.
The property is located on a one-way street just off Main Street in Middletown and is minutes from I-81. Commercial zoning and the adaptable interior provide a broad framework for business occupancy or expanded office use. BikeScore is 28, described as Somewhat Bikeable, while WalkScore is 4, described as Car-Dependent.
Key Highlights
- 1‑acre lot with commercial zoning
- Built in 1872 with hardwood floors, thick moldings, built‑ins, and decorative fireplaces
- Flexible layout with multiple large rooms for offices, meetings, or collaborative workspaces
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
$39,418
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
6.74%
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%
$788,360
$788.4K
Cap Rate 7%
$563,114
$563.1K
Cap Rate 9%
$437,978
$438.0K
Market Conditions
NOI Build-Up for 2,944 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
$61.5K $20.88/SF
− Vacancy
−$8.9K −$3.03/SF
EGI
$52.6K $17.85/SF
− OpEx
−$13.1K −$4.46/SF
NOI
$39.4K $13.39/SF
Area
Warren County, VA
Vacancy
14.50%
Lease Rate
$20.88 /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%
$788,360
Cap Rate 7%
$563,114
Cap Rate 9%
$437,978
Alternative Uses
Best Use
Office B
$563.1K
$492.7K – $657.0K
NOI $39,418 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.64M
$1.43M – $1.91M
NOI $114,463 @ 7.0% cap · market cap 19.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Explore this area
Business Placement
Demographics for 22645, VA
4,208
Population
1,788
Households
2.4
Avg Household Size
44
Median Age
26%
College-Educated
92%
High-School Grad
36.4 sq mi
ZIP Area
116
Density / Sq Mi
$81,354
Median Household Income
$44,706
Median Earnings
$1,018
Median Rent
$389,100
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 building - Commercially zoned property with a flexible floor plan, historic architectural details, and room for professional or mixed-use applications.
Where is this office building located?
The property is located at 2239 SIXTH STREET Middletown, VA.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 1‑acre lot with commercial zoning; Built in 1872 with hardwood floors, thick moldings, built‑ins, and decorative fireplaces; Flexible layout with multiple large rooms for offices, meetings, or collaborative workspaces
