Petersburg Retail Center on
For Sale
Contact for pricing
2825 S Crater Rd, Petersburg, VA 23805
Five-bay retail center with high visibility and growth potential.
Property Size10,578 SF
Price / SF$122.90
Days on Market160
Property Features for 2825 S Crater Rd
General Information
Standard status
Active
Size
10,578 SF
Property subtype
Office, Retail
Zoning
B-2
Occupancy
50%
Building Details
Year Built
1950
Buildings
1
Stories
1
Listing Agency:
One South Commercial
(434) 981-3146
Listed By:
Tom Rosman · License #VA 0225030879
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 9 at 12:27PM
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
Investment Insights
Based on property information with market context.
This 10,578 square foot, five-bay retail center is located along South Crater Road in Petersburg. Approximately 50% leased, the property offers income while allowing a future user to occupy a significant portion of the center. The layout supports a range of uses including retail, restaurant, personal service, office, and medical office. The center features walk-up access, signage opportunities, and frontage along a commercial corridor. It is located less than a mile from the Live! Casino & Hotel Virginia and in close proximity to Fort Gregg-Adams. The property benefits from daytime population, workforce density, and regional investment. Located within an Opportunity Zone, it offers access to I-95 and downtown Petersburg. This asset presents a combination of income, upside through lease-up, and appreciation potential. The property offers growth, visibility, and accessibility in a market poised for revitalization.
Key Highlights
- High‑visibility location on S Crater Road with excellent frontage and signage opportunities.
- Located less than a mile from the future Live! Casino & Hotel Virginia and near Fort Gregg‑Adams, benefiting from strong daytime population and workforce density.
- Versatile five‑bay layout suitable for retail, restaurant, personal service, office, and medical office uses.
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
$115,450
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
8.88%
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%
$2,309,000
$2.3M
Cap Rate 7%
$1,649,286
$1.6M
Cap Rate 9%
$1,282,778
$1.3M
Market Conditions
NOI Build-Up for 10,578 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
$180.2K $17.04/SF
− Vacancy
−$15.3K −$1.45/SF
EGI
$164.9K $15.59/SF
− OpEx
−$49.5K −$4.68/SF
NOI
$115.4K $10.91/SF
Area
Petersburg County, VA
Vacancy
8.50%
Lease Rate
$17.04 /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%
$2,309,000
Cap Rate 7%
$1,649,286
Cap Rate 9%
$1,282,778
Alternative Uses
Best Use
Retail
$1.65M
$1.44M – $1.92M
NOI $115,450 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.44M
$2.14M – $2.85M
NOI $171,071 @ 7.0% cap · market cap 13.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
134k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 81%
Dining 19%
Wawa
Shops & Services
42,203 visits/mo
0.3 miles
Sheetz
Shops & Services
40,746 visits/mo
0.4 miles
Dunkin' Donuts
Dining
8,117 visits/mo
0.5 miles
Little Caesars Pizza
Dining
6,390 visits/mo
0.4 miles
Dollar General
Shops & Services
6,164 visits/mo
0.2 miles
Demographics for 23805, VA
19,656
Population
9,272
Households
2.1
Avg Household Size
44
Median Age
23%
College-Educated
90%
High-School Grad
71.5 sq mi
ZIP Area
275
Density / Sq Mi
$65,811
Median Household Income
$40,759
Median Earnings
$1,207
Median Rent
$208,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Five-bay retail center with high visibility and growth potential.
Where is this shopping center located?
The property is located at 2825 S Crater Rd Petersburg, VA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: High‑visibility location on S Crater Road with excellent frontage and signage opportunities.; Located less than a mile from the future Live! Casino & Hotel Virginia and near Fort Gregg‑Adams, benefiting from strong daytime population and workforce density.; Versatile five‑bay layout suitable for retail, restaurant, personal service, office, and medical office uses.
