Flex Condo with Conditioned Work
New
For Sale
$975,000
2575 Homeview Dr, Richmond, VA 23294
A reception and showroom, private offices, and a temperature-controlled warehouse or work area support varied business functions.
Property Size4,353 SF
Days on Market5
Property Features for 2575 Homeview Dr
General Information
Standard status
Active
Size
4,353 SF
Property subtype
Commercial
Additional Details
Conditioned Warehouse
Yes
Building Details
Building Size
4,353 SF
Year Built
1999
Stories
1
Listing Agency:
One South Commercial LLC
Listed By:
Christopher Corrada · License #0225066800
(804) 833-7909
Source:
Elliman
Added: Oct 11
Last Checked: Oct 12 at 9:07PM
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 One South Commercial LLC
Investment Insights
Based on property information with market context.
Configured as a flex condominium, the property combines a reception and showroom area with private offices and a conditioned warehouse or work area. Built in 1999, the layout brings customer-facing, administrative, and work functions together within one unit.
The property is at 2575 Homeview Dr, near Parham and Broad in the west end. Its walk score is 36 and its bike score is 35.
The property is at 2575 Homeview Dr, near Parham and Broad in the west end. Its walk score is 36 and its bike score is 35.
Key Highlights
- Flex condominium built in 1999
- Reception and showroom area
- Private offices
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,337
Cap Rate
4.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$826,740
$826.7K
Cap Rate 7%
$590,529
$590.5K
Cap Rate 9%
$459,300
$459.3K
Market Conditions
NOI Build-Up for 4,353 SF
Gross rent
$51.2K $11.76/SF
− Vacancy
−$2.6K −$0.59/SF
EGI
$48.6K $11.17/SF
− OpEx
−$7.3K −$1.68/SF
NOI
$41.3K $9.50/SF
Area
Richmond, VA
Vacancy
5.00%
Lease Rate
$11.76 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$826,740
Cap Rate 7%
$590,529
Cap Rate 9%
$459,300
Alternative Uses
Best Use
Warehouse
$590.5K
$516.7K – $689.0K
NOI $41,337 @ 7.0% cap · market cap 4.24%
Second Best
Flex RnD
$468.6K
$410.0K – $546.7K
NOI $32,799 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$1.01M
$880.0K – $1.17M
NOI $70,398 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
938
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23294, VA
18,538
Population
8,745
Households
2.1
Avg Household Size
34
Median Age
39%
College-Educated
91%
High-School Grad
4.2 sq mi
ZIP Area
4,414
Density / Sq Mi
$66,587
Median Household Income
$46,387
Median Earnings
$1,553
Median Rent
$279,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Richmond, VA
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Frequently Asked Questions
What type of property is this?
Flex space - A reception and showroom, private offices, and a temperature-controlled warehouse or work area support varied business functions.
Where is this flex space located?
The property is located at 2575 Homeview Dr Richmond, VA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Flex condominium built in 1999; Reception and showroom area; Private offices
