Building Details

Year Built 1965

Listing Agency: Dalton Realty

Listed By: Danielle Rosso Show Phone

Source: Riverfoxrealty

Added: Apr 26 Changed: Sep 8 Last Checked: Sep 12 at 1:26PM

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Investment Insights

Based on property information with market context.

Located in West Point, this 1.74-acre property offers a development opportunity with MU-1 commercial and high-density R-3 zoning. The site features 697 feet of road frontage, including 167 feet on King William Ave, 110 feet on Lyndale St, and 420 feet on Moore St. The current zoning allows for retail stores, shops, offices, multi-family housing, apartments, hotels, and restaurants under MU-1, and multi-family housing, group homes, limited residential care facilities, and non-residential recreational, educational, cultural, and public service buildings under R-3. The property includes an existing 2,800-square-foot brick home, a carport, and a 624-square-foot detached garage with an attached 2-bedroom apartment. The cape cod-style home features hardwood floors, 4 bedrooms, 3 full bathrooms, an open concept, storage space, an enclosed sunroom, and a patio. The existing residential building could be used for on-site accommodation, medical office space, retail shops, or group/nursing home accommodation. Recent updates include a newer roof, dual-zone HVAC, and water heater. The property is located 45 minutes from Richmond and 20 minutes from Williamsburg, in a Blue Ribbon school district with a growing population and an expansive waterfront development project underway.

Key Highlights

• Prime 1.74‑acre property with MU‑1 Commercial and High‑Density R‑3 zoning
• Exceptional road frontage (697 feet total) on three streets, including high‑traffic King William Ave, ensuring high visibility
• Existing 2800 sqft brick home in excellent condition, suitable for various 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

$35,352

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

4.56%

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%

$707,040 $707.0K

Cap Rate 7%

$505,029 $505.0K

Cap Rate 9%

$392,800 $392.8K

Market Conditions

NOI Build-Up for 2,831 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

$62.8K $22.20/SF

− Vacancy

−$6.3K −$2.22/SF

EGI

$56.6K $19.98/SF

− OpEx

−$21.2K −$7.49/SF

NOI

$35.4K $12.49/SF

Area

King William County, VA

Vacancy

10.00%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

37.50%

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%

$707,040

Cap Rate 7%

$505,029

Cap Rate 9%

$392,800

Alternative Uses

Best Use

Mixed Use

$505.0K

$441.9K – $589.2K (±1% cap)

NOI $35,352 @ 7.0% cap · market cap 4.56%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$654.1K

$572.3K – $763.1K (±1% cap)

NOI $45,784 @ 7.0% cap · market cap 5.91%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Commercial land

Suggested Use

Top Pick Dental Office Parking Lot & Garage Hair Salon Storage Facility Plumbing Service Grocery & Convenience Store

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

120

Businesses Nearby

Explore this area Business Placement

Demographics for 23181, VA

5,626

Population

2,455

Households

2.3

Avg Household Size

42

Median Age

27%

College-Educated

91%

High-School Grad

65.3 sq mi

ZIP Area

86

Density / Sq Mi

$94,531

Median Household Income

$51,017

Median Earnings

$1,329

Median Rent

$265,800

Median Home Value

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Frequently Asked Questions

What type of property is this?

Commercial land - 1.74 acres with high visibility and development potential.

Where is this commercial land located?

The property is located at 2870 King William Ave West Point, VA.

What is the asking price?

The asking price for this property is $774,900.

What are key features of this property?

This property features: Prime 1.74‑acre property with MU‑1 Commercial and High‑Density R‑3 zoning; Exceptional road frontage (697 feet total) on three streets, including high‑traffic King William Ave, ensuring high visibility; Existing 2800 sqft brick home in excellent condition, suitable for various uses