Single-Tenant Bank
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301 ASHCAKE RD, Ashland, VA 23005
Freestanding bank facility leased on a long-term NNN structure with corporate-backed tenancy.
Property Size7,074 SF
Price / SF$330.71
Days on Market7
Property Features for 301 ASHCAKE RD
General Information
Standard status
Active
Size
7,074 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$145,047
Site & Location
Traffic Count
36,000 vehicles/day
Highway Access
Yes
Building Details
Year Built
1984
Units
1
Tenancy
Single
Listing Agency:
The Boulder Group
(888) 737-2264
Listed By:
Jimmy Goodman · License #IL 471007006
Source:
Crexi
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 10 at 3:10PM
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 The Boulder Group
Investment Insights
Based on property information with market context.
This 7,074-square-foot bank building was constructed in 1984 and is occupied by Atlantic Union Bank under a long-term NNN lease extending through September 2040. The lease provides 1.50% annual rent increases during the primary term, includes three 5-year renewal options with 2.00% annual increases, and assigns no landlord responsibilities. Atlantic Union Bankshares Corporation (NYSE: AUB) provides the corporate guarantee, and the tenant carries a KBRA: A- investment grade credit rating.
The property sits along Ashcake Road at Washington Highway (US-1), a corridor carrying approximately 36,000 vehicles per day. It is adjacent to Ashland Hanover Shopping Center, a 226,000+ square-foot Food Lion-anchored retail center with Starbucks, Petco, Ace Hardware, Family Dollar, and Subway. I-95 is approximately one mile away, providing access to a major East Coast interstate route.
The property sits along Ashcake Road at Washington Highway (US-1), a corridor carrying approximately 36,000 vehicles per day. It is adjacent to Ashland Hanover Shopping Center, a 226,000+ square-foot Food Lion-anchored retail center with Starbucks, Petco, Ace Hardware, Family Dollar, and Subway. I-95 is approximately one mile away, providing access to a major East Coast interstate route.
Key Highlights
- 7,074‑square‑foot bank building constructed in 1984
- Atlantic Union Bank occupies the property under an NNN lease through September 2040
- Lease includes 1.50% annual increases and three 5‑year renewal options with 2.00% annual increases
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
$91,393
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
3.91%
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%
$1,827,860
$1.8M
Cap Rate 7%
$1,305,614
$1.3M
Cap Rate 9%
$1,015,478
$1.0M
Market Conditions
NOI Build-Up for 7,074 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
$127.3K $18.00/SF
− Vacancy
−$5.5K −$0.77/SF
EGI
$121.9K $17.23/SF
− OpEx
−$30.5K −$4.31/SF
NOI
$91.4K $12.92/SF
Area
Hanover County, VA
Vacancy
4.30%
Lease Rate
$18.00 /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%
$1,827,860
Cap Rate 7%
$1,305,614
Cap Rate 9%
$1,015,478
Alternative Uses
Best Use
Specialty Retail
$1.31M
$1.14M – $1.52M
NOI $91,393 @ 7.0% cap · market cap 3.91%
Second Best
Retail
$1.04M
$909.9K – $1.21M
NOI $72,791 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$2.13M
$1.86M – $2.49M
NOI $149,100 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
36,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
52k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 89%
Apparel 11%
Sheetz
Shops & Services
34,128 visits/mo
0.1 miles
Goodwill
Apparel
5,542 visits/mo
0.3 miles
Union Bank
Shops & Services
5,076 visits/mo
0.0 miles
Exxon
Shops & Services
3,358 visits/mo
0.1 miles
Caliber Collision
Shops & Services
2,005 visits/mo
0.5 miles
Demographics for 23005, VA
17,818
Population
7,639
Households
2.3
Avg Household Size
41
Median Age
41%
College-Educated
93%
High-School Grad
69.3 sq mi
ZIP Area
257
Density / Sq Mi
$90,049
Median Household Income
$43,623
Median Earnings
$1,236
Median Rent
$376,400
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?
Bank - Freestanding bank facility leased on a long-term NNN structure with corporate-backed tenancy.
Where is this bank located?
The property is located at 301 ASHCAKE RD Ashland, VA.
What is the asking price?
The asking price for this property is $2,339,472.
What are key features of this property?
This property features: 7,074‑square‑foot bank building constructed in 1984; Atlantic Union Bank occupies the property under an NNN lease through September 2040; Lease includes 1.50% annual increases and three 5‑year renewal options with 2.00% annual increases
