Building Details

Building Size 4,000 SF

Listed By: Billy Skoch · License #License(s): OH: SAL.2021008491 Show Phone

Source: Marcusmillichap

Added: Sep 16 Last Checked: Sep 21 at 3:42AM

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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 Billy Skoch

Investment Insights

Based on property information with market context.

This 4,000-square-foot medical office property is configured as a single-tenant veterinary facility at 26 S Greenway Ave in Boyce, Virginia. The building is occupied by Mission Pet Health, a national veterinary provider, and is fully leased.

The lease has 2.9 years remaining and includes two five-year renewal options. Lease obligations are structured as NN and carry a corporate guarantee, providing clearly defined tenancy and contractual continuity for the property.

Key Highlights

• 4,000 SF single‑tenant veterinary facility
• 100% leased to Mission Pet Health
• 2.9 years remaining on the current lease

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

$62,742

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

7.92%

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%

$1,254,840 $1.3M

Cap Rate 7%

$896,314 $896.3K

Cap Rate 9%

$697,133 $697.1K

Market Conditions

NOI Build-Up for 4,000 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

$111.8K $27.96/SF

− Vacancy

−$7.3K −$1.82/SF

EGI

$104.6K $26.14/SF

− OpEx

−$41.8K −$10.46/SF

NOI

$62.7K $15.69/SF

Area

Clarke County, VA

Vacancy

6.50%

Lease Rate

$27.96 /SF/Yr

Expense Ratio

40.00%

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%

$1,254,840

Cap Rate 7%

$896,314

Cap Rate 9%

$697,133

Alternative Uses

Best Use

Healthcare Medical

$896.3K

$784.3K – $1.05M (±1% cap)

NOI $62,742 @ 7.0% cap · market cap 7.92%

Second Best

Office B

$765.1K

$669.5K – $892.6K (±1% cap)

NOI $53,557 @ 7.0% cap · market cap 6.76%

Theoretical Best

Specialty Retail

$2.22M

$1.94M – $2.59M (±1% cap)

NOI $155,520 @ 7.0% cap · market cap 19.64%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Roseville Veterinary Clinic Veterinary Clinic Roseville Veterinary Clinic: ... Veterinary Clinic Roseville Veterinary Clinic: ... Veterinary Clinic Bosley Jayme DVM Veterinary Clinic

Suggested Use

Top Pick Building Supply Auto Repair Shop Auto Parts Store Big Box & Wholesale Store (Bike/Boat/Book/etc) Store Real Estate Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

64

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 22620, VA

2,595

Population

1,127

Households

2.3

Avg Household Size

48

Median Age

42%

College-Educated

88%

High-School Grad

45.7 sq mi

ZIP Area

57

Density / Sq Mi

$112,446

Median Household Income

$50,625

Median Earnings

$1,230

Median Rent

$494,600

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

• Roseville Veterinary Clinic — 26 S Greenway Ave, Boyce, VA 22620
• Roseville Veterinary Clinic: Longhofer Kristen DVM — 26 S Greenway Ave, Boyce, VA 22620
• Bosley Jayme DVM — 26 S Greenway Ave, Boyce, VA 22620
• Roseville Veterinary Clinic: Papier Leah DVM — 26 S Greenway Ave, Boyce, VA 22620

Frequently Asked Questions

What type of property is this?

Medical Office Space - Veterinary medical facility occupied under a corporate-guaranteed NN lease with renewal options.

Where is this medical office space located?

The property is located at 26 S Greenway Ave Boyce, VA.

What is the asking price?

The asking price for this property is $792,000.

What are key features of this property?

This property features: 4,000 SF single‑tenant veterinary facility; 100% leased to Mission Pet Health; 2.9 years remaining on the current lease